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Budgeting and making money go as far as possible
can be difficult for the student, the student will get money from any
part time work they have, their student loan or any maintenance grant
they are entitled too. Here are some tips to help the student manage their
money and make it stretch that little bit further.
* Try to get a full time job during the summer before you are starting
university, you could be surprised by how much you can amount during this
time.
* If you are lucky enough that your parents can help you out by giving
you money then ask them if they can give you smaller allowances on a monthly
basis, this can make budgeting easier.
* If your parents are willing to help you out then sit down with them
and discuss what they are actually willing to help you out with, for example,
they might offer to pay for accommodation and you can then budget for
everything else.
* Try to get a part time job while you are studying preferably one which
will add to your skills.
* When choosing your student bank account choose one wisely, banks vary
greatly with what incentives they give and these can save you money in
the long run. For example, some offer travel cards which will save you
money on travel costs, also choose one that offers an interest free overdraft
but remember not to go over the limit allowed, because charges will apply.
* Make good use of your student union card, student discounts cards can
save you a lot on many different items and shops when making purchases
and can also be used in shops to get discounts on food and drink.
* Write out a budget in advance and stick to it, decide whether you really
need items or are just buying them for the sake of it, list all essential
items first and always make sure you have enough money to cover the essentials
before making rash purchases.
* Where possible avoid credit cards, while they might seem like a good
idea and a way of getting the items you need they are a very expensive
way of getting into debt. The interest on credit cards is usually extremely
high and you can easily fall into the trap of using your card for everything
and this will soon mount up into a huge unmanageable bill every month.
* Avoid purchasing items on store cards, just as credit cards have a high
rate of interest then so do many store cards.
* Avoid eating out as much as possible, instead club together with your
friends and cook meals, a good tip is to make a shopping list before you
go shopping and plan meals for the week ahead. Also make sure that you
have eaten before you go shopping because studies have shown that if you
have a full stomach you will be less likely to buy impulse items.
* Look around for the best deal you can find on mobile phones, purchase
a plan that offers the most free minutes and texts per month, paying special
attention to online offers as these are usually the best.
* Buy second hand books for studying or share with others on the same
courses.
* Socialise on campus as this is often a lot cheaper than going into the
local town, try leaving a half hour later and returning a half hour earlier
to save a little money.
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