Basic financial education and easy-to-follow practices can be the difference between a comfortable life after University or perhaps decades of struggling with debt. Here are several tips that can start you on the right path and reduce your stress about money during your university years and beyond. If you’d like to save yourself a lot of sleepless nights and thousands of pounds in debt, read on:
Do I need to keep track of my spending?
Yes. Write a weekly budget and stick to it. Take time to review it regularly. You will feel much more comfortable with your money if you know where it’s going. Get an App or a spreadsheet to track all of your items. Have a special basket or container near your room where you stash receipts and bills and make a habit of going through them all once at week. Whatever it takes – keep track of your spending.
Are student discounts worth the bother?
Definitely. If you want to save – get online, grab every discount you can. Always ask for student discounts in town or when out and about. Saving just three quid a day will mean £90 extra in your bank account at the end of each month.
Do I need to understand my student loan or other financial aid package?
Absolutely! Check the rates on your loans, and definitely take the time to search out free money like grants and bursaries.
Following these and other simple steps can dramatically change your college experience and your life after university. Spending an hour two now learning basic money management, and then, of course, following that advice, will make you happier and more stress-free. So do yourself a huge favour and start now!