There are a growing
number of students dropping out of their courses due to financial difficulties.
As debt builds up, so does the pressure. Especially if you are still a novice
in the world of financial independence.
When students leave
home for the first time, they often have very little experience of having to
live on a budget. Their loan seems a lot of money when they first receive it,
but when you take into account accommodation, food, educational materials and
the odd pint - the figures just don't add up!
Many students end
up working part-time, with seasonal jobs during the holidays and part-time work
during Term time. They have to make choices between work placements that could
give valuable experience, enhancing future prospects, or bringing in the biscuits
to survive. Financial pressure can place unwanted strains on studies, the amount
of bar work they do could amount to the difference between a 2.1 and a 2.2.
Many first year
students have the advantage of halls of residence and can really feel the pinch
in year two, when they move into private accommodation. Finding an extra £20
per week can really be the difference between sink or swim. Financial strain
can place unwanted pressure on studies.
TOP TIPS
Budgeting
- Create a spreadsheet
listing every penny! Set essentials such as Gas, Electricity, Water and Telephone
in one column. Make a separate column for your wish list - such as Travel,
Laundry, Entertainment etc. In the third column list all incomes such as Loans,
Grants, Part-Time Work, Holiday Work. Subtract both columns one and two from
three.
- Once you know
how you stand, set yourself a weekly spending limit and do not stray from
it. Any extra you spend now you'll only have to make sacrifices later.
- Make sure you
have your loan paid in three instalments to avoid temptation.
- Avoid credit
cards and do not break your overdraft. These will cost you additional amounts
through interest and charges.
- Select a bank
account that offers the lowest charges and largest amount of interest-free
support. Don't be fooled by the offer of free record vouchers.
- As soon as you
receive your loan or grant place £100 into an account where you do not
have a cash card. (This is your Last resort). You will have to physically
queue to get this money.
- Get a copy of
Student Money Matters published by Trotman.
Sensible Living
- Share meals
with friends and house mates. Buying in bulk always saves money.
- Have a kitty
within the household to cover shopping bills.
- Make up your
own meals, ready meals are much more expensive in the long-run.
- Delia's "How
to Cook" is normally good for a few ideas.
- Don't be tempted
to use the corner shop, this will only increase your overall outlay.
- Eat lots of
high energy foods such as Pasta, Rice and Potatoes.
- Look out for
cheap student offers mid-week. Restaurants in university towns are especially
likely to have special offers.
- Use the Student
Union canteen facilities to get a reasonably priced meal.
- Buy course books
from second-hand shops or from students in the year above.
- Remember to
sell yours!
- Get a Bike!!
Cheaper than public transport and far healthier.
- If you find
yourself sinking, then don't panic!! Don't be frightened to talk to a welfare
officer or someone at the Student Union who's used to dealing with these matters.
- Speak to your
bank and keep them in the know. They're less likely to send you a nasty letter
(and levy charges) providing you talk to them. Many universities have access
funds for general cases of hardship. These can provide loans of up to £250
based on individual circumstances.
- In stressful
times you should keep focused on your overall aims. You're improving your
prospects of getting a well paid career and this will allow you to enjoy an
improved standard of living in the future.
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