With the January 15th deadline looming, students everywhere are thinking about making last-minute applications to university, and the long-term financial plans that come with it.
A recent initiative across the pond has seen students from Amador Valley High School being offered a ‘money-management’ program to help them progress into their higher education studies. The scheme will instill the values of ‘keeping the balance’ into students, whether it is simply paying for food and bills, or bigger expenses such as cars or tuition fees.
Help may be available through a multitude of schemes, but if you want some quick-fire information without having to fill out heaps of forms, here are a few ways you can manage your money whilst at university.
Look for alternative forms of income
Holding down a job can be difficult for a student, whose lecture timetables may be sporadic. With essay deadlines looming, it’s hardly the type of lifestyle that can afford a 9 to 5 job – so how is a student supposed to bring in alternative forms of income?
Next time you’re at your student union, take a look at the noticeboards – you’ll very often see advertisements asking for students to take part. Whether it’s lending your time to a study or offering proofreading skills, there is a huge pool of opportunities for students.
Alternatively, one way of looking at making a little extra cash is something somewhat unconventional – online gaming. Many sites out there such as www.rubyfortune.com offer start up bonuses or free bets for new customers, allowing you to make a return on little to no investment whatsoever. There’s a reason why you bought a new laptop, right?
Set yourself limits
One of the most exciting things when becoming a student for the first time is getting your loan. Unfortunately, with this comes temptation to spend it all in the first week, but if you’re going to survive, you’re going to need to budget yourself. Sit down at the beginning of term and work out your biggest expenses – for example rent – and deduct them from your total loan. Then categorise how much you will spend on other things such as books and you’ll be left with a total for just how much you can spend on those guilt pleasures.
Make the most of discounts
This is a time of your life where you will be thrown more discounts than you can shake a stick at – for example, students are exempt from council tax, so make sure you fill in a form declaring your circumstances. Moreover, student cards such as an NUS card offer students a huge variety of discounts at outlets everywhere from restaurants to clothing stores.
Consider just what you can get too – for example, a student overdraft is a great safety net if you do find yourself in a sticky situation. You can compare some of the best rates at Money Supermarket – but ensure you treat your bank overdraft as what it is – a safety net – rather than a target!
As UCAS deadlines loom, you’re about to enter into the most exciting phase of your life, so embrace it and enjoy it!