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The student’s money survival tips

24 November 2012 2 Comments

Many people imagine that a student‘s life is all be about frugal living, pasta and beans. This is a huge misconception considering that students too have financial needs that need to be taken care of. As a parent whose children are headed for college, it would be myopic to think this and not plan for them. This article is a guide to how students can ensure that their financial muscle is managed in college.

Choose bank wisely

As a fresher in college, the first week is often a beehive of activity with many banks selling their services and offers. During such instances, one may be confused by all the perks thrown their way. The temptation to go with a popular bank that has exorbitant interest rates on students’ accounts is huge. Either way, desist the group and ‘cool’ mentality with bank choice, instead opting for a bank that is practical, has ample credit card rates and presence. This will protect you later.

Have a budget

Many students normally imagine that setting and budgets is easy and quite straight forward although its not. As a student, you need to work out your expected expenses and sources of income as soon as you set foot on campus. On this end, consider taking the most essential expenses like accommodation, food, books and transport before contingencies like clothing, alcohol, and going out.

Get a student loan

Student loans are critical to college survival than many of you probably imagine. If you can get access to student loans then go ahead and get one. Rates for student loans are generally lower, are hit less by inflationary shocks and sometime, easier to get especially if you come from a less well-off household. There are also student loans for maintenance for those students from low income households you should try out if you qualify.

Use students discount cards

Students are special citizens of the spend economy and in order for business to tap into these plans, students attract special rates on products. The National Union of Students (NUS) card in the UK for example, is one of the most popular student discount card that allows special offers for students. Get one of these to get savings on shopping and other expenses you have.

Get cover

Insurance cover is one of the most unpopular student expenditures when savings are mentioned. Truth is, students represent a population that is most risky and it’s only fair if one gets insured. Possessions like laptops, iPads, e-Readers, music systems are at most risk and students need to get creative ways to cover these expenses. There are a number of insurance policies you can use to cover the extra insurance expenses in college to protect you.

Save on surfing

It makes little or no sense for a student to have private TV licenses, internet and broadcast when they have access to the TV rooms and internet in college. There are huge savings students can make without individual licenses they aren’t taking full advantage of now.

Travel on cheap

Students need to determine and use cheaper alternatives to travel. There are different rail cards for students which enable you not only travel fast, but cheap.

Check your accommodation inventory

Some students get stung by landlords for their expensive deposits which is just wrong. Ensure you check the inventory contract so that landlords don’t sting you for your money because they do. More so, there are chances to save on costs for accommodation. Keep off those landlords who charge by the year and instead, go for those whose charges are spread and flexible.

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2 Comments »

  • UnitConverter said:

    As a student watching her money, I always withdraw my weekly money and then hide my card away – especially on nights out! It makes it much easier to keep an eye on your spending with physical cash, rather than a magical card xx

  • Mirena News said:

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