The student years, how good they are. Staying in bed, money to spare and more freedom than most people. Michael Brown look at Student life and the money you'll need to spend!
Not tied down to the nine to five job (yet), mad morning commute and dreams of holidays, the only thing keeping you sane. You should be having an amazing time and enjoying the best years of your life. But wait... Student debt!
You're actually likely to be left with a debt ranging from £3000 to £10,000 plus which is the equivalent of a handsome deposit to buy your own property. If the cupboard has only a few Pot Noodles left and alcohol has taken away the rest of your money you may want to read on.
We live in a society of debt. We are so in the red as students we can’t even pay attention. It is time to face up to the harsh financial reality. First of all lets look at the shopping list...
Top of the list: Tuition fees. This can cost from £1000 to £3000+ a year just to be at University. Though local Councils and the Government cover some or all of the payment under certain circumstances.
Your digs: Place to live. Student Halls can be cheap but it is worth to shop around for your place to live. Some private halls can cost a small fortune and it can work out cheaper sharing a house or renting a room in a family home.
Sustenance: Food and Booze. It seems the average student ratio of every penny spent on food a pound is spent on drink (and I don’t mean Ribena). It is important you live a healthy lifestyle. Poor quality diet and being hung over all the time will only make you less able to do your degree/course.
Everyone likes to get drunk every now and again and that's perfectly fine but my only advice is be sensible, stick to a budget and hide your taxi money.
Essentials and treats: Of course you will buy your books and stationary etc at the start of the year and save the trip around HMV and Selfridges till last (thought not).
How do I save money? Make extra for my income or make it work harder for me?
- Part time work - So many students are lazy and just rely on loans. If you have the time to do a bit of work (For Example: retail, food services, bar work) there is plenty of employment out there to top up your funds.
- Student discount offers - Use your NUS card and don’t be afraid to ask for special deals or use money off vouchers.
- Save money in a jar then bag up the coins and pay into your local bank for cash.
- Open savings accounts at your bank, make sure you have an ISA and make your money work harder with high rates of interest.
- Swear box - Should pay off all student debt in theory
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