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Students are going to find it harder this year to stay within their overdraft limits with the cost of accommodation skyrocketing and expensive tuition fees.
Avoiding debt while at university isn’t easy but it can be done. Start by looking at your outgoings and see what is an absolute necessity.
Start by cutting back slowly on some of the very small things as these won’t really be missed eg a £1.50 cappuccino a day is £30 a month. The small things when put together add up quite significantly.
Also think about what makes you spend, trying to plan ahead helps. If you have taken out cash for spending, then leave your credit card or debit at home to avoid spending more.
When shopping for food take a list with you as supermarkets entice shoppers with things are required. Also don’t do a food shop on an empty stomach so try and plan your meals in advance. Buying own brand names also helps save money but avoid the ‘BOGOF’ offers as these are often wasted.
Go through the list of direct debit payments there will often be payments for services that are no longer used or necessary such as gym memberships. If you don’t know how many directs debits you have, ask your bank to supply a list and monitor it regularly.
When you get your student loan, don’t be tempted to go out blowing a lot of money down the student union or shopping because it’s burning a hole in your pocket. Put some of the loan in a high interest savings account as a back up.
Before temptation hits, think of how much you can save instead of being in debt .
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