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Budgeting Tips for Students
Release Date:
2017-05-04
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Going into further education is a great way to invest in your future and boost your potential future income. Without further education and qualifications, you are unable to go into many lines of work, and so the cost of tuition fees are usually regarded as an investment which will eventually be paid off from a well-paid career.

However, that doesn’t help you as a student, and whether you are in full-time study or juggling a job with part-time study, finances can be tight, and overspending can leave you in long-term debt. When you are busy studying, sometimes financing is the last thing you want to think about, but you may look back and regret not doing so.

Here are a few tips that may help you to reduce your outgoings:

Transport – Getting to college, work or wherever else you need to be is an unavoidable expense. Of course, you can reduce costs by taking shorter journeys by free methods of transport such as biking, but it isn’t always a practical option. When you are booking fares, always book as far in advance as possible and see if there are any options to get student discounts or discounts for buying annual, monthly or weekly tickets.

If you are looking at learning to drive, then you can also get reduced rates for driving lessons if you buy in bulk, of say ten lessons at a time. Also, you practice your theory test online. Therefore, this will increase your chances of passing your theory test first time around, saving the cost of additional tests. Visit the Top Tests website for more information about online tests.

Food – Again, food is a necessity, not a luxury. However, by planning meals more efficiently, you can significantly reduce the amount of money you spend on food. Cooking bulk meals and then freezing them is a great way to make your food budget stretch further. Take a look at the types of foods you are buying; items like rice and pasta can be bought very cheaply, and you can make many meal variations using them.

Banking – Many banks apply charges for overdrafts or the accounts themselves. Make sure that you compare your current bank against others and see if there are any account switching offers, as you can sometimes get up to £200 when switching to a new bank. With credit cards, if you have an outstanding amount each month, make sure that are on a 0% interest deal, or change over to one if you are not. Many banks offer 12 months 0% interest on balance transfers, so if you are paying interest, you shouldn’t be.

Discounts – As a student, you are usually entitled to discounts at all kinds of places, from clothes stores to pizza delivery. Sign up for updates from sites that provide good student offers, just don’t let the offers tempt you into buying something that you don’t necessarily need. Whenever you are about to make a purchase, always ask whether they offer student discount and make sure you have your student ID on you at all times!

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