Money Tips
Tips on managing your money to keep student debt down.
- Part time work - get a job that will be flexible and fit around lectures. Some jobs will also allow you to work full time during the holidays.
- Be careful with credit - you should take out a student loan before you borrow through a bank, because it is one of the cheapest ways of borrowing money. Make sure the student account you choose has an overdraft with low or no charges. Avoid credit cards unless absolutely necessary as this is the most expensive way of borrowing.
- Don't pay unnecessary tax - you can earn up to £4,800 each year before you need to start paying income tax. If you live with other students you will be exempt from paying council tax .
- Student bank account - make sure you shop around for a bank account as many banks will have added bonuses such as cash back, train passes, cinema tickets etc. to attract customers.
- Make use of student discounts - you can often get discounts at theatres, restaurants, cinemas and some retail outlets. Always carry your student card with you.
- Take out a student loan even if you don't need it - put the money into an ISA or other high interest account. You should earn more interest than you need to pay and will therefore make a profit.
- Utilities - pay bills by direct debit as many companies will offer a discount for paying this way. Make sure you shop around to get the best deal on your gas and electricity.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.