Avoid getting into your own personal ‘credit crunch’ when you are setting off to college or university.
There are many ways to get into financial difficulties and far fewer ways to get out of problems. Therefor it pays to be prudent and alert from day one (and day one starts a year before you are due to begin your student activities because you need to learn and plan).
Boring Prudence for Students
- Avoid spending and make a virtue out of spending less.
- Maximise the money you have and can rely on getting.
- Avoid debt and those keen to make a profit out of your financial situation.
Spending Prudence for Students
- You can enjoy being a prudent student by buying from charity shops or cheaper still local jumble sales. (Who knows you may also find something you can sell on ebay to make a profit and cash contribution).
- Be prepared to eat humble pie and live at home. 27% of poor student do live at home and plan this when deciding where to study.
- Sharing accommodation and to some extent food can save money. If two can live as cheaply as one how cheap is it for 4-5 to live? Beware of peer pressure which may lead you into more spending (just think of expensive and unnecessary drink rounds, well alright some are necessary like when there is an A in the day).
Planning and Administrative Prudence for Students
- Make sure you apply early and check that your money has arrived to pay for your initial accommodation and food costs.
- Check that you have applied for everything you are entitled too.
- For birthday and Christmas presents ask for useful student items or book tokens.
- Before starting to study take a summer job or part-time work to earn and save some spare cash, then husband it, do not fritter it.
- Fix up paid employment for when you are at university, do not wait until all the good jobs are taken, put yourself around.
- It is very expensive to ‘drop out’ so select wisely and study what you will stick with not what is cheapest.
Last words – keep an eye on your bank statement – the best things in life aren’t things
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Leaving prudent is a real deal if you would like to save some money. But saving money needs motivation. It’s not just about how to save, but about what shall you acquire with your savings. I’ve learned of a story about a uk students couple that were motivated enough to save up for their fist home, a house that actually was a duplex, they saved up enough to purchase – with the economy being the way it is – they repairer some stuff that was urgent and they rent out the grown floor to make enough money to cover their mortgage.
If put this way, this sounds quite simple, but it is not that easy, believe me. So prudence is great, but you need to be motivated, you need a plan to you can make this work long term.
Nice article, very motivating…thanks…