COLLEGE SPECIAL
MANAGINGYOURMONEY
COLLEGE SPECIAL
Its that time of the year again. College is looming. So, whether youre heading off for your first year or are further into your
studies, check out the next four pages. Theyre packed with information on everything from courses and cash to cars and kettles
Pants! Thats what the
current funding situation is
for students, according to
Ben Lewis and Edward
Youngman from Aberystwyth
Universitys Student Advice
and Counselling Centre.
Here, they provide a few tips
on money management
GOING to university is the second biggest investment youll make (after buying a house) and costs on average £12,000 if you live frugally, according to figures from the National Union of Students.
This is bad news – especially at a time when you are less likely to get a job when you graduate as the economy begins to slow down. So what can you do to make your time at college more bearable financially?
Firstly, remember that while your student loan cheque might seem like a lot of money when you first get it, that it has to last for a long time.
* Temptation
Some students cant resist temptation purchases and, as soon as they get the cash, go off and buy, say, a wide-screen telly. "Then theyve run out of money come the end of term."
Its a similar principle with the "spend now, pay later" philosophy of an overdraft. "Remember, youll have to pay off that overdraft one day."
Say No to credit card offers. "They want you to spend loads now and pay back tons of interest in a couple of years time." The debts you incur can be big, and the interest payments can become extortionate. And dont be tempted by deals that offer you, for example, £10 free. "It can be false economy."
Access and hardship funds, meanwhile, are there to help you. "Some people have an issue with taking what they see as charity – which it isnt. The worst they can do is say No."
So dont be shy about applying for these funds – they are means-tested by your institution so if you think you are not eligible, then let the institution be the judge of that. "If you dont apply you wont even have the chance to benefit from these funds."
* Budgeting
Budgeting is a necessary discipline. Your loan cheque is different for each term – so set budgets a term at a time. (Your Student Union may be able to supply you with a simple pro forma to fill in.)
Part-time work, meanwhile, is becoming more common among students. Although most institutions recognise students may need a part-time job, most say they would prefer you not to work more than 15 hours a week, though they recognise they have no way of enforcing this.
Remember, though, that you are there to get a qualification and spending too much time working may mean you dont do yourself justice.
If you do need part-time work, look early and use your campus "job shop" if you have one.
* Harvesting job?
Generally, the more vocational the job, the better – particularly holiday work. So if you want to go into farming, take a harvest job. "Bar work may pay the bills but it might not help you get a full-time job when your course ends."
And if, at any time, you have any queries about money, take advice. There will probably be an advice centre on the campus, where youll find specialists in student finance issues. They may also know about scholarships and awards that you can apply for.
Try, too, to take advice before you get into trouble. "Its easier to give advice then. We would prefer to advise earlier rather than later."
Finally, bear in mind that being prudent with cash doesnt mean doing nothing. Living doesnt have to be expensive.
"Dont be so prudent that you dont have fun. Thats part of the reason why youre at college – to have fun."