Friday, September 4, 2009
Category:
Consolidation
According to new research conducted by the Halifax, the average student’s term time living expenditure has seen a 5 percent rise from 2008 to 2009.
Nevertheless, 59 percent of students state that they have reduced their daily outgoings as a result of the current economic conditions.
With regard to geographic differences, the research revealed that students in London are faced with a weekly term time cost of £247.90. This is closely followed by the South East at £207.10. In contrast, this weekly outlay stands at £159.80 in Northern Ireland and £157.50 in the North East.
In terms of additional student outgoings, the average weekly food shop and occasional take-away was recorded at £55.80 in London. However, students in the North East were noted as spending an average of £32 per week – over £20 less. Cigarette spending was found to have decreased from an average of £1.70 per week in 2008 to £1.60 per week in 2009.
The research showed that the most significant weekly sum is spent on accommodation, at an average of £77.20. On a regional basis, this figure stands at £98.30 in the East, compared to £54.60 in the North East and £40.80 in Northern Ireland.
Current account director for Halifax, Mike Regnier, commented: "Our research shows that many students are spending over £200 on weekly living expenses, despite thinking that they are cutting back.
"At the moment it's more important than ever for students not only to set a budget and stick to it, but also to minimise the cost of any borrowing. One way of easily ensuring costs are kept to a minimum is by selecting a bank account with an interest free overdraft."
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Graduate homeowners who are looking to re-organise their finances could investigate the possibility of taking out a
secured loan. One of many options available, a secured loan for debt consolidation could be used to tie up existing debts into one place – thus leaving the borrower with just one monthly repayment as opposed to juggling several. This single monthly repayment could even be lower than current outgoings, therefore freeing up a little extra each month. However, when considering a secured loan for debt consolidation, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
