Tuesday, January 9, 2007
Category:
Consolidation
As the new academic year has begun, parents and students alike have begun worrying about impending debt, Halifax offers some helpful money advice to help students through their time at university.
Peter Jackson, MD Banking and Savings at HBOS, comments, “Your student years are the best days if your life and provide a foundation for the rest of your adult life, it’s important to get the most out of them. The last thing you want is for money worries to get in the way of either your enjoyment or your studies. These simple tips can help make money less of an issue both during and after your time at university.”
Finding a place to live when they reach university seems to be one of the top priorities that students have. Savings on housing costs can be made by scouting for houses up to 6 months before moving. There are even some offers that combine rent and utility bills but sometimes these are not as great as they look.
It is also recommended that, in the second year when most students are looking for accommodation, they make the most of new friends by renting a whole house between them, saving costs on rent.
General tips for students are to save on transport by walking and cycling where possible and by making the most of discounts available for students on coach, bus and rail travel. Instead of forking out for brand new clothes, course books and equipment, many university towns will have abundance of charity shops and by shopping around and using university libraries students might find that they could save a few pennies.
Setting a budget and sticking to it is an easy way of saving money during university years. Life is all about getting the balance right, and although for many, a social life comes with being a student, there is no reason that setting yourself a budget should restrict your fun. By only taking the money that you plan to spend on nights out, it will be harder to give in to the temptation of that extra hour at the Student Union bar.
Students are encouraged to find part time jobs at restaurants or bars which can provide useful cash and the hours are usually easily fitted around lectures.
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Parents with offspring at University might find that they would like to help their kids on their way. One option to consider could be a secured loan which would provide the funds needed to cover fees, books and other associated costs of a university education. Secured loans can be taken over a term of 5 to 25 years and lenders will usually allow customers to borrow up to £100,000 subject to status. A secured loan may also be an option when looking to make long awaited home improvements once children fly the nest. Refurbishing kitchens and bathrooms could prove their investment by adding value to a property. For those parents who have built up spending on credit cards to finance the extras required to put their children through university, a secured loan to consolidate debt may help. It is important to remember that repaying borrowing over a longer term may increase overall interest charges.
