Education can sometimes provide financial hell and stress. Especially when you have recently graduated and been released into the wide world, without a clue how it works. Most universities can provide financial advice and support in times of trouble, surviving both in and outside of university can prove troublesome. However, here are some tips that can help you through the long university years and beyond:
Learn to budget
The student loan will not last forever, depending on if you get a job outside the classroom or if you’re paying the debt off, it is advised that you learn to budge for the necessities. Keep that student mind-set, especially when you have graduated and scale back the spending. Do you really need to drink every weekend? It’ll help you live within your means by planning a budget that will prevent you from overspending.
Keep an eye on debts
Be wary of offers for student credit cards and overdrafts. The 0% offer may be tempting, but don’t keep money on it for longer than the offer lasts. The interest can be dangerous and draw you further into unneeded debt. Ensuring you have an excellent credit score will be beneficial for when you are no longer a student, so if you need to rely on credit, include the repayments in your budget.
As mentioned before, if you have any doubts, or worries, seek financial help. Universities offer financial drop in support for those in need. Banks offer financial advisors for those who have graduated and can provide information on how to manage any debts you have accumulated while studying.
Cook for yourself
If you haven’t learned this skill at university, now is the time to do so. It can be extremely cheaper than eating out or ordering takeaways. Even at university, take advantage of markets to buy cheap vegetables, the internet has a range of student recipes that can also help long after education to get you back on your feet.
Sell unwanted items
Anything from books, CD’s, DVD’s, clothes and video games can help bring in an income for both students and graduates. Amazon or eBay are especially good at selling unwanted items that you don’t need anymore, they can also be used to exchange for that much needed book for class. Campus notice boards and student sites are also good places to sell items to make some quick cash.
Keep an eye on your spending
This can be included in your budgeting. Create an online bank account and set up notifications of any outgoings such as direct debits. Use it to notify you if you are close to credit limits or nearing the limit of your overdraft. Keep receipts and shop around for cheap deals.
Being a student is meant to be an enjoyable experience, even if you have graduated. Making sure that is a rewarding experience can be hard work, once you have graduated, a whole new world waits. Taking this advice and applying it while you are a student may get you into the habit of saving once you have left education. Even if you have graduated, keep those tips in mind and remember there is help and support out there.
By Harry Price
Harry Price is a free-lance writer and personal trainer. He enjoys guest blogging and travelling the country.