10 Things Students MUST Know About Money!!

Living away from home and managing a bank accout for the first time can be tricky business!! Here are some tips to help you get started as you embark on your financial independance:

1. Banks are not your friends!!

Do your research before getting any financial product. Ask yourself whether you need it, is it worth it, and have you checked whether it's the best deal on the market.

2. Be boring: Budget

Yes, it's boring but if you're going to live on the money you've got and afford a social life too, you must learn to budget. Make a weekly or monthly budget and stick to it.

3. Don't get a car

Insurance costs, vehicle tax, petrol, repair bills.... just don't do it!

4. Mobile Phones, another money pit

You can save by switching to a sim-only tariff or unlimited packages from less than £20 a month from most large mobile networks.

5. Travel Bills

Trains, buses and tubes cost a lot. Always use Megabus on trips to London and if you think you will be going to the city centre regularly, a yearly bus pass that costs around £200 is a great idea.

6. Debt

Make sure you work out whether your loan repayments are affordable, ensure the borrowing is necessary, keep the amount you borrow to a minimum and check that it is the cheapest rate possible. Debt isn't bad, but bad debt is.

7. Goals are important

Get into the habit of saving regularly. Having a goal concerning your savings can keep you focused when the urge to spend creeps in.

8. Pre-drinks

Buy cheap alcohol from the supermarket and drink it with friends before you hit the pub/club. Make sure not to drink so much that you end up in the ER!

9. Don't Pay Tax

Make sure always to fill out form P38(S) which exempts you from tax payments if you have a part time job. This should be available from your employer.

10. Fair Employment

Always make sure you are being paid at least minimum wage. The current rate for those aged 18 to 20 is £4.98 an hour.

Elena- UEA Greek Student Ambassador