Now i want share to you tips to manage your money when at university or college. As a student, staying on top of your finances can be tricky. Learn how to budget and reduce your debt with a little expert know-how.
To get the most out of your university experience, learn some basic money management rules before you go. You'll have a great time without the stress of getting into unnecessary debt- and skills you pick up in the process will help you manage your finances for life.
BUDGETING
says Martin Lewis, who runs Moneysavingexpert.com , and heads a task force on student finance.
" Add up your student loan, any grants you get, any wages you'll earn and cash given to you by your parents- that is your income. Spend no more than this figure"
You must be smart person to budget your money how much you use for one day. For to budget more you can do part time job to add your financial.
BANK ACCOUNTS
Before you go to university you'll probably already have a bank account and chances are your existing bank has a student account you could easily switch to, but don't assume that you'll be getting the best deal.
it never hurts to shop around, even if you eventually find that your money really is in the best place. You can check out a few comparison sites for starters. However, don't throw common sense out the window and sign up for the first account you find that comes with a load of tempting freebies. Extras are not to be sniffed at, but focus instead on getting the biggest interest-free overdraft, which stays interest-free for the longest possible time after you graduate- remember you will have to repay it.
"Once you've done that, and if everything else equals out, then it's fine to factor in a freebie of high monetary value" says Lewis. " for example some banks offer a free railcard, something many student many student would nee to buy anyway"
Remember that a student bank account is exactly that; it is not designed to give you the best deal once you start working life. “Banks offer interest free borrowing because they hope you are going to be a lucrative customer and stick with them for 60 years,” points out Lewis. “But as soon as you graduate, go and find yourself the most competitive bank account for your needs at that point.”
INSURANCE
With all you have to organise before starting university, keeping your stuff safe while you’re a student is probably quite far down your list of priorities — if it’s on your list at all. In fact you
probably reckon you don’t have that many possessions. But imagine if your laptop, smartphone, MP3 player, clothes and that costly piece of jewellery all went up in flames or got stolen. “There are often five or six laptops in a student household, so you need good contents insurance,” says student welfare adviser
If you losing your laptop is awful as it's expensive to get new one.It’s worth checking whether you’re already covered under your parents’ household insurance, so talk to them first. If you find you need to take out your own policy, don’t go straight for the obvious providers on campus, says Lewis. “Students tend to jump to companies that market products as 'student insurance policies’. But these are not necessarily cheaper than a normal home insurance policy — you could well get a better deal elsewhere.”
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