This months blog has been written by Student Money Saver to provide you with some tips on how to save for university, here goes:
How to start saving for University:
Going to University is more expensive than ever and tuition fees are likely to be increased again in the next few years, pushing the cost of earning a degree even further up.
Saving for University is therefore crucial to provide a safety net to rely on during studies, especially for those who do not qualify to receive the full maintenance loans and grants that are available.
Research shows that British students are now graduating with debts in the region of £50,000, so any savings in advance of heading to University can help to reduce that daunting figure.
But what can be done to cut down on the financial strain of going to University
1. Plan ahead
A study conducted by Experian found that many parents are cutting down on their “basic outgoings” in order to help put their children through University.
After all, a degree is one of the best ways to increase earning power, so going to University should still be considered an investment in a young person’s future, despite the rapidly rising cost.
The Experian research showed around half of parents have paid over £5,000 towards the university costs of their children, so planning ahead is a must.
It has even been suggested that parents should start putting money aside for University as soon as they have a child and while that may be extreme, saving as early as possible is a must.
Even saving a small amount of money each week with University in mind will make a big difference when the time come
2. Use student offers
There are myriad offers available to students, with heaps of free stuff up for grabs for those who are willing to shop around and get the best deals, saving cash in the process.
3. Choose the right bank account
Take time to choose the right bank account as this can make a huge difference to a student’s financial situation down the line. Picking the biggest 0% overdraft student account is a good place to start, as using overdrafts is inevitable at some stage regardless of how careful people are.
Lots of banks also offer deals to entice students to sign up, but be wise not to get blinded by what looks on the surface to be a great offer, reading the small print in fine detail is still necessary.
4. Don’t overload on book buying
Finally, renting or borrowing books instead of buying them can be a great way to save cash. Many eager first year students rush out to buy every single book on each module’s reading list, only to find that they only end up skimming one or two paragraphs.
Another way of being more economical with book buying is to wait until your courses start, buddy up with some other people in your course and buy the books between you. If you find that one of the books is needed more than others, then you can always buy another one after a few weeks.