7 ways to get the most out of your money at university
With this year's A-Level students having secured their university places their thoughts will turn to the logistics of university life and most importantly the subject of 'Money'. So below we list 7 ways students can get the most out of their money at university.
Sort out your bank account early
All the major banks are keen to get students as customers because it is a fact that most people stay with the first bank they use for life. They don't offer you all those nice incentives because they like you. They do it because they know that you will likely bank with them for life and probably take out financial products such as mortgages in the future which they will profit from.
Regardless, it is best to sort out your banking before you get to University. Most banks will offer some type of incentive to open an account, but you need to look past these short-term incentives and check the details of overdraft charges and costs that may be incurred in the long term. You can compare student bank accounts here.
A lot of major retailers will offer a student discount together with a number of cinemas and other entertainment venues. You will be surprised how much you can save on these discounts. It's simple - if you don't ask you don't get. Also, here are 11 student discount tricks to try.
Get cheap travel
Apply for a 16-25 Railcard which costs £30 for one year (£70 for three years and save a third on rail fares. Obtain a Young Person's Coachcard for £12.50 a year (or £30 for three years) and save a third on coach fares.
Get a part-time job
There are always plenty of opportunities for part-time work around universities. Bar work, or a job as a waiter, can earn you good money when you include tips and you can still enjoy the social aspect of life at university.
Buy second hand
Purchasing textbooks and other study material can be very expensive, so why not save money and buy them second hand. Search eBay and Amazon Marketplace for cheap books or enquire at your chosen university if they hold a second-hand book fair. Place a post on your university's Facebook group to see if any students who've already studied your course want to sell their used textbooks. Also read my articles 'Get stuff you want for free'.
One thing you will certainly find as a student is your money will run out before the month does, unless you create a budget and keep to it. I realise that is easier said than done if you are living on a restricted income, but if you apply yourself to the task you can keep ahead of the bills and still enjoy a few pints in the student's union. Read my article on how to budget.
Insure your possessions for nothing
Once you get to university makes sure your possessions are insured. Insurance company Direct Line claims that 1 in 4 students are victims of theft during their time at University. It also estimates that £25million worth of possessions were stolen from students between September 2014 and September 2017. However, you don't necessarily have to pay out for your own insurance as your parent's home insurance will often cover your possessions as long as they inform their insurer.
(image by sippakorn, freedigitalphotos.net)
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