As you prepare to leave the comfort and security of home and venture out into the world of independence, for many, it will be quite a daunting prospect. Many of you will have never had to be fully responsible for yourselves before, relying on parents and family member s to help you out and sort your life out for you.
Often the most difficult thing to get used to is managing your own finances. It is important to be fully aware of your financial situation at any given time. There are many ways in which you can fully control your finances and allow yourself enough money to have a little fun too.
Just be careful during your first two ‘freshers’ weeks that you don’t go and blow your whole term’s loan on too many parties and too much alcohol. That money has to pay for your accommodation, bills, food and revision aids as well!
There are three things that you must carefully consider putting your money towards: -accommodation, transport and software:
In many universities there is a range of different types of accommodation on offer. As tempting as it may be to opt for the most modern accommodation with en-suite facilities and internet access, this may not be the most sensible approach. Realistically, in order to spread your funds further and be able to enjoy some sort of social life, you should consider a less expensive option. Rooms that share facilities or housing that is slightly off campus can prove to be much more financially economical and more beneficial long term.
For any student joining university, it is really important that you have the best software to suit your study requirements. This can prove to be a very expensive necessity but there are lots of offers on software for students that give specially discounted software for pupils. A good example of the software on offer is Microsoft Office Professional Plus. Teachers and students alike can benefit from this offer with prices reflecting up to 90% savings at online software stores.
Travel costs can easily mount up if you do not watch how you spend your money. Bus passes and student rail cards are a good way to save money on travel costs. If you happen to know someone with a similar timetable to you, offering to contribute towards petrol costs and car share is a good way to reduce your travel costs whilst getting you to the places you need to be.
Just remember that whatever you borrow, you will eventually have to pay back. Once in employment you will be required to pay off any loans that you have taken out. The best way to approach this is – the less you borrow, the less you have to pay back therefore the sooner you will be debt free.
This is a guest post by Nicola Winters on behalf of Phoenix Software, a leading provider of software for teachers and students.