“Finances. The bain of every students life… unless you are like studying financing or something like that, then… lucky you. BUT for the rest of us, the bain of our lives. Let me talk about my experiences and see if some wisdom comes from that.”
So here we are again, revisiting one of my old articles – finances: STUDENT WORRIES. It’s been another whole year at university and I’m about to start my Third Year – this means that in the past year, I’ve had my fair share of ups and downs when it comes to finances, meaning, more information and experience to share with you, my lovely readers.
Most of you have heard the story of how I started my first year… I was granted nearly the full amount of student loan because of the situation I was in and therefore, after various calculations I was left with £80 a week to spend on shopping and leisure etc. However, when I began my second year, my accommodation was more expensive therefore, I was left with less money per week to spend on shopping and leisure, this amount being £30.
Luckily, my mother was able to support me and give me a little breathing space when it came to my finances. Therefore, I want to share some little tips with you that add onto my previous article in this area.
- UNEXPECTED FINANCES: Throughout your time at university, be prepared for unexpected costs. There will come times when you ‘think’ you know how much money you have in your bank but will be horrified when you discover it’s not what you think. This may be because you’ve overspent on a night out, or cash withdrawals that show up late on your statement etc.
- OVERDRAFT LIMITS: Now, if you have a student account (which you really should) their overdrafts have different rules, for example, with my account with Lloyds, in your first year you get £500 overdraft limit and then in your second and third year its £1500 – where as, as of today I discovered, Nationwide give you up to £3000 overdraft in your Third Year and if you go over this amount, there is no charge but your account is frozen until you pay yourself out of your overdraft – make sure you do your research on your overdrafts!
- LEISURE: Ensure that you always leave yourself a little money to enjoy yourself. Whether it’s going to the cinema or a night out – its important to treat yourself to these things but at the same time, remember there is always a lot of free stuff around and about to do! Research your city and see what there is to do!
- PART TIME JOBS: Now, I’d never suggest going for a full time job whilst at university but people can do it and will do it and if you can, good on you but I personally never could. There is nothing wrong with a little part time job to help you support yourself and it can always be a nice change of scenery from your course – and it’s a chance to make new friends!
- TEXTBOOKS: Ensure that you don’t buy every book under the sun that’s on the reading list unless you really need them. You can always get second hand books and check some out of the library meaning that you save a little money – so don’t go rushing to buy them all.
And for another article, I draw this to a close. It’s only a few extensions to my previous article but overall, it’s a little more well rounded than the previous.
Be careful with you money, plan ahead and be on top of things!