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Student Finance Tips - Saving Money In Education

When you go into education, you’re going to rack up some debt. That’s a fact which you can not ignore, and it can often be a problem for people. Your departure from University with a degree in hand is often spoiled by the knowledge there’s a burden of debt hanging over you. However, there are ways that you can reduce the debt you accumulate, and that’s by not spending as much during your time as a student. We’re going to be looking at a few tips for saving a bit of money within the education system. 

Make Sure To Choose A Good Bank

When you become a student, you may come to find that a lot of banks now want to be your best friend. They’ll offer you a lot of discounts and offers which may sound enticing at first, and a lot often are quite beneficial to you. However, it’s important that you learn to sort the real benefits from the too-good-to-be-true ones. Before you go to university, it’s sometimes worth taking a look at the kind of benefits which are available from your existing bank and to do some investigation beforehand so that you’re not given a bad deal when you’re a student.

Budget 

When you’re a student, you should always try and budget. There’s no shame in being careful with money, so it’s wise just to ignore people who complain you won’t get the next round of drinks. A good budget will help you to avoid spending more than you have, and will also help to ensure that you do not borrow more than you need. A good budget is one which allows for a small weekly spend for you but also makes sure that all the costs of living are met and taken care of. 

Get An NUS Card

Chances are you were offered the chance to sign up for an NUS card during your first week as a student. These kinds of cards are a great idea for people who want to save money. They work in nearly all the major stores and retailers in your area and will help you to save money on every purchase that you make. What may start out as a small saving every time you shop can easily turn into a lot of savings over a period.

Consolidate Your Loans

What a lot of people do not know is that you can do something about the loans which are hanging over you. If you’ve got payments from 3 different places, then it’s often much easier to find a consolidation service. This is where a company will pay off your loan so that they can charge you instead. What you’ll get is one bill as opposed to three, which cuts down on interest, and in a lot of cases, you also get a longer period to pay back your loan, lowering the costs of the monthly instalments. 

Overall, these are just a few of the different ways that you can save some money during your university experience. A lot of the time, it is about applying common sense and avoiding impulse buys. You’ll be a lot more optimistic about paying back a loan if there’s not a lot more on it from grants and other smaller loans that were taken out, so it’s well worth taking the time to come up with plans to ensure you don’t overspend. The university experience is a great thing for people to do, but it can be quite challenging, and overspending will often add to the stress and make the entire thing less appealing, so it’s wise to avoid spending where you can. 

This article was written by Stefan Paulo on behalf of DebtConsolidation.loans.