Dos and Don'ts

Always useful, these are bitesized tips for dealing with Uni issues.

Do

• Ensure you know how the student loan system works.
• Try to have some savings in case your loan cheque is delayed.
• Budget! Use the Spendometer to help you. (www.creditaction.org.uk/downloads/spendometer)
• Keep a record of what and where you spend.
• Have a list of priority spending - differentiating between needs and wants.
• Take advantage of your bank's free banking facilities.
• If they require a response then reply quickly to letters from your bank, building society or any creditors and keep a copy of all correspondence.
• Be aware that if things go wrong financially, it can affect you emotionally and seriously distract you from your studies.
• Seek advice speedily. The longer you leave a problem the harder it will be to sort it out. Talk to family, student welfare officers, bank staff etc.
• Allow some money for recreation and pleasure.

Don't

• Overspend at the beginning of your first term. Remember your money has to see you through the year.
• Spend more than you can afford when going out. Leave your cash card at home!
  
• Buy non-essentials when struggling to pay for essentials.
• Ignore signs that spending is getting out of control.
• Guess at what you're spending.
• Be afraid to talk to someone and seek advice if you are having problems financially.
• Cut yourself off from family and friends if things get tough.
• Make rash promises to pay when you know you can't.
• Exceed your overdraft limit without previous authorisation. Unauthorised overdraft rates are very high when compared with what is offered if you stick within agreed limits.
• Get paranoid! Remember even if you are struggling, your bank or building society will see you as a good long-term investment, so approach them with confidence.
  

Useful Contacts

No matter how many leaflets you read, or how many sites you surf, you're bound to still feel unprepared. So here are some useful contacts which can help you sort out anything involving University, all of which were taken from the 'creditaction' leaflet.

Citizens Advice
Details of local offices and their telephone numbers are provided on the website.
www.citizensadvice.org.uk

Consumer Credit Counselling Service
Tel: 0800 138 1111
www.cccs.co.uk

Credit Action
Add: 6th Floor, Lynton House, 7-12 Tavistock Square, London, WC1H 9LT
Tel: 0207 380 3390
www.creditaction.org.uk
www.moneybasics.co.uk

Directgov
Provides easy-to-understand information on where government services and legislation impact on university life including houseing, funding and tax.
www.direct.gov.uk/uni

Education Grants Advisory Service
c/o Family Welfare Association
Add: 501-505 Kingsland Road, London, E8 4AU
Student Advice Line Tel: 020 7241 7459 (available Tues, Wed and Thurs 2-4pm)
www.direct.gov.uk/en/DI1/Directories/DG_10011032

Student Awards Agency for Scotland
Tel: 0845 111 1711
www.saas.gov.uk

Student Finance England
Tel: 0845 300 5090
www.direct.gov.uk/studentfinance

Student Finance Northern Ireland
Tel: 0845 600 0662
www.studentfinanceni.co.uk

Student Finance Wales
Tel: 0845 602 8845
www.studentfinancewales.co.uk

Student Loans Company Limited
Add: 100 Bothwell Street, Glasgow, G2 7JD
Tel: 0845 026 2019
www.slc.co.uk

National Union of Students
Add: 2nd Floor, Centro 3, Mandela Street, London, NW1 0DU
Tel: 0207 380 6600
www.nus.org.uk

Student Beans
Discounts for students
www.studentbeans.com

UniAid
Tel: 0207 785 3885
www.uniaid.org.uk

Money Saving Ideas

Now I'm applying for uni, I'm getting all sorts of leaflets and advice through the mail. So, here's some of the money saving tips from one of those leaflets ('Money Manual For Students')

Food Shopping:

• Plan your menu a week ahead and buy foods accordingly. (I tend to buy a few days extra, so my weeks are more like 8/9 days long. That way, if you don't fancy what you've planned for one day, you've got another option.)
• Where possible, combine your shopping with a housemate, buying to cook for two is usually cheaper than cooking for one.
• Remember packed lunches work out much cheaper than buying sandwiches or eating out.
• Always use a shopping list with items for your planned menu - and stick to it! Of course, you can treat yourself from time to time, but most of the time you need to stick to a list.
• When you get to the supermarket, immediately check out the 'reduced item' shelves (usually at the end of an aisle) to see if there is anything you could use.
• Keep a running total as you shop and check against the till receipt - mistakes do occur! (Plus, if you've set yourself a shopping budget, you know you're not going over).
• Watch the 'sell by' dates as you shop. You do not want to throw away food which you bought cheaply but cannot use in time. In the UK we throw away a third of all the food we buy. This is both costly and a ridiculous waste.
• Take advantage of discounts for buying in bulk - but only when you are sure you will be able to use the items. There is no point buying '3 for the price of 2' if the product will be out of date before you can use it. Tinned goods, cereal, toiletries and frozen goods (as long as you can store them!) are ideal things to buy in bulk.
• Prices of many fresh products such as fruit and vegetables vary during the year so include items when they are cheap and avoid them when they are not.
• Buying fresh vegetables from the local market or greengrocer usually works out cheaper than buying them from the supermarket.
• Fresh fruit and vegetables that need washing and cutting are much cheaper than prepared or frozen items.
  
• Avoid prepared 'instant meals' as you are paying for someone else to prepare them.
• Buy 'own brand' products which are often cheaper but just as good.
• Take advantage of all the money-off coupons you can. If you usually shop at one regular supermarket take advantage of any 'reward card' they provide which turn 'points' into cash vouchers.
• Visit supermarkets at the end of the day, when fresh food is often marked down in price.

Other Ideas:

• Only pay with cash. This is easier said than done, but if you can't afford something, save for it. Paying in cash also helps you keep better track of what you're spending.
• When you are thinking of buying something, ask yourself whether it is something you need or just want. Try waiting a few days before you buy anything (particularly for expensive items) - that should test how much you need it.
• As a general rule, don't buy what you don't need.
• Shop around for the best price. If you are thinking of using credit, remember to compare the APR as well as the prices.
• Don't be afraid to haggle (negotiating for a discount) - especially if you are paying cash.
• Don't feel under pressure to buy something once you're in a shop - it's always your right to walk away!
• Buy things that are good quality but don't pay over the odds just for a label.
• Remember that restaurants and fast-food places are expensive compared to eating in.
• Take bottled tap water or squash with you if you are playing sport or attending lectures. Buying drinks when you are out and about can quickly become costly.
• When you use a washing machine, oven and so on, try and fill them to save energy costs. Additionally, turn appliances off when not in use instead of leaving them on standby. A TV on standby uses 90% of the energy needed to run it.
• Shop in sales wherever possible.
• Can you make gifts for people? By taking a bit of time you might be able to make something nice and save a lot of money. For example, could you knit a funky, chunky scarf rather than buying one?
• Keep your budget up to date.
• Keep looking for ways of making the most of your income and cutting down on your spending.
• Keep a record of what you spend and check this against your bank statement.
• Keep receipts and guarantees in case things go wrong.
• Talk to your friends and family - often people have quite inventive ways of saving the pennies.
• Have your NUS card handy since it gives benefits on many things.
• Websites like www.studentbeans.com and www.moneysavingexpert.com have great money saving ideas and offers for students.
• The ISIC card (International Students' Card) can often get you money off flights and other travel and can be used to obtain student discounts abroad.
• The The Young Person's Railcard is very useful since you can get substantial discounts on tickets and the initial cost of the card can usually be recovered after only one or two trips.
• Return library books and rented videos and DVDs on time to avoid fines which can mount up quickly. Your library may be able to loan you videos and DVDs which will usually work out cheaper than borrowing from a video/DVD rental store.
• There is usually a thriving market in secondhand course books from other students. Amazon.com has a section for buying and selling used books.