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.