How To Cope With Your Student Debt Problem
How To Cope With Your Student Debt Problem.
Have you just gone up to College or University? How are you coping? Or, in the case of parents, maybe one of the children is now at College and is having a few problems regarding money. Unfortunately, most people are these days?
To save getting totally unnecessary and unwanted money problems, if you start before the problems arrive, then obviously things will be much better for you. Read on to find out how to tackle this situation.
Also, once you have sorted out your money problems, your mind will be free to concentrate on your studies, and after that any spare time you may have will be yours to enjoy.
Unfortunately, always at the back of your mind is the Student Loan. At the time of writing this definitely has to be repaid. Therefore, let's start with that boring thing called a budget.
Mr. Micawber had the right idea when he said in David Copperfield
Annual income twenty pounds, annual expenditure nineteen pounds, nineteen shillings and sixpence, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
Sit down, work out what money you realistically have to spend each week/month and draw up a budget around that figure. It is absolutely necessary to be accurate here; otherwise you will be fooling yourself. You will need to throw out probably all luxuries - sorry - but if you concentrate on getting good passes when you leave, your earning power should be greater, and then you can concentrate, hopefully on the luxuries.
You will need to get a 'Student' loan. Shop around to find the one with the best overdraft. Forget all about the 'free gift' sweeteners that are in actual fact, valueless in money terms. Remember your Student Loan must be paid directly into your Student Account.
Do not take out credit or store cards. These are horrendously expensive ways of borrowing. You will come to regret it. You will have enough worries without adding unnecessary items like credit cards to the pile.
If you decide to take a part-time job during term time and a full time job between terms, do not let your work suffer or your time at University suddenly becomes pointless.
Get a NUS Extra Card. It costs £10 but is worth it. Always take it out with you, and ask in shops if they do a NUS discount.
Council Tax. As a full time student you are not liable for Council tax, but you must get an exemption certificate from the College (University) Registry.
That student necessity - the Mobile Phone. Take out a Pay-As-You-Go contract.
Do think about taking out Insurance for your possessions. It costs - yes, but it pays to be covered and may well be cheaper in the long run.
Health. Students can get help with National Health Service (NHS) charges and the relevant forms can be obtained from the NHS. Telephone 0845 850 1166 (UK students only)
Shopping. Shop around. Learn where the bargains are. If you cannot afford to pay cash for it, then the answer is NO.
Take a look at my web site for all the latest money saving information.- page after page of it. You really cannot afford to leave home without it. True!
This site also includes tips on student cookery that will save you money, plus money saving tips on just about everything you care to think about. From phone calls, free SMS (a student essential) motoring, medicines and on and on and on.