General Money Saving Hints and Tips
sure you have checked that you are receiving all the relevant financial support
available. For example student loan, tuition fee loan, bursary, scholarship,
tax credit, and grants. If you are unsure you have everything you are entitled to contact the Student Funding Team.
•Use a budget planner to work out your incoming and outgoings. The Budget Calculator can help with this.
• Choosing the right student account can be a bit of a minefield…use the following link help you decide on which bank account is best suited to you. Student bank account
Remember most student bank accounts come with an interest free overdraft. Ensure not to exceed the overdraft limit as you will be charged. Where possible set up direct debits to avoid late payment of bills etc.
•Get a part time job. Working whilst studying can make all the difference to your financial needs. For more help with looking for work check out the part time job page below.
•Try not to buy items you don't need and be sure to take advantage of student discounts. Check out the NUS website for details.
•Shop around for the best deals on services, e.g. mobile phone contracts. We recommend using the pay-as-you-go option.
•Most importantly, don’t ignore financial difficulties; communicate with friends, family, tutors, student union or the Money adviser.
•Avoid the temptation to resort to using 'payday' loans. Payday loans are short-term lending often used by people to tide them over (to fill the gap until payday) when they have no other option. The typical APR offered by one of these companies is 4,200%, which means if you were to borrow £100 over 30 days you would have to repay approx. £136.72 (including interest and transaction fees).
the pressure of managing your finances can be great, there are a range of support
services available at the University to help you,
and if you do find yourself in financial difficulty, you can always make an
application to the UCL Financial Assistance Fund.
•Make sure you register with a local doctor or with the UCL health centre; if you’re taken ill you won’t want to discover that you can’t access the support you need.
Look after yourself too –
eat sensibly and pay attention to advice about diet, drink, drugs and sexual
health. For more information take a look at the UCLU Lifestyle webpage.
•When you go out leave your bank card at home - just take a set amount of cash for the night and stick to it.