Whatever your student lifestyle, there’s no need to fall into the debt-ridden and cash-strapped student stereotype. As dedicated finance advisors, we provide a quality service, and boast a range of options from debt management plants to trust deeds in Scotland.
That’s why, whether a first-time property buyer, a business owner or a student – we’re here to provide you with advice that will really help. Student? Here are a few tips and tricks to managing your finances and making those all important pennies stretch a little further – without a baked bean in sight!
1. Don’t get the ‘spend it’ bug
It’s a wonderful feeling when your first student loan lands in your bank account, and it’s ever so tempting to celebrate with a big blow-out. But don’t do it! Instead, create a budget plan, and if you have any left over after the important stuff has been accounted for – then you can treat yourself! After all, you deserve it for being so organised! Check out this free interactive Student Calculator tool to help you.
2. Get the biggest 0% overdraft student account
Sure, it’s a fact that big banks love to tempt students with 0% overdrafts and loads of cool free stuff, but always consider the pros and the cons of each. For example:
- Go for the biggest 0% overdraft deal possible – most students will need an overdraft while at uni, so make sure you aren’t charged for it.
- Never go over your overdraft limit – This is a lifelong rule, forever. Go beyond your limit and charges will quickly mount up, living you in a vicious cycle that’s tough to escape.
- Beware: you will be credit scored
- Don’t just go for the one with the best freebies – Calculate the value of the freebie, and then compare that account’s overdraft with the best on offer. Would the interest charged be more than the cost of the freebie?
3. Bag yourself a student discount card
Student cards are fantastic for offering students a few handy discounts, from a range of high street stores! NUS Extra card only costs £12 a year, and will get you discounts online and in store with over 160 retailers for a year. It also includes a 10% off groceries at selected at supermarkets. Handy, eh?
…To Be Continued!
Here at Debt Advisory Services (Scotland) Limited, we’re passionate about your finances, and our team of helpful and caring professionals are always happy to answer any questions you may have. So, for more information, or to speak to us – please do not hesitate to contact us on 0800 011 2322 today!