Money 101 - University

Money 101 - University By Michael Turner

The aim of this article is to provide the basics of financial literacy, for you to share with the young people in your life and hopefully take away some new knowledge for yourself.

We’ll be covering a range of topics over the next few issues and as I’m the most recent university graduate in the SK Team, I have put together a few tips for those starting or returning to university this September.

University and finances: things I wish I knew

Tip 1 – Make the right choice All of the main high street banks now provide a range of student tailored accounts that offer various benefits. Therefore, surveying the best deal for your specific needs is absolutely necessary. For instance, if you know that you will be travelling by train oen during your university life, then selecting an account that offers a free railcard may be the best deal for you. However, finding an account that offers the biggest 0% overdra will offer more security than the majority of freebies or gi vouchers.

Tip 2 – Be in control of your money When starting university, having two student bank accounts could help you stay in control of your money. Once you have an understanding of your student finances and are fully aware of how much you will receive, work out a weekly or monthly budget for the term. When you receive your loan into the main student account, you can transfer the budgeted amount into the secondary account and use this for daily activities. This will not only help ensure that you stay within your budget, as once the money is spent your account will be empty, but also stop you from dipping into the main pot.

Tip 3 – Take advantage of being a student As a student you have the opportunity to use student apps such as NUS or UNiDAYS that provide discount codes for restaurants, clothing companies and gyms.

Tip 4 – Food shopping made easy If you are able to master the art of food shopping at university, you will find that this is an area of your finances that can save you a lot of money. Planning your meals before the weekly shop will stop unnecessary spending and food wastage, keeping you focused on the food that you really need for the week. Shopping later in the day will also give you a chance to find the best bargains, as shops will significantly reduce the price of food that goes out of date the next day. Buying supermarket own-brand products also offers cheaper alternatives to the big-name brands.