More than 1.6 million students lack confidence in their understanding of personal finance
University is often the first time a young person has complete control over their own finances. Organising your money can be a daunting task. Paying bills, food shopping and funding social activities are just a few of the outgoings a university student has to face.
It is easy to get carried away during the first few weeks of university, not wanting to be the ‘boring sensible one’ creates an added pressure to go out and spend money, even if you can’t afford it.
A recent study by financial education experts Blackbullion found that more than 1.6 million students lack confidence in their understanding of personal finance. Managing money is difficult for anyone let alone someone doing it for the first time however there are a few steps financially confused students can take to cope with financial independence.
Research by the Money Advice Service found that 20% of students let their financial freedom go to their heads leading to impulse purchases. To prevent this from happening to you create a budget which sets out clear guidelines.
When creating a budget make sure you take into account the cost of living within your area, for example university towns in the North West have a reasonably low rate of living however London will be much more costly.
Applying for an NUS card (£12 for a year) will also improve your budgeting skills, gaining discounts on eating out, shopping and textbooks to name a few. Carrying out your weekly food shop at a lower priced supermarket can make a big difference. Coming down a step with the brands you buy, or even opting for own-labels will also save you money – they’re often just as good and half the price of leading brands.
The main outgoing putting a financial strain on student bank balances is their accommodation. As far away as it may seem it will soon be time to secure new accommodation for the next academic year.
It is common for first year students to live in halls and then to move into privately rented accommodation in subsequent years. Moving into private accommodation following student halls can often see an increase in rental rate. Extra costs such as paying bills can often throw a student’s budgeting off balance.
Finding a student property letting agency such as Mistoria Estate Agents that can offer reasonably priced, all inclusive (water, gas, electric and wifi) rental rates would help you to control your finances.
At Mistoria we currently have an extensive range of North West student lets all within popular locations of the main universities in Salford, Liverpool and Preston. For more information on the properties we have available do not hesitate to contact us by calling 0161 707 6106.