Healthy Minds > Mental wellbeing and everyone > At College > Money's not funny
 Money's not funny
Money worries can get you down. But find out how you can keep debt at the door.
Dealing with debt can make you anxious, stressed or depressed at a time when you need all your energy for your studies. Check out our guide to good financial health!
Budget carefully
You get your student loan in lump sums, which can seem like a lot of money. But it’s important to budget how much you need for rent, food and bills…then you’ll see how far this money will stretch for having fun!
Eat smart
Cook for yourself…takeaway foods and microwave dinners might be handy, but they’re dead expensive. Making your own food isn’t just cheaper – it’s good for you too! And baked beans on toast doesn’t have to be the only option – there are loads of healthy foods that are almost as easy to make!
Buy supermarket brands - you’ll save up to half price on most products if you go for supermarket own brands. Go to the supermarket near closing time – this is when you’ll get the reduced foods. There’s nothing wrong with this cut-price food – it’s all good for you and your wallet!
Dress smart
Get yourself down to the second hand shops and jumble sales for bargains galore – and get yourself kitted out in a unique look that nobody else is going to have.
Get onto ebay…you can pick up designer gear and high street clothes there for a fraction of the price. Check out other online stores too – you can often pick up a bargain.
Sign up for sales alerts by text and email from your favourite shops – then you’ll be able to bag yourself some bargains!
Party smart
Let’s face it…the price of a fancy coffee these days is as expensive as a pint of beer. So you’ve got to be careful about how you unwind. Drinking lots of water is great – but take your own bottle rather than buying a new one every time. Thermal mugs are a great way of carrying your own latte (decaff of course!) around too.
Always check out university events or join a society – there’s plenty of choice, from sports to drama and film. Societies usually have lots of organized and cheaper nights out.
Drop into the students union. Cheap deals on beer and food usually make this worthwhile. But always remember to drink responsibly. Half-price beer doesn’t mean you should drink twice as much!
Study smart
Your reading list could take a hefty chunk out of your budget…so don’t buy brand new books. Check out second-hand bookstores and online to see if you can get your books for less. Use the library as much as possible, or go halfers with a mate on the really expensive books you need. Get student deals on software – you’ll get Microsoft Office for a fraction of the price.
Financial support
Discover what financial support you are entitled to. All full-time students can apply for a tuition fees loan and a living costs loan. If you come from a lower-income household, you can apply for a non-repayable maintenance grant of up to £2,765 a year.
Student loan or a personal loan?
Taking a loan from the Student Loan Company may be a much better option than taking a loan from a bank. This is because the interest rate is linked to the rate of inflation. This means you aren’t paying any ‘real’ interest on your loan – you only ever pay back the equivalent of what you borrowed.
Banking
Banks are keen to get your business – they know that students usually stick with the same bank when they graduate. But choose carefully – don’t just go for the free gifts – check out what your bank offers you. Can you get an interest-free overdraft? Do they offer financial advice? Can they provide emergency funding in cases of emergency?
Credit
Credit means you can buy something you want, and pay for it later. Credit is a lot easier to get nowadays, which is great, but can get you into trouble. If you don’t pay off your debt within the set date, you will have to pay interest, which could end up adding 10-20% to the cost of your purchases.
So think really hard about whether you really need to buy what you want. See if you can save up and pay cash instead. This is always the cheapest and best option!
If you decide to get credit, create a budget of what you’ve got coming in and going out – this will help you assess what you can afford to pay back each month. Avoid store cards at all costs – they are one of the most expensive forms of credit available.
If debt is getting out of control
Don’t bury your head in the sand – act immediately to stop the problem getting worse. Talk to your student union representative to find out where you can get debt counseling. Never borrow more money to get out of debt – you’ll only be digging yourself in deeper.
Smarter accommodation
Many universities provide halls of residence for students going into their first year. They charge a fee that covers usually covers rent, electricity, gas etc.
Private accommodation means that you're choosing to live in accommodation that hasn't been provided by the university. Depending on the sort of place you go for, this can be cheaper or more expensive than university halls, but there will be more costs for you to think about: bills, rent, food etc.
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