subject: Student Debt Solved [print this page] The news that university is about to get much more expensive, means that it is more important ever that students and graduated get their finances straight and are more proactive when it comes to money matters. Managing your finances as such an exciting, and expensive, time can be difficult, so we've put together some useful tips to help you on you get in less debt and have a better chance of getting out of it once you finish in education .
Organise your finances Before you start you degree, at regular intervals whilst studying, and once you've graduated do an inventory of your finances. Check your overdrawn accounts are at the lowest possible interest, make sure you know how much is in each account and do a spring clean of any old direct debits or payments.
De-clutter How often do we throw our old statements away or chuck them all in a big box, where they all mix together and languish for months? Break the clutter habit and invest in a filing box with compartments, so you can organise documents by accounts, keep any overdraft related letters safe, and know exactly where to go if you need a document for anything finance related. Clear this out every six month of anything you no longer need.
Budget Work out your monthly incomings and then subtract the cost of your monthly essentials from it- so things like rent, bills and food. This will leave you with your disposable income, which you should then divide into weekly amounts and at the beginning of each week take out in cash. Having the cash in your wallet rather than using your card means you always know how much is left for the week, making you less likely to overspend.
Don't be an Ostrich When your debt starts to grow it can be quite appealing to bury your head in the sand, but this is the worst thing you can do. If you ignore your debt problems they will only get worse, so confront them head on and think of areas where you can cut back or ask for help.
Get a job Get yourself a part time job to supplement your loan, but make sure you don't overwork yourself and in holidays or quiet work periods take on more hours if you can.
by: Jane O'Shea
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