Tips on stretching your student loan

October 21, 2018

 

1. Remember, your student loan needs to last you one whole term – that is 15 whole weeks…

 

What do you need to know?

In January 2018, ‘Which?’ announced Morrisons as the cheapest supermarket for a basket of groceries. Whilst Ocado was the most expensive place to buy the same grocery basket.

What do you need to do?

Make sure you shop at the right supermarket – get yourself to Morrisons, Lidl or Aldi and be sure to look at the deals of delivery if you don’t have your car at Uni. A lot of supermarkets offer free delivery on large orders which means you can bulk buy to save money and have your food delivered straight to your door to stop you walking bag with bags of shopping.

 

If you do decide to go to the shop make sure you take your own re-usable bags with you instead of paying 5p per bag – every little penny helps!

 

2. Get your hands on the best student bank account…

 

What do you need to know?

We all know students don’t have a tonne of money and overdrafts are extremely important in managing your personal finances as a student. Banks absolutely love tempting students with no-fee overdrafts, free stuff, and tempting deals. You need to choose the right bank for you...

What do you need to do?

a. Go for the biggest student overdraft deal you can find – with no fee

-Make sure you aren’t charged for your overdraft – get the largest amount for the longer amount of time

b. Don’t go over the limit

- It is imperative that you do not go over the limit – this can create large charges that you can’t afford

c. Improve your credit-score

- Bear in mind that you will be rated a score dependant on how desirable customer you are for companies to lend you money

d. Don’t just go on the one with the best short-term freebie

Some companies may offer a sum of money to transfer to them, although make sure you weigh up all their offerings to decide which one is right for you.

 

3. Students paying Council Tax is a no-no: don’t be fooled!

 

What do you need to know?

Council tax is a tax made compulsory on households by local authorities in Britain, based on the estimated value of a property and the number of people that living in it.

If you’re a full-time student living in a new house in your student town, you don’t need to pay council tax! (Hoorah ladies – one more outgoing which you can cross off your list!)

What do you need to do?

If you receive a council tax bill through the post – which may happen by fault, don’t you worry – you can apply for an exemption through this link: https://www.gov.uk/apply-for-council-tax-discount.

Council tax costs families roughly £1,440 a year – just look at how much you’re saving! But do remember as soon as you graduate you will be liable 

 

4. Make the most of your Unidays and your NUS card student discounts

 

What do you need to know?

Unidays and NUS student cards offer a wide range of discounts solely for students. From eating out, to cocktails, train fares and retails stores – you can get your hands on some of the best deals.

What do you need to do?

Make sure you apply for your NUS student card through https://www.nus.org.uk/ - this cards to cost a small amount but the savings are without a doubt worth it and will save you money in the long run.

To get your Unidays account, go to https://www.myunidays.com/GB/en-GB and sign up – this is free of charge and you will find a wide array of discount with the opportunity to gain cash rewards for inviting friends.

 

5. Find the cheapest Gas and Lecky for your house

 

What do you need to know?

If you are renting your own house, it's likely you'll have to pay for gas and electricity alongside your rent – but there are ways to make swift savings as simple as switching provider.

What do you need to do?

If you pay the company directly and not your landlord, you are able to switch between providers. You can sign up to the Cheap Energy Club to help you constantly find the cheapest tariff and help you to switch over. Always make sure your contract is over to avoid exit fees.

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