Going to university is supposed to be a chance for young people to study hard, party harder and in the process gain skills and knowledge to help them further future careers.
However, for many students, the financial implications can be tough to take. As levels of student debt have risen over the past few years, many find themselves with large debts at the end of their studies.
According to statistics, the average student owes over £9,000 upon leaving university, and whilst student loans are a common solution to financing those all-important years of study, the interest can soon stack up if left too long.
During term time, students often find themselves short of cash. Payday loans can be a tempting, short-term solution, but costs can soon mount up if you rely too heavily on such plans.
Many students will work summer jobs to raise those all important pennies in order to pay of their overdrafts, as well as covering personal loans and other financial commitments.
It can be all too easy to indulge with such amounts of money available to you at the beginning of every term.
Whilst it can be tempting to ‘spend spend spend', after taking into account commitments such as rent payments - as well as costs of supplies, textbooks and other research material - the costs can soon mount up.
Drawing up a financial plan before you go to university can be an essential part of your preparation.
Identify costs of research material, as well as the availability of resources in your universities’ library facilities, keep eyes on your food shopping bills and also the amount you're spending on alcohol and impulse buys.
With a little preparation and resistance of the spending urges, you can make your university career a great experience without having to worry about the financial implications.
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