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Avoiding the student dept trap


 
           
     
 


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THE STUDENT DEBT TRAP AND HOW TO AVOID IT

How to avoid student debt

To avoid student debt, students have to learn how to manage their money very quickly.

Here are some tips on avoiding the student debt trap when you are at university:

1. University accommodation is usually cheaper than privately rented accommodation - so live in it as long as you can.

2. Buy in bulk where possible, especially for standard purchases such as toilet rolls, cleaners, washing powder and so on. Look for 'buy one get one free' offers.

3. Always be alert for student discounts. Make sure you use your NUS or ISIC card. Visit your student union to see what special offers are available on stationery and books.

4. Be sensible when buying books. Don't rush out and buy every book on your reading list, new. You will find there many sources of second hand books both online and on your departmental notice boards.

5. If you earn some extra money by working, check whether you have to fill in a form P38(S) so that tax will not be deducted from your earnings.

6. Prepare a budget for yourself. Write down exactly what you need to spend each week and month of the year. Write down what income you expect. The draw up a budget making sure that your expenditure does not exceed your income.

7. If you get into debt problems - talk to somebody. Your university will have a student counsellor who will be familiar with debt problems. Many of the High Street banks have dedicated student counsellors who are trained to help students manage their money.

 

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