Students Urged to Address Their Finances in 2015

student debts
New Year’s resolutions are usually somewhat of a waste of time, whether it is less drinking or giving up the ciggies, we rarely end up seeing them through, especially when we are at University. Our Uni days are full of distractions and of course, we should be living life whilst we are young, right?

Well, this may well be true but one issue students are being urged to address is their finances. With the recent news that one in ten students will have to terminate their studies due to financial problems, more onus has been put onto the issue of debt management and there are actually more and more options available to those looking to tighten the ship. True to Young Academic form, we have put together three of our top tips for managing your finances during the remainder of the academic year and remember; when making your New Year’s resolutions, why not give your bank balance some thought.

Don’t Stick Your Head In The Sand

It is all too easy to ignore your debts at University and whilst you are out partying or have your head stuck in endless textbooks, things are just getting worse and worse. Do not stick your head in the sand and just hope that things will be okay once you have finished University, as the likelihood is that they will not be. Many students will be living without parental guidance for the first time and will be maxing out credit cards and battering student loans willy nilly, if this is the case for you then stop to think about what you will do when all your money has gone.

Put In The Hours at Work

Although you may be thinking that your Uni days are the time of your life (and they are), these days it is pretty much essential to get a job and put some serious hours in, especially towards the end of the semester. Unless you are one of the lucky ones who get money sent by their parents every week or you saved very admirably before you started your course, your student loan will not be enough by itself. Students now make up a fair chunk of the national workforce and there are actually some pretty cool opportunities out there. You can find work in bars and hotels which can be great for tips and also getting essentials such as toilet rolls and shampoo etc.

Borrow Responsibly

Finally, the world of loans and borrowing has become pretty tumultuous over the last few years with pay day loans in particular coming under much scrutiny due to their astronomical interest rates. If you absolutely need to borrow then you should be extremely careful about which company you use and certainly don’t use a lender you haven’t heard of there are lots of cowboys out there. You can check on their trustworthiness via reviews and seeing what bodies they are invigilated by via their website, the big boys like Wonga and Satsuma Loans who have big advertising campaigns are usually the best bet and you can always check their interest rates. Never ever borrow amounts you cannot afford to pay back and again, only use any type of loan as an absolute last option.

If you have an opinion on this matter, why not send your thoughts into us at [email protected] to see yourself published. As always, you can keep abreast of all your student news and music updates via the Young Academic Facebook page and on Twitter.

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