College is expensive, fact. Whether youre living at home, or renting, youll find your money will disappear pretty quickly when youre on a tight budget and paying for food, bills, travel, books and more. Luckily, a little know-how can mean the difference between finding yourself in debt and being able to afford a night out with your mates.
1. Choose the right student current account. Lots of banks will be trying to get you to open an account with them, so theyll offer freebies to entice you. Try to look past the free flights or cash on offer, and focus on the fees and charges. Most student accounts are free of transaction fees, but this doesnt cover overdraft fees, which can be expensive, so if you think you might use an overdraft, its worth choosing an account with the lowest fees.
www.itsyourmoney.ie has a handy student current account cost comparison, which will help you compare your options.
2. Become a domestic god/goddess. Even if your college canteen is subsidised, you could end up spending as much as 50 a week on food, when you factor in snacks and drinks. If you cook for yourself, or make your own sandwiches, tea or coffee you could save a fortune. If cooking is unexplored territory for you or beans on toast is your speciality, www.cheapeats.ie offers lots of helpful information, including money saving recipes, details of special offers in shops, and tips on using up your leftovers.
3. Be careful with credit. If you can avoid using a credit card, do. But if this isnt an option for you, then make sure you choose a credit card with a low annual percentage rate (APR), and learn How to fix your credit on your own in case you make any mistakes that result in a poor credit score, as this can cause you a lot of problems later down the line, for example, if you ever try to buy a house or take out a loan. Therefore, it is vital to know How to Build Credit back up once it’s gone down. Remember your credit limit is not a spending target, so only use your card for essential purchases (no, a round of drinks is not an essential purchase) and try to pay your bill in full each month. When it comes to loans, again look for a low APR and try to borrow over as short a term as possible, that way youll pay less interest. If you’re not sure what’s on offer, check out www.itsyourmoney.ie for comparisons of student credit cards and loans. Reading a credit sesame review, as well as reviews of other credit lenders, will also let you know what’s available as well as what’s suitable.
4. Look for discounts. Lots of shops will offer discounts to students with a valid student id card, so its always worth producing your card at the till. A Student Travelcard will save you money on Inter City Rail, Dublin Bus and Luas services. It also entitles you to over 200 discounts nationwide including discounts off restaurants, entertainment and much more. Log on to www.studenttravelcard.ie to find out more. However, dont be dazzled by discounts, no matter how tempting they seem. Youll only save money if you were planning to buy it in the first place!
5. Maximise your money. If you worked during the summer, you could be entitled to claim tax back. The forms can be downloaded from www.revenue.ie . A part-time job will boost your income, but could mean less time for studying and socialising, so youll need to weigh up your options carefully. Its a good idea to wait until you get your timetable before you apply for anything, so that youre sure of how much free time you have. You could also be entitled to a grant. For detailed information on grants and funds for students, log on to www.studentfinance.ie.
6. Keep track of your spending. Its not the most exciting thing youll do this year, but making a budget is always a good idea. It will help you see where you money is going and make sure you can afford the essentials. It can also show you areas where you might need to cut back. There is a handy budget planner on www.itsyourmoney.ie to help get you started. As well as making a budget, checking your account statements regularly will help you make sure you have money to pay direct debits and standing orders, so you can avoid expensive penalty fees.
7. If you need help, get it. If you are having money worries, look for help as soon as possible. You can talk to your student welfare officer, or, if you are having problems making repayments on a loan or credit card, contact your bank to explain your problem. Whatever you do, dont ignore the problem, itll only get worse. And remember, missed repayments will affect your credit history and could mean difficulty getting loans in the future.
