It is something of a cliché to say that students never have any money. But in the UK more and more students are getting into large amounts of debt, and not just from student loans. Overdrafts, credit cards and more are adding up to mean that the average student is more in debt than ever before.
So students take heed – and consider these powerful student debt busting tips, they may be a unique solution to debt that you may have never considered.
Student debt busting tips
- Organise yourself. It is no good just ignoring debt. Look at your finances properly, write everything down and know where you stand. Knowing is half the battle.
- Budget. Know what you can afford (see above) and then create a budget that allows you to pay the debt, pay your other bills and still have some left for socializing. No one is saying you should be stuck in your flat/house/halls – just that you need to stick to a budget.
- Shop around. It is amazing how much you can find cheaper if you look a bit harder. Text books, furniture etc can often be found cheap on eBay. Online shopping can also get you a better deal on your credit cards etc.
- Work with others. Many students are skint so get together to do things like cook meals and you will see that money will often go further when you are pooling it together.~
- Take lunch. Stop buying your food in the student union, and especially the coffee in Starbucks. The amount you spend there adds up quickly, instead go for the packed lunch option which can save you a lot of money.
- Keep a spending diary. Write down what you are spending every day and you will soon see what you are wasting your money on (and what essentials you are missing). It is amazing how quickly you stop spending money pointlessly after you start writing things down.
By following just a few of these solutions to debt, you could improve your life dramatically.
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As for the student loans…So you have the government the only provider, and then you have Obama promising to forgive the loans in inverse proportion to the contributions that those who get them ultimately make to society. Those who contribute nothing at all will get the biggest free ride at the end. Those who go to work for government–which may be the same thing–will potentially have their entire loan forgiven