Starting college is such an exciting adventure. There’s so much to learn, but you’ll also be challenged, particularly when it comes to managing your money, especially if you don’t have a regular income coming in and are on a strict budget. The good news is that there are lots of smart ways you can reduce financial stress by taking control of your money and making the most of it while enjoying college life. Here are a few things you might want to start to think about!
Student current account: Having a dedicated 3rd Level account means you can continue to retain control of your money, with visibility on the money you have in your account and what you’re spending. With a student current account, fees and charges will be reduced for most transactions and there are often attractive loan and credit card offers. The Terms and Conditions of the account will detail all of this. The most important thing to remember when you have a 3rd Level account and lots of demands on your money, is… prudence. Prudence when it comes to your saving and spending behaviours so that you can demonstrate responsible financial management which will stand to you in the future.
Student accommodation: If you are moving away from home to start college, make your property search a priority as supply is limited. Your Student Union or college representatives should be able to provide you with a list of approved landlords or families who take students in during the college term in your chosen area. Check out campus accommodation too as this can be cheaper. Make sure you can afford the rent and that you have enough for the deposit required at the outset. Be wary of rental scams and never agree to take a place without having viewed it first.
Save! Pay yourself first: It’s a well-known mantra that essentially means putting money aside for yourself each month, so you’ve a buffer of savings to fall back on. So, if you’re earning an income or have a part time college job, no matter how low your salary is, make sure you commit to putting the same amount by each month in a savings account. In time, you should get used to it being a monthly outgoing that you won’t even miss. Then, before long, you’ll have a generous stash built up available to you when you need it most!
Be a budget boss: To be super money smart, you should never let your income exceed your expenses and always keep tabs on where your money goes. This rule applies for life! Create your own personal budget and personal spending plan. If you discover that your spending out-weighs your saving, then you’ll need to rebalance things a little, rethinking where you’re spending unnecessarily and where savings can be made.
Be a smart borrower: Student loans and credit cards cost money. When considering getting a loan, (over 18s), remember to choose one with a low Annual Percentage Rate (APR), borrow a small amount and keep the term as short as possible to reduce the amount of interest you will have to pay. For credit cards, opt for one with the lowest rate and no annual fees and keep your credit limit low.
Limit credit card spend: Where you can, always opt to pay with cash or your debit card. Having a credit card, while handy, requires real discipline to manage and most importantly pay off on time. While you might think it’s easier to put every expense on a credit card, don’t. You could run the risk of it costing you more in the long run, particularly if you don’t pay your credit card bill on time every month, as interest is charged. So, be smart. Pay with cash and keep your credit card for emergencies only and always pay the bill on time.
Student discounts and offers: Lots of retailers offer discounts to students who carry a valid student card. Sometimes buying online will mean even greater savings. Signing up to group discount sites can offer a wide variety of savings from food to fashion. Join your college sports and social club who offer lots of great deals.
Home cooked meal plans: Eating out all the time can be very expensive. Save your cash and work out simple but nutritious weekly meal plans, then make savings by buying all the ingredients in one go in larger supermarkets where there are weekly offers and promotions, maybe even sharing the cost with house mates. Make sure your meal plan includes handy options you can bring in to college for your lunch, saving on canteen costs.
Get involved in college life: Volunteering at student union events is not only a great way to meet people but often your time is paid for in vouchers or meals which means one less night a week slaving over a hot stove!
Second hand or library books: Access your college library for college books where you can and buy your more important course books second hand, re selling them once you’re finished with them.
Preloved college wardrobe: There have never been more preloved clothing options available. Be fashionably sustainable with your look and pop the money saved in to your savings account.
Smart travel: Get yourself a monthly travel card for bus, train and Luas or consider getting a bike to get you from A to B!
Save money on your mobile: Shop around for the best deal and using messaging apps. Compare costs on the Commission for Communications Regulation (ComReg)’s website.
And finally…
Mind your money: There are so many reasons why protecting your money is important. It’s yours for a start and no one has the right to get their hands on it. But with incidents of financial fraud on the rise, you really need to be super vigilant when it comes to protecting your money. So be wise to phishing and smishing texts and emails. Be aware of the risks that are associated with becoming a Money Mule, and be wary of social media scams. Remember, if the offer is too good to be true, chances are it’s a scam.
Talk to your family: Believe it or not, your parents, guardians, aunts, uncles and older brothers and sisters are mines of information when it comes to money and banks. Ask them about how they managed their money when they were your age, the lessons they learned and the habits they formed. Without doubt, you’ll pick up valuable hints and tips from them that will still ring true today.
