10 banking tips for students

With the cost of living and studying on the increase, University life can hit your bank balance hard.

Banks are often aware of this and will do their best to help you out financially when you need it.

The most important thing to remember is that you are in charge of your finances and a little bit of house-keeping with your bank account can go a long way.

Follow these money-handling tips and you could save yourself a money headache in the long-run.

  1. When choosing your bank, don’t be swayed by freebies. Think carefully about what you need from an account- whether it’s an interest free overdraft, online banking or a branch near campus.
  2. If you don’t need your maintenance loan now, put it into a high interest account and draw on what you need, when you need it.
  3. Speak to the bank before you go over your overdraft limit. The charges can hurt.
  4. Beware of credit cards. You could end up paying as much again on interest.
  5. Try to keep savings or some ‘emergency money’ separate in case you need it.
  6. If you’re an international student coming to the UK, bring travellers cheques rather than cash. It’s safer.
  7. International students should also be aware of bank charges. Find out how much you will be charged for international money transfers overdrafts etc.
  8. Use online banking. It’s easier for you to keep an eye on your finances, and saves time.
  9. Save for a rainy day. If you save some money before you start, it can really help. After the first year when your studies get more intensive, you may not find time to earn extra money.
  10. Try and keep some money back – you never know when you may need it (or want to splash out on a treat!)

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Posted by on Mar 13 2010. Filed under Banking, Student loans. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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