Financial Wellbeing Advice for Future Students

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Find Affordable Accommodation

Some students choose to live at home while they study, which is good advice if it’s possible; living at home can save you a significant sum of money that can be reinvested into your future and help to pay off your student debt. For others, this isn’t as easy. 

The good news is it is still possible to do if you can find some affordable student accomodation. This isn’t available everywhere, but franchise brands like AXO have locations in all the major university cities in the UK. If you study at one of these, they are worth looking into.   

Avoid Borrowing 

Too many students finish their degrees and immediately have more debt to contend with than the average person their age. As a qualified student, you would expect to walk into a higher paid line of work right away, but that isn’t always the case. 

Borrowing money as a student may be unavoidable at times. You simply need to pay for the basics to ensure you can study without any stress but avoid it if you can. A zero-interest student loan might seem like a good idea at the time, but it can have damaging effects. 

Make a Payback Plan 

Stress is the enemy of study. Some people might argue that stress helps them; it puts them under pressure and motivates them to get things done, this might be true in part, but from a biochemical perspective, your brain makes you less productive. Sometimes borrowing can help you reduce this stress. 

If you do decide to borrow using one of the zero-interest student loan options, make sure you design a realistic payback plan. The money you borrow might feel like free money but use it wisely and make sure you know how to pay it back without putting too much pressure on yourself. 

Think Big 

People go to university for different reasons; some are following a very clear career pathway that will lead to a starter position in their chosen field, others might be pursuing a more academic interest, and they can less of an idea about what to do with their degrees. 

If you’re in the second category, you need to think even more carefully about your future post-studies. It’s fine not to have an idea of what you want to do, but you should keep close control of your finances to support whatever path you finally decide on. Student days don’t last forever, so think big. 

Stick to a Budget 

Regardless of whether you’re a university student or not, it’s a good idea to have a lifestyle budget in place. Having a budget means you have meaningful knowledge of your everyday finances; it prevents you from overspending and helps you to save. 

University is the perfect time to start budgeting and training yourself in this important life discipline. You have all the time and resources you need when you’re at university, so you can easily learn some budgeting strategies and put them into practice – it’s a life lesson worth learning. 

 

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