Budget planning for college students
Take a look at MoneyHelper's savings calculator to see how long it will take you to reach your goal.Īll information accurate as of date of publication.
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More about 16-25 railcards. Depending on where you live and how you like to get around you can also get discounts in Northern Ireland with the yLink card, in London with the Student Oyster card, and travelling via coach with the Young Persons Coachcard.ĭo you have something particular in mind you want to save for, such as a new TV or new car? The only exception is before 10am, where a £12 minimum charge applies. You can get a 16-25 railcard to save a third on rail fares. It is worth getting an NUS card (now called a Totum card) to get discounts both on the high street and online. Smart Ways to Save Money in College Become an RA Residential advisors are student staff members who are assigned to a floor in a dorm. The same process applies for dental treatment and sight tests. If your application is accepted, you can get free prescriptions. Follow the steps below as you set up your own, personalized budget: Think of your budget as a spending plan, a way to be aware of how much money you have. However, students aged 16-18 don't have to pay, and once you hit 19 you might be eligible to apply to the NHS Low Income Scheme. Prescriptions are free to all residents of Scotland, Northern Ireland and Wales, but in England everyone still has to pay. You can also get medical prescriptions for free. When you are a student, there are some things you don't have to pay for.įor example, student houses do not need to pay Council Tax, as long as the only people who live there are full-time university or college students.
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Here MoneyHelper gives some top tips on how to save money, or avoid spending it:īudgeting can be key when it comes to keeping tabs on your money, so you know exactly what's coming in and going out. It's easy to feel quite flush in the first couple of weeks of the semester once the student loan has landed, but it's worth thinking about ways to make your money last, because it certainly won't be around forever.
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If you're renting a house with other students, you could split home insurance between you.(Check the policy and check with your course provider.) If you're in halls, your parents' content insurance might cover you, but sometimes only counts during term-time – if so you'd probably want to bring any valuable things home during the holidays.There's often a risk of this in student areas, so it's best to get insurance – whether just for specific contents like your phone, for your whole room, or for outside your room as well.