If you’re considering going to university, there is a strong chance that you’re also contemplating taking out a student loan to fund your university expenses. Student loans don’t have to equate to student debt and if you plan your finances, it is possible to get by without student loans and possibly even profit from them. There are many sites on the internet which provide downloadable student finance guides and online advice on how best to manage your finances. Moneynet offers a comprehensive student finance guide (www.moneynet.co.uk/student-finance-guide/index.shtml), whilst the money section on support4learning is also a popular internet resource. (www.support4learning.com).
The first step to avoid financial dependence on a student loan is to consider taking a gap year to gain experience and earn money. This is a great opportunity to start saving for university and will give you funds to cover accommodation and bills without tapping into your student loan.
In terms of managing your personal finances, you could open up a notice savings account and invest your gap year earnings – alongside a student loan, accruing interest on the total amount, but being disciplined so that you only ever tuck into your savings – not the loan itself.
If you’re comfortable that you can timetable it – you might consider a part-time job to help finance your studies, using your income to cover the majority of your expenses so that you can leave your bank savings alone. There will be times when you may have to make a withdrawal from your savings account, but if you leave the capital there as long as possible – the more money you will make.
If you’re concerned about getting the maximum amount of interest on your loan, you could try doing a savings comparison search on the internet. Sites such as moneynet.co.uk and reviewcentre.com allow you to compare different accounts alongside each other.
If you keep a tight grip on your finances, then it is likely that you will be in a strong position to pay off your loans when you graduate. Whilst studying, you might also be interested in conducting price comparison research for insurance and current accounts to ensure you’re getting the best deals. Don’t be seduced by high street offers of freshers’ fair promotions – collect as much information as you can, so you can make an informed financial decision. It’s also worth setting yourself up with online accounts which you manage through an account aggregation tool. Account aggregation allows you to manage your money online and can save you time, foot leather and bank charges. If you want to find out more about account aggregation, visit the Channel 4 website which offers a detailed guide. (www.channel4.com/4money/banking/features/account_aggregation_161204.html)
Are you one of those people who doesn’t open their bank or credit card statements? Do you take out store cards on the spur of the moment? Have you been with the same bank simply because it is less hassle than changing?
If you have answered yes to any of the above questions, fear not confused consumer, help is at hand, with some assistance from a few internet tools.
Websites such as Fool.com, Fool.co.uk and Moneysavingexpert.com
have proved extremely popular with
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The effectiveness of managing family finances has never been more significant, as parents struggle to find a balance between work and family life. A recent study by Mother and Baby magazine has found that new parents are getting less sleep than previous generations, with new mums struggling to manage their exhaustion.
Whilst there is no technological solution to sleepless nights as yet,
it is possible to assign many tasks which were once only possible
through physical movement, to the internet, such as shopping and
banking. No longer do you have to worry about co-ordinating the
demands of screaming children with your weekly shopping list or about
missing the bank at
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Every year thousands of families make a fresh decision to start living by a budget. They set up accounts on their home computer, begin to track everything they spend and set limits designed to help them save more and spend less.
Gwen Mathews is the Mother/Chief Accountant in one of these new budget conscious families. She and her husband Pete set up some ambitious financial plans with the goal of paying off their credit card debt. They split their family income up into categories and were doing just great. That is until the holiday season came along.
As Gwen scanned
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Many people dread the task of building a budget because they view it as overwhelming and frustrating. But it will make the job easier if you look at it in another light; an important tool to financial freedom.
Does it feel as though there is no way to get out of the red and into the black, much less plan ahead for retirement or a vacation? Are you tired of getting paid on Friday and being broke on Saturday? Do you have piles of useless junk that you wish you’d never bought? If this sounds like you, we’ve got good
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You’ve analyzed your past expenses, put them into spreadsheets, loaded Quicken with all of your data and come up with a budget. Now what? The tough part! You actually have to stick to your budget and put your plans into action. This is easier said than done. In many cases you will have forgotten about your budget and your financial goals 6 months or a year down the road. How do you keep this from happening to you?
Here’s how. Make sure you follow some of these tips below so this doesn’t happen to you.
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