But as tempting as it may sound to spend all your time (and money) partying, the university experience can be an expensive experience for some.
Indeed, factors such as tuition fees, the cost of books and equipment and general living costs can leave ill-prepared students with a mountain of debt during their stay.
Financial planning and preparation can be a key part of your university life. In order to try and reduce your debt levels you should try and bear a few things in mind during your studies:
- Draw up a budget and do your best to stick to it. Take into account the resources you need for your course – including textbooks and art materials.
- Keep in mind also that your university library facilities are likely to have a lot of your course textbooks available, so it’s best to check if it can be available for free rather than spending lots of money on textbooks you’re only going to be using for one semester.
- Avoid impulse buys, however there will still be a lot of bargains out there – particularly those who offer discounts for students.
- Take advantage of student discount schemes - such as discount cards in some high street stores – but still take the time to weigh up your options when it comes to purchases.
- Don’t be afraid of seeking part-time employment during your stay, even if it’s just a weekend position. It may mean you have a little less social time, but it can certainly be helpful for your debt management.
- Be careful with your student accounts. Many high street banks offer interest-free overdraft facilities for students, and whilst these may be useful in the short term during your semesters it’s worth noting that once you’re not a student anymore the interest is bound to kick in, and if you’re ill prepared it can be a potential nightmare.
- Try and budget for a healthy diet. Many supermarkets have budget-range foods that can be just as sustainable as some of the leading brands, and market stalls can be particularly handy if you have a taste for fresh fruit and vegetables.
- If you do find yourself in a financial predicament – don’t be ashamed to talk to someone about it – your university will have advisers who will be more than happy to help you draw up budgets and offer helpful financial advice to help you through the semester.
As tempting as it might be to head out and party every night, there will be times when you’ll have to stop and think about your financial situation. However, with a bit of careful planning and budgeting it’s more than possible to make the most of your university experience whilst still remaining in a secure financial position.