Saturday 18 November 2017

7 Saving strategies to help prepare for University

As students in the UK continue to face bigger problems when it comes to things like debt and paying for education, now's the time to start thinking about how you're going to save for your academic adventure if you want to go to University.

The cost of education is growing by the year, with more people than ever before finding themselves in huge amounts of debt as they pursue educational opportunities. No matter what you want to do with your time in Uni, make sure you follow these 7 saving strategies if you want to come out of the experience with as little financial hardship on your back as possible.

1. Ask for Advice
One of the biggest problems that students face when it comes to finding the cash for university, is that they simply don't know how much they need to spend in any given area. If you're not sure what's going on with your academic plan, think about speaking to someone who can offer some extra advice. There are plenty of financial advisors out there who would be happy to talk to you on the behalf of your chosen university. On the other hand, you could consider arranging a meeting with a loan expert.

2. Apply for Scholarships and Grants Early
Scholarships and grants are available for students from all walks of life, so don't just assume that you won't be eligible for one. Take the time to look up grants in your area, and think about how you can apply for different things that might help you to get through your University experience while paying out as little cash as possible. Remember you'll need to apply early if you want the best chances of success.

3. Compare Loans
Just like any other loan product, it's worth noting that all student loans aren't necessarily made alike. You could potentially upgrade the savings potential on your loan by spending some extra time looking around on the market and seeing what's available before you sign up to borrow some money. Take advantage of any extra deals that might be out there for young students, and make sure that you know exactly what you're getting into before you sign on the dotted line.

4. Get Help from Work
If you're concerned that you won't be able to pay for the additional extras that come with an education at university, like books and accommodation, then think about applying for a part-time job that can offer some extra cash while you study. Studies actually show that students who spend around 10 to 15 hours each week working end up with better grades than their counterparts, and they're more likely to finish their degree too.

5. Reduce Costs Wherever Possible
A lot of students like to enjoy the experience of living on campus away from their family, but if you can attend university while staying at home, then you might want to consider taking that route instead. After all, living at home will drastically reduce your expenses. If you can't live at home, then you can always look to share a place off campus instead. Make sure that you eat low-price meals where possible, and budget your living expenses so that you don't end up digging into your loan too quickly.

6. Spend as Little Time in Education as Possible
Getting a higher education is a great idea when you want to get a better job offer or apply for a specialised field in the future, but it's important to make sure that you don't spend more time at school than necessary. One of the biggest ways you can add to your university bills is to take more than four years to finish your degree. You might be surprised at how often students do this, but typically, if you can graduate as early as possible, you should.

7. Don't Waste your Cash
Finally, if you want to get the best possible experience out of your University days, then you need to make sure that you know how to live within your means. Try out a party or two in your time, but don't spend your money wildly without any consideration of the rules. There are plenty of ways that you can upgrade your University experience without having to spend all of the cash you have.

Remember, one of the biggest ways that you can waste your money on your university education is by not taking your degree seriously. Make sure that you devote plenty of time to hard work and study.

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