September 24, 2010 (Calcutta Tube): Education is often expensive. Specially when new graduates begins their education first year in the college, finance becomes troublesome for many. Being a student away from home for the first time can also be a daunting experience. This is probably the first time in your life that you are completely in charge of your finances. You will have to manage lump sums (from both parents and the student loan company) that will have to last you all term and pay the bills. You may also have to run a car, sort out the MOT and pay the car insurance which is another serious financial undertaking. Quinn Direct Insurance have put together a little guide to help you keep your car on the road (properly insured of course!), have fun and stay in budget!
[ReviewAZON display=”searchquery” query=”laptop” count=”5″ category=”Electronics” page=”1″ sort=”default”]1. Get some cheap car insurance
If you are running a car to get about, you will want to be as cost efficient as possible. Quinn Direct Insurance offers a very competitive young people’s car insurance policy which is very suitable for student drivers and which includes affordable prices, free breakdown cover and a facility that allows you to pay monthly by direct debit.
2. Pick the right bank account for you
When looking for a student bank account, you should try to pick a bank that has a branch near you and can offer student financial advice. Even if you are careful, you can sometimes run into difficulty, so accessing assistance nearby is a great help. Secondly, it is worth looking at the overdraft limits that each bank can offer you, it may be your lifeline! Having a generous overdraft limit is handy, but pay attention to the terms and conditions as you may be penalised for exceeding it! Some banks also offer free gifts such as driving lesson vouchers for students which could be handy if you haven’t yet passed your driving test.
3. Set yourself a budget
The most common sense way of keeping your finances in check is to set yourself a weekly budget. Use a notebook to write down your income each month (from student loans, parents and part time jobs) and when you have to pay each of your bills. Then divide the remainder up into four and try to stick to that amount each week. Make sure you take into account monthly costs such as rent, car insurance, and home insurance and seek out the best deals; Quinn Direct Insurance can help you here!
4. Don’t ignore financial problems, they don’t go away!
If debts are mounting up and you are having difficulty paying, don’t ignore it as it will not go away. Support staff at the University and your bank will be able to advise you on dealing with your financial problems. Don’t feel you’re going to save money by cancelling legal requirements such as car insurance. If you drive uninsured and have a car accident you’ll be faced with bills running into the thousands!
5. Pay your bills on time
If you pay your bills on time, then you will not face any penalties for late payment. Not paying your bills on time could result in you having to make extra payments or your credit rating could be affected. Setting up direct debits to your car insurance provider, your landlord, your utility provider etc will ensure that your payment goes out on time.
6. Make sure you have proper possessions insurance
You wouldn’t drive without car insurance so don’t get caught out without insurance for your possessions. This is helpful if you are living in shared accommodation and have equipment such as laptops, DVD players and Hi-Fi’s in your room. Check insurance company websites for their latest student offers.
7. Take a part time job
Taking a part time job will help your finances and give you a bit more spending money. It will also help you meet people, always handy if you are new to the area. Just make sure that the job does not clash with your studies!
8. Don’t feel pressured to get a credit card
Credit cards when used unwisely can cause you a lot of problems. Reckless spending with a credit card can leave you with a bill that you will struggle to pay off. However, if used in a sensible manner, it can help you when you do not have cash at hand or if you are purchasing items such as books over the internet.
Don’t feel pressured by banks to take out a credit card, if you feel you can do without it, then don’t take one.
9. Don’t forget to check your bank balance
Check your bank balance once a week, to keep updated on how much is in your account. You may think you have a good idea, but you may have forgotten about a direct debit that was due to come out. A handy way of doing this is by checking it online, however, try to do this on your own computer and not a public one. If you have to use a public computer, make sure that the website is secure and that you sign out of your account properly.
10. Keep your details safe
Don’t let your financial information fall into the hands of others. The following steps will help stop you from becoming a potential victim of fraud:
* Don’t give your pin or bank details to anyone.
* Use a shredder to destroy any mail with your financial details on.
* Have all chequebooks, cards and other banking information sent to your home address.
* Never write down your pin number, memorise it.
Web Site: http://www.quinn-direct.co.uk/