February 24th, 2018 | Updated on April 20th, 2024
Everyone knows that going to university is expensive in the long-run. Since UK tuition fees greatly increased alongside the growing cost of living in general, students and those looking to go to Uni need to think seriously about their finances.
With many universities in England now granted the ability to increase tuition fees year-on-year, it doesn’t look like going to Uni is going to get any cheaper. There are a range of ways to collate the funds you’ll need to get through university, whether you’ve got plenty of time or are in need of last-minute finances.
Prepare Well in Advance
For parents or those who have a few years before they intend to enrol at university, starting to save as early as possible is key. Many kinds of ISAs can be incredibly useful for this, such as a stocks and shares ISA that you pay into each month.
Choose an amount which you can comfortable afford to put away and decide whether you want to take the risk with a variable rate or play it safe with a fixed rate ISA. When it comes to going to Uni you should be able to withdraw these savings and use towards accommodation and living costs.
Student Credit Cards
An interest-free overdraft and debit card should be your first options for collating your finances when at Uni. However, if you are lacking in the funds then a student credit card could be one option for gathering everything together in one place.
Some lenders will offer lower credit limits for students or offer specific rewards such as cash back. The ability to set up automatic bill payments so you don’t miss any rent or other important payments can be done as well.
Short Term Solutions
Using student loans and grants are essential for anyone going to Uni for covering all sorts of costs. However, there can sometimes be issues with the payments coming through into your account or the fact that you may have to wait a few days or weeks until your next payment is due.
If you have some important payments to make before your loan or grant comes in, then a short-term student loan from the likes of Smart-Pig could help tide you over. Designed for students by students, these have a lower interest cap and no late fees, useful if you have bills coming out a couple of days before your loan arrives.
Take care with your finances and adequately prepare for university to avoid getting into difficulty.
