Parents information - Top tips for money magement
Top 10 tips for managing money…
Your son/daughter should be encouraged to:
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Use their anticipated income and expenditure to work out a budget – be realistic about spending patterns and avoid underestimating.
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Investigate student bank accounts – these are specifically designed for students and offer useful extras such as an interest-free overdraft as well as other incentives.
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Join the NUS (National Union of students) and invest in an NUS Extra card to get exclusive discounts on books, travel, music, computer equipment, events, clothing and more.
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Look out for student discounts offered by shops and organisations for products and services.
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Look out for internal jobs and part-time work that will not adversely affect their studies.
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Use free-to-use ATMs – some charge a fee of £1.50 for each withdrawal.
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Work out what they can live without or cut back on so they can make savings.
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Keep a running total of how much money they have in their bank account.
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Not be tempted to use credit or store cards which charge very high interest rates and are hard to pay off.
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Not be pressured into spending money they don't have for social reasons.