Student Money: Alvin Hall’s Expert Money Saving Tips

Blown all your student loan and money saved up from working all summer already? Follow these tips from money expert Alvin Hall on how you can sort your student finance and fund your university education.

“Students have a lot to think about during their university career - from their studies, to managing their money for the first time and, of course, socialising,” says Alvin Hall, author of countless money-saving books and independent financial expert, as-seen-on-tv.

“But living with your parents isn’t the only way to save money and for students who fancy striking out on their own, a little early money management could make the difference between significant financial problems and a first-class studying experience.”

Student Money: Alvin Hall’s Expert Money Saving Tips

7 steps students can take to help their money go further:

Student Money Tip Number 1. Learn How to Budget.

Go through your incomings and outgoings with a parent or guardian, or keep a weekly spending diary to see where you could cut back - this will make sure that you’re realistic about your finances right from the start.

Student Money Tip Number 2. Socialising without Peril.

“University is the perfect time to make friends and experience new things, but that doesn’t mean that you should throw caution to the wind and blow the budget in Fresher’s Week,” says Hall. Instead always try to be cautious and don’t feel embarrassed to say that you can only spend so much - most of your friends will probably feel the same way.

Student Money Tip Number 3. Give yourself Pocket Money.

On the same day each week, withdraw a fixed amount of money to cover your weekly expenses. Each weekly withdrawal must be for the same amount. This way you ‘regularise’ your outgoings. If you start running low on funds you will, by necessity, begin to alter your spending.

Student Money Tip Number 4. Only carry in your wallet the amount of cash you are allowed to spend each day.

If you get tempted by an afternoon latte or tend to get cash-happy on a night out at the pub, ration your cash on a daily basis and prevent blowing your weekly budget.

More On Student Money from Better Money Advice:

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Student Money Tip Number 5. Prepare your own Meals.

Making your own lunch is a proven way to keep your daily expenditures at bay.

“Not only can you take advantage of special offers at the supermarket saving even more money and but you can also eat more healthily,” says Hall.

Student Money Tip Number 6. Be a Shrewd Shopper.

“Whether it’s books or an outfit, buy any items you need at second-hand stores or during the sales. This will help you to stretch every penny and pound you have and will serve you well in life after university.”

Student Money Tip Number 7. Take advantage of Student Account Benefits

Hall claims students should take full advantage of the benefits offered by student bank account or building society, however, students should be careful not to abuse the overdraft facility. “It is not free money; it is, in reality, a loan.”

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