"It's time to grow up and be strong. Tomorrow may well be too late."
Neil Labute
American playwright
Student life
Financial freedom is nirvana.
You can’t start too young.
It’s never too early to start investing and even though the art of student living certainly takes some time to get to grips with, you need to consider it. As you become a student, not only are you flying on your own for the first time, but you need to balance life, studies, and taking care of yourself. It’s quite a juggling act, and no matter how much you’ll hate to admit it, your parents were right, it’s a tough job!
From finding a place to live, to paying bills and managing your money enough to have fun, being independent involves a lot, but with some handy tips you should be able to build the confidence to stand on your own two feet.
Here To Help
If you’re unsure about making important personal financial decisions without guidance, or worse worried you’ll make wrong ones that could have a negative impact on your lifestyle, you should probably employ the services of an independent financial adviser.
Despite the UK being among the best in the world for quality Financial Services, many find the task of appointing a financial adviser a most daunting challenge.
Below we provide a guide to what you should be looking for to help make sure that when the time comes…
YOU CHOOSE THE RIGHT ADVISER FOR YOUR NEEDS.
Preparing to move out
Although incredibly exciting that you’re finally getting independence, it can be stressful finding your feet. When you first plan to move out, you should have a tick list featuring:
- Find a home
- Find housemates if you’re living in a shared home
- Get the furniture you need if not provided
- Purchase the utilities you’ll need.
- Let all official bodies, as well as any family and friends that you’re moving home.
- Get some spare keys.
By setting a small reminder, you can get one job done daily and slowly work your way up to moving out.
Create a folder for all your physical files, so you have everything to hand if you need it. Moving out you’ll need a lot of paperwork when you may not expect it, so knowing where it is will be a great way of avoiding any stress.
Mention leaving home guide.
Accommodation
There are lots of options available when finding somewhere to live as a student. Living on campus could provide the full experience of higher education and is a popular choice for the first year.
After this, it’s popular to move into private accommodation, perhaps with your newly formed friends. There are pros and cons for both these options, which we explore in our “Flying the Nest” guide.
Getting to grips with bills
Bills are one of the many things you’ll have to start getting to grips with when becoming independent. Make sure you do a good comparison before you settle for a provider, if you are in private accommodation, and divide this cost between you if you’re sharing with friends.
Budgeting & Funding
One of the best ways to beat debt is to be aware of what you’re spending and set yourself budgets. Many recently graduated students say they never budgeted, however now wish that they had as they struggle to deal with their money now. Spending within your budgets now can benefit you greatly in the long run, so try and get into the habit as early as you can.
If you’re starting higher education and are from a family on a lower income, then many universities now provide a non-repayable bursary. There are many options available for loans and funding to ensure that all have access to the next stage of education.
Paying back your loan
Most graduates find their student loan their biggest financial burden. You only have to pay back government loans, any bursaries or grants do not need to be repaid. Currently there are two different loan plans in existence. See which you may be able to follow with our student loan guide.
Once you graduate, your bank will usually change your account from a ‘student’ account to a ‘graduate’ account. However, don’t feel a duty to remain with that bank, now is a good time to shop around for an account that suits you.
Managing daily living during higher education is never easy but planning and saving can help you. You’re not alone in trying to juggle it, make sure you make use of all the options suitable and available for you, it’s definitely worth your time.
Abacus Associates manages the personal wealth of many people across the UK and over £1 billion of investments, providing clients with financial advice and access to investment products and services.
We do not charge for initial consultation meetings. If you would like a face-to-face meeting, feel free to pop over to our office or we can always can come to you.
Give us a call today on 01432 343322 and ask to speak with one of our advisers,
or email [email protected]
Or complete the contact form below and your details will be passed onto an adviser who will contact you to make a free consultation appointment.
Contact Us
Call: 01432 343322
Email: [email protected]
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Abacus Associates is a trading style of Saltus Partnership Limited which is authorised and regulated by the Financial Conduct Authority. FCA reference number: 554381
Registered office: Solent Business Park, 4500 Parkway, Whiteley, Fareham PO15 7AZ. Registered number: 07586042
Will writing and some aspects of tax planning are not regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on a mortgage.
Capital is at risk and you may get back less than you invest.
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