1. Look beyond the free gifts
Many banks will try to lure you into opening an account by offering free gifts, but the important thing is to stick with the bank that supports you through the difficult times, and can be flexible with your account.
If you already have an account, and a good relationship with your branch consider staying with them.
2. Choose the best student account
After looking at the free gifts on offer the most important aspect of any student account is the size of the overdraft. Most banks offer interest free overdrafts, but they differ quite a lot on the amount of overdraft available during your studies.
Rent in London is likely to be nearly £5000 per year, so you might need the overdraft to tide you over once the student loan has been exhausted.
3. Try to save this summer
If you can earn some money before you get to university it will help it will help ease things later. If you are already a student at UCL look on the find a job pages of the website for part-time employment, and summer work.
4. Learn to budget
It is always good to try and budget, and when you're managing on a low income at university it's vital. Work out all the income you can expect, and compare it with your intended expenditure. If you think that you can't make ends meet contact the Rights & Advice Centre for more information and support. Alternatively use this interactive budget calculator to work out your finances.
5. Spend your student loan carefully
You will be paid your student loan in three instalments at the beginning of each term. Although you will have a lot of items to buy at the beginning of the year the first cheque needs to carry you through until January, including the expensive time around Christmas.
If you do need more you might be eligible for the Access to Learning Fund, and you should make an application as soon as possible.
6. Be cautious with credit cards
Credit cards can be a useful thing to have, but the debt can quickly mount up, and the interest rates are extremely high. Always try to pay more than the minimum payment otherwise you will only be paying off the iterest.
If possible try to clear the balance each month, and use a card that pays you when you use it.
7. Check your bank balance often
It is very easy to lose track of how much money is in your account, and all of a sudden you find that it is empty. This will happen at the worst possible time, so if you keep track you can do something to increase your income before it is too late.
8. Don't wait until it is too late
If you're in financial difficulty, please don't be afraid to ask for help. Speak to your bank's student adviser or someone in the Rights & Advice Centre. It is always much easier to resolve a problem if it is dealt with earlier rather than later. However if you have left it to the point that demand letters have stopped and the court action has started the Rights & Advice Centre is still able to help.
9. Maximise your income
In addition to part-time employment, you can add to your income through a number of different funds available from UCL.
The Rights & Advice Centre also has a program called Funderfinder. This is a database that lists all of the organisations that provide funding for students.
10. Make sure your possessions are properly insured
If you are living in UCL Halls of Residence you will be covered by the group policy. However you should check to see if any excess applies. Quite often you need extra insurance for expensive items like laptops, and bikes.
If you are in private accommodation you will need insurance for your possessions, and also to cover you if you damage the property through something like fire.
Many banks will try to lure you into opening an account by offering free gifts, but the important thing is to stick with the bank that supports you through the difficult times, and can be flexible with your account.
If you already have an account, and a good relationship with your branch consider staying with them.
2. Choose the best student account
After looking at the free gifts on offer the most important aspect of any student account is the size of the overdraft. Most banks offer interest free overdrafts, but they differ quite a lot on the amount of overdraft available during your studies.
Rent in London is likely to be nearly £5000 per year, so you might need the overdraft to tide you over once the student loan has been exhausted.
3. Try to save this summer
If you can earn some money before you get to university it will help it will help ease things later. If you are already a student at UCL look on the find a job pages of the website for part-time employment, and summer work.
4. Learn to budget
It is always good to try and budget, and when you're managing on a low income at university it's vital. Work out all the income you can expect, and compare it with your intended expenditure. If you think that you can't make ends meet contact the Rights & Advice Centre for more information and support. Alternatively use this interactive budget calculator to work out your finances.
5. Spend your student loan carefully
You will be paid your student loan in three instalments at the beginning of each term. Although you will have a lot of items to buy at the beginning of the year the first cheque needs to carry you through until January, including the expensive time around Christmas.
If you do need more you might be eligible for the Access to Learning Fund, and you should make an application as soon as possible.
6. Be cautious with credit cards
Credit cards can be a useful thing to have, but the debt can quickly mount up, and the interest rates are extremely high. Always try to pay more than the minimum payment otherwise you will only be paying off the iterest.
If possible try to clear the balance each month, and use a card that pays you when you use it.
7. Check your bank balance often
It is very easy to lose track of how much money is in your account, and all of a sudden you find that it is empty. This will happen at the worst possible time, so if you keep track you can do something to increase your income before it is too late.
8. Don't wait until it is too late
If you're in financial difficulty, please don't be afraid to ask for help. Speak to your bank's student adviser or someone in the Rights & Advice Centre. It is always much easier to resolve a problem if it is dealt with earlier rather than later. However if you have left it to the point that demand letters have stopped and the court action has started the Rights & Advice Centre is still able to help.
9. Maximise your income
In addition to part-time employment, you can add to your income through a number of different funds available from UCL.
The Rights & Advice Centre also has a program called Funderfinder. This is a database that lists all of the organisations that provide funding for students.
10. Make sure your possessions are properly insured
If you are living in UCL Halls of Residence you will be covered by the group policy. However you should check to see if any excess applies. Quite often you need extra insurance for expensive items like laptops, and bikes.
If you are in private accommodation you will need insurance for your possessions, and also to cover you if you damage the property through something like fire.
