Debts are like a price tag on your head that you can’t take out unless you’ve paid it off. The truth behind student debt is that you have to work beyond to knock it down. Surely, it’s an immense pressure to take as you try to manage your household bills and other essential living costs. Any types of debt can have significant effects on your living standards and aspects of your well-being.
If you are already juggling to pay your store cards, rent or mortgage and other priority bills, its time to consider debt advice.
You must also shun debt management companies or organization charging fees for debt help and advice. These can rip you off while staying on the same abyss in dealing with your debts. Should you need debt help and advice, we can offer it for free.
Holding The Temptation of Taking Out Excessive Credit
It follows that you won’t have a stable income while you’re studying. You may depend on bursaries and student loans at times to satisfy your essential living expenses. Though it may be possible to get a part-time job while studying, this does not guarantee to cover all your needs. Most of the time, you find stretching your budget or being frugal to compensate for your living costs.
Luckily, when you graduate, you won’t start paying your student loans until you earn over a specific wage threshold. Because of this, several students are granted alluring types of credit. Some of which includes, student overdrafts and credit cards. They may appear like a cushion to your finance, but they can instantly go out of control if you depend on them most of the time.
Moreover, adopting an attitude of frugal budgeting and spending on what you can afford can help you stay out of debt. Though we can help and support you in dealing with your debts, you must discipline yourself on:
- NOT extending your overdraft
- NOT abusing the use of your credit card or store card
- NOT taking out payday loans or further credits that you can’t afford
Stuff you can do to restrain yourself from getting into debt
Granted that your income is limited, you have to find ways on how you can save money and increase income to manage costs
Some of the things you can do are as follows:
- Reviewing your budget and determine where you can cut back or how much you have left after meeting all the essential costs
- Finding cheaper ways to secure your needs such as shopping for the best deals
- Compare prices and switch to an affordable one when feasible
- Save money on food and meals
- Taking advantage of discounts
Links that can help:
UCAS has details on effectively managing your money, dealing with debt and planning for university days.
MoneySavingExpert.com has a complete section with details on student expenses and best suggestions to secure that your loan will be sufficient for your needs.
Save the Student is an outstanding means to assist with your collegiate years. It includes measures that help you save money and hunt for potential jobs.
The Student Room is committed to all phases of student life, covering finances.
Can you help me if I’m a student in debt?
If you have student loan debt or might be at risks due to being in debt, many options can help you. However, you need to seek reliable debt help and advice from a trusted organization like us. We will assess your circumstances to determine which debt solution suits you best. Also, we offer free help and advice along with your debt advice tool that you can use online for free.