Unless you’ve got a master’s degree in ducking and diving, making your way through university can be expensive. Time to take a few extra lessons in how to save money.
11. Don’t Pay Your Tuition Fees
Let me rephrase that: don’t pay your tuition fees upfront. There are salary thresholds that need to broken before you have to repay your student loans. Many university graduates fail to reach this threshold which means they won’t have to make a repayment on their debts. Any debts that haven’t been repaid after 30 years can be written off.
10. Dodge Council Tax
There are a couple of easy ways to avoid council tax:
a) Live with fellow students as you’re all exempt from paying council tax. This applies regardless of how many of you live together (as long as you’re all students).
b) Live with a non-student. Even when you live with a person is eligigble for council tax, you, as a student, don’t have to pay a penny. Your non-student flatmate will also qualify for a 25% single persons discount on their council tax.
9. Get Money For Nothing
For your studies, of course. There are a number of grants available to students. Your circumstances will be taken into consideration but if you qualify it’s an excellent source of additional funding. Search the Family Action grants database for more details.
Alternatively, you might want to try searching the Scholarship Search website. Currently, they have over £250 million available for students in need of a scholarship (and every year tens of millions of this money is not claimed)
8. 0% Overdraft Limit On Your Bank Account
In all likelihood, you’re going to need a big overdraft to cover your uni costs. Make sure you get the biggest 0% deal possible but don’t select a bank based on its proximity to your university. If you over the agreed limit most banks will withdraw the 0% deal and you fess could well skyrocket.
7. Don’t Pay The Tax Man Too Much
If you’re doing any extra work to make ends meet make sure you’re not paying too much tax. Currently, if working part time and earning less than £8,105 then you’re exmept from tax. Your employer will need to fill out a P38(S) for HMRC so make sure they do it.
If you think you’ve overpaid tax then you need to apply for a refund. Details can be found on the HMRC site.
6. Cut Price Train Travel
Train journeys aren’t cheap. But there are quite a few initiatives designed to save your money. I’ve written a guide about how you can pick up cheap train tickets in 3 easy steps.
5. Free TV Without A Licence
Legally, that is. But you will need to know someone that will let you access their Sky subscription via the internet. You’ll also need a laptop or computer. Sky GO (an on-demand service) lets you view 32 channels of sport, movies and television programmes for free. There’s an app available for the iPad, iPhone and Android devices at go.sky.com
4. Get Everything From Freecycle
Freecycle is a goldmine for the modern day prospector. You name it and you can probably find it on Freecycle. Things like laptops and mobile phones might be top of you list but think bigger. Pots and pans, quilts, bed sheets… it’s all there. You might have to travel to collect but it’s well worth the effort. Sign up to a local group and start posting at www.freecycle.com
3. Get Free Contents Insurance
Once again, you’ll need a little help from your parents but that’s ok because, well, it is! Some insurance companies have a ‘contents away from home’ clause. You might be able to cover all of your belongings for free or, in some cases, for a very small additional fee. The cost of all your belongings can add up to thousands of pounds so it’s well worth checking this out.
2. Get A Job Where You Shop
Next give staff 25% off, Marks and Spencer have 20% for employees… Why nt get paid to work and make some serious savings. You can make even more money by selling the clothes you bought at a profit. One more tip: Greggs give their staff a 50% discount which is a real bonus (unless you’re a vegetarian).
1 . Indulge In Safe Sex For Free
Protect yourself against unwanted pregnancies and nasty infections that course through your body by picking up some condoms. The family planning clinic gives them away for free.
That’s all for today. I’ll be back tomorrow with more money saving ideas.