Savings Tips for Students
Embarking on life as a third level student is an exciting time, but it can also be a bit daunting with so many new responsibilities, experiences and challenges.
We appreciate that financial pressure can be top of the list of concerns for students and their parents, so to help alleviate some of that pressure, we offer bursaries every year! And, we also offer an incredibly competitive 4.99% APR Education Loan.
Our team here at Education Credit Union have put together some helpful money-management tips for students that we hope will make the next academic year a little more manageable.
- Create a budget, listing your expected expenses and income for the year. Then track the 1st month’s actual -spend to see if your forecasted expenditure was realistic. Check-in on your budget regularly to keep on top of your finances.
- Minimize student debt and ALWAYS check the small print for any additional costs including late-fees/overdraft fees. If you do need to take out a student loan, talk to us to see what we can do for you!
- Make sure you’re aware of all of the discounts available to you as a student, from travel, to cinemas, to restaurants, to clothes.
- Cook! For some this may be a completely new experience, but aside from learning a new & incredibly valuable skill, you’ll save loads of money by cooking from scratch. Better still: cook with friends, and save even more money by buying in bulk.
- When it comes to course books, don’t overlook the library & remember you can always buy second-hand.
- Be clever with any cash windfalls that might come your way, ideally have some money saved for ‘just-in-case’ scenarios.
Don’t hide from bad financial decisions:
Remember, if you do find yourself in financial trouble, its best to face-up to it as soon as possible; a bad credit history can follow you everywhere! Most universities offer services to help you manage your finances. Don’t allow money problems to snowball; MABS (Money Advisory & Budgeting Service) is another free service available to anyone who needs them mabs.ie
Enjoy the experience! As with most things in life – we learn as we do – by learning to manage your finances well as a student, you will be all the better at managing more complex budgets as you progress through life.
Don’t forget to keep an eye out for our Bursary Competition!
Our special education loan rate of 4.99% APR is available all year! Talk to us today to see what we can do for you! Information on how to apply for a loan