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Skint or Saving
Transcript of Skint or Saving
However there is a big difference between GOOD debt and BAD debt... The trick is to manage your money carefully...
What are different costs students have to think about? Why don't you need to worry about tutition fees? How many different ideas can you think of for cutting each of these costs? There are loads of ideas for each one! Cutting COsts... Ideas Food What are the best ideas so far?
What type of costs can we save the most on?
What costs might we not need? The BEST way to save is to have a clear BUDGET Working it out... Do you spend too much? How can you budget more carefully?... "DO I REALLY NEED THIS?" Can you match the type of cost to the amount of money? Each cost is an example of around the MAXIMUM you would hope to pay! £8000 £6000 £7000 How much would all these costs be in total?
Monthly costs x 9 (Months at uni)
Weekly costs x 40 (Weeks at uni) What if your team was given a budget? What costs would you get rid of? What costs would you reduce? By how much? Did you manage to spend under Budget? Budgets make planning your money easier... What do I need? How much do I have to spend? How much do I have left? Three rules! Student surprises Being a smart shopper starts with where you store your money... Banks work with interest...
BORROWING? You get interest on top!
e.g. 3% interest on £100 Get £103! You pay back interest
e.g. Borrow £100 on 20%
Pay back £120! BORROW money (loan) with a LOW interest!
SAVE money with a high interest! Internet saver with high interest to store money you're not using! Student account with 0% overdraft
(Money you can borrow with no interest!)
Student loan with very low interest Look around to find the best banks!
e.g. www.moneysavingexpert.com/student What about other student exclusives? What's the trick? Students only pay £100 council tax! TRUE FALSE Supermarkets give student-only offers Students don't pay tax Clubs and pubs offer student-only nights Student travel is cheaper at night Students can't work part time more than 10 hours a week Students can only earn £6 an hour max whilst at university Students don't pay back loans straight after university Student insurance is higher because they steal things People pay students to answer questionnaires Students can get into festivals for free Any other questions?