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Money Management

Posted on 29 September 2008

Lets keep things simple. There are only two things you need to keep an idea of in order to stay out of the almost-out-of-overdraft zone, earn more than you spend. Sound easy? Read on…

Leave it out!

Keep your outgoings to a minimum, and yes we know that you probably know this already, so before the angry emails start to flood in, there are still a few things everyone can do to plug the cash drain.

Open your wallet / purse (delete as applicable), now take out those credit cards you couldn’t bare to be without and cut em up!! With high interest rates, some as high as 30%, you cant afford them! Rip up your plastic asap.

Secondly, go through your outgoings and try and get a picture of how much you have going out and where its going. Its no use having a gym membership if the closest you get is the pub next door! Eliminate any needless expenditure!
Try and keep a tight budget. Know how much beer money you can afford and STICK to it! Try not to be tempted by that must have CD you saw in Smiths and keep a hold on those pennies. You’ll thank me for it later, honest!

Living it large

Next step… Up your income. There is one guaranteed way of doing this which may come as a shock to many of you… Get a job!

Don’t knock it before you’ve tried it! One guy worked 5 nights a week as a security guard. All he did was sit at a desk, 10pm – 6am (lack of morning lectured allowed for a lengthy lie in!). He also took his laptop to work so he could do college work while getting paid! How goods that?

Of course, every student dreams of a working behind a bar (well I did!). A position where you are possibly the most popular person in the vicinity, AND you may get a few freebies thrown your way too.

Another avenue to explore is restaurants. These aren’t as good as bars, they can be hard work, but there are benefits: Cash, free food and a few hours in the warm (When you’re stuck in a freezing flat with the heating cut off, you’ll be sorry you turned down that job at pizza hut!). Oh and the social life isn’t bad either!
Shops. You could try being on the other side of the counter for a change? There are plenty of opportunities for working outside college hours. Suit you sir!

Those are the Do’s, these are the Don’ts!

Sell yourself. Not quite THAT, rather your insides. Yes, its probably true you can get £80,000 for a kidney you don’t strictly need, but your lack of ability to join in down the Union bar and problems in later life will make you realise your better off in debt.

Don’t give your student account details to anyone you don’t know. Amazon, and are trustworthy (probably), but please ignore a personal email from the ex-Gold Minister of Kuala Lumpur. Pass on your details and say goodbye to your well earned wonga.

Natwest are giving away lifesize Buffy Summers cutouts? Barclays tempting you with an inflatable sheep? Look away!! Always go for the best interest rate and you can buy stuff you actually need!

On a final note, don’t add to your problems by taking out more credit cards to pay off the rest. Your debt will spiral out of control faster than Bob Geldof can say “We need your money!”

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