University is not just about taking a degree – it's about learning to be an adult. Here are 10 rules to help your student make the leap.
Budget – hard Get them to draw up a weekly budget, listing all their known income and projected outgoings. The difference is how much they need to earn, or how much they can spend on beer.
Shop around Student bank accounts often come with interest-free overdrafts, plus handy freebies such as railcards, so research what’s on offer. Just remind them that the overdraft must be repaid after graduation or it starts incurring interest.
Get insurance The average student takes £4,000 worth of possessions to university. If the goods are not fully covered by your home insurance or the college’s own policy, they’ll need to arrange their own.
Wise up on travel A 16-25 Railcard (£28) and Young Person’s Coachcard (£10) offer around a third off fares. Walking and cycling are free. But if they’re taking a car to university they will end up as an unpaid taxi driver. Get them to ask friends to contribute towards petrol.
Be a discount pro An NUS Extra card (£11) offers discounts on items from books to pizzas. The International Student Identity Card (ISIC) costs £9 and is valid in more than 120 countries. Many shops also offer student discounts but don’t shout about them — so ask.
Pick up a recipe Cook your children a meal and you feed them for a day; teach them how to cook and you’ll be feeding them for life — and saving them money at university.
Check payslips Even part-time workers should receive at least the minimum wage (£4.98 per hour for 18-to 20-year-olds from October). Students also need to check how much tax and National Insurance the employer has deducted — especially if they have more than one job.
Don’t overpay Student households are exempt from council tax and anyone earning less than the personal allowance for income tax can ask their bank to pay them interest tax-free, or reclaim the tax from HMRC.
Consider an allowance If you don’t trust them, or they don’t trust themselves, students could hand their per-term loan/grant payment to Mum and Dad, to be doled out as a weekly or monthly allowance.
Stay on track Learning to manage finances is part of the university experience. And as 18-year-olds are officially adults, parents are not legally responsible for their debts unless they have specifically guaranteed them.
Useful links
www.ucas.co.uk/parents/studentfinance
www.direct.gov.uk/studentfinance
www.nus.org.uk/advice/money-and-funding
www.telegraph.co.uk/education
Article on: http://www.telegraph.co.uk/education/universityeducation/student-life/8677131/Student-living-tips-for-university-survival.html
Check payslips Even part-time workers should receive at least the minimum wage (£4.98 per hour for 18-to 20-year-olds from October). Students also need to check how much tax and National Insurance the employer has deducted — especially if they have more than one job.
Don’t overpay Student households are exempt from council tax and anyone earning less than the personal allowance for income tax can ask their bank to pay them interest tax-free, or reclaim the tax from HMRC.
Consider an allowance If you don’t trust them, or they don’t trust themselves, students could hand their per-term loan/grant payment to Mum and Dad, to be doled out as a weekly or monthly allowance.
Stay on track Learning to manage finances is part of the university experience. And as 18-year-olds are officially adults, parents are not legally responsible for their debts unless they have specifically guaranteed them.
Useful links
www.ucas.co.uk/parents/studentfinance
www.direct.gov.uk/studentfinance
www.nus.org.uk/advice/money-and-funding
www.telegraph.co.uk/education
Article on: http://www.telegraph.co.uk/education/universityeducation/student-life/8677131/Student-living-tips-for-university-survival.html
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