Students Steer Clear of Financial Misery

Becoming a student is not just a journey of education but about learning responsibilities as well.  For many people it’s the first time they have lived independently - free from their parent’s controlling gaze – and the worries of lectures, rent, and student debt can be overawing.

According to the government the cost to students of attending university is, on average, £11,000 a year – and getting into serious student debt is a worry for almost everyone. This is why it comes as no surprise that students can occasionally find themselves financially overwhelmed and worried about paying for everything – not just beer, but serious outgoings like rent for housing.

With such high rent costs it is imperative that students manage their money effectively to avoid debt. The first step to doing this is good budgeting – and the best place to start this process is by getting organised! A student budget plan to avoid debt should look something like this: -

• Organise how much income you have coming in and how much you have going out – and be realistic.
• Divide up your money so you know how much you have to spend each week – rent and food comes first!
• Stick to the plan religiously

All it takes is a little bit of discipline – this is the key to surviving debt free in a student house.

The government advises that students should not work more than 15 hours per week (above their studies) to top up their funds and avoid debt. Taking advantage of NUS deals and student offers, finding good rent deals, cooking your own food rather than eating out and avoiding expensive nights out will help to stretch your budget.

Also, working throughout the summer can provide a great boost to funds and has the advantage of being tax free for all students.

For parents of students, University means sending your beloved son or daughter to embark on a whole new phase of their life. It also means the parents will be embarking on a whole new phrase on their life as their free time greatly increases. While a parent will want their siblings to learn to take control of their own financial responsibilities there will always be times when they will need extra help and support to pay rent and keep debt free.

Allowing your children to talk about their debt worries and getting them to think about how to cope with their financial and housing situation will do wonders for their future life skills.

However, parents need to be ready for occasional crying down the phone, and hearing that their offspring have been living off Super noodles for the last month and can no longer even afford those. If you want to keep these calls to a minimum, you there is a solution at hand: -

The Eclipse card is a prepaid MasterCard that you can top up with credit or debit card or even over the phone. It can provide a financial solution to both the student and the parent since the children at university can only spend what is on the card and cannot go overdrawn. No overdraft equals no debt. http://www.eclipsecard.co.uk/eclipse_card/Money_transfer

If your kids happen to lose their Eclipse Card or have it stolen then they simply call a customer service number who will send them a replacement card along with the cash that was preloaded on it.

So for all fun loving students wishing to stay out of debt and keep their student household rent paid (and for parents who want an easy, stress free life) get hold of an Eclipse Prepaid MasterCard. If you require any further help on student finances, student debt avoidance and rent paying then contact your student advisor who will be based at your university.

For more information visit http://www.eclipsecard.co.uk/eclipse_card/general_benefits