Cash keeps student debt at bay

Posted on: 26/08/2011

With hundreds of thousands of teens receiving their A Level results this week, the number of soon-to-be students has soared, and youngsters across the country are now preparing for their first term in higher education. For many, it will be their first real stint away from the safe comfort of their homes.

University is an exciting and new challenge, a rite of passage that gives young people their first stab at freedom. However, with all the amazing possibilities that life as a student has to offer, come tough financial challenges that many students struggle to cope with. Without a watchful, ever-present parent or guardian to keep tabs on their spending, the temptation to splurge is overwhelming. Temptation is everywhere - from the HUGE number of cafes on campus (so much easier than cooking) to the "need" for new outfits to keep up with the most stylish of students on every night out. With interest free overdrafts galore and student loans a-plenty, the risk of over-spending is severe.

What solution would Cash-is-Cool offer to today’s students? Restrict yourself by following a clear cash budget. Don't be fooled when banks tell you that a student credit card is a necessary investment - despite the seemingly perfect interest-free package, it's a debt-ridden trap that many students fall into early on in their university careers and remain in long after they've graduated. Don't be tempted to plummet to the very depths of an interest-free overdraft. By restricting your day-to-day spending to a cash-only budget - with the exception of bills and other big spends - you'll find your finances much easier to manage.

Plus you'll dramatically reduce the risk of losing your cards on a wild night out during fresher's week!

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