Tips and Hints for Avoiding Debt

Joining university is a big financial commitment. The University of Bolton finance team and Student Funding Advisor| are here to help students understand fees, loans, grants, scholarships and bursaries. Careful financial planning and budgeting before university, and during your course, can help you avoid additional student debt, and still enjoy everything university life has to offer.

• Holiday or gap year jobs - try saving any spare cash from part-time jobs during the summer before term starts.
• Compare the best student bank accounts – have a look at the incentives (railcards, vouchers etc) but make sure you check out the overdraft facility and charges, and the bank’s graduate banking terms.
• Keep a budget planner in your diary…it can be as simple as working out how much money you have to spend each week/month – and trying to stick to it.
• Get your NUS and ISIC student cards – you can get student discounts on everything from drinks to fast food to clothes and cinema tickets.
• Shop around – sounds simple but comparing prices in shops and online can save you ££s. Shopping with friends can save money – buying in bulk or taking advantage of buy-one-get-one-free offers.
• Walk or cycle – campus is only 5-10 minutes from Bolton town centre. Supermarkets and the fantastic (and cheap) Bolton market are 2 minutes away. Save cash and keep fit!
• See if course/text books are for sale second hand.
• Take advantage of all the free or cheap social and sporting activities on and around campus – check out the Students’ Union and the Sports Centre for information.
• Check out the Bolton Scholarship and the Bolton Bursary – you could be eligible for additional cash.
• Learn to cook! Many new students find being in halls is a great opportunity to cook their own food – eat well, make new friends and save cash!
• Be credit savvy – if you do use credit cards find the cheapest rate and try to clear the balance during the interest free period.
• Overdrafts – if you do use this facility remember that the bank will charge if you go over the limit, and it can be as much as £30 per transaction.
• Having a part-time job helps some students minimise the debt they have on leaving university. Always put your studies first and take time to have fun and get involved in everything the university experience has to offer. For help and advice on part-time work visit the Careers Service and Job Shop.
• Don’t pay more tax than you need to – students have a tax free allowance – money you can earn each year tax free. Ask the Student Finance Advisor for advice or check out the Inland Revenue’s form IR60.

Useful websites

National Union of Students - www.nusonline.co.uk|

Doctor Job - www.doctorjob.com|

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