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Student money management plan?
rageagainstessays
Posts: 2,147 Forumite
Hi Everyone,
I'm thinking of ways to prevent myself from spending money that I'm supposed to be leaving for later- I want the money from my loans and that to last me the whole year, rather than just a few weeks.
Of course I'll be getting a student bank account, which I'll probably leave my loan in, then I'll use my current 'current account' for day to day expenses and transfer my budget in each month, sort of like a salary or wages.
I'd also like to save £50 p/m or so.
I'm also thinking that if I have about £2000 in my bank account not making any interest- if it would be worthwhile to place a portion of that into a savings account to gain interest until its required? Because the student account I'm thinking of only pays 1% on balances upto £500?
I'm thinking of ways to prevent myself from spending money that I'm supposed to be leaving for later- I want the money from my loans and that to last me the whole year, rather than just a few weeks.
Of course I'll be getting a student bank account, which I'll probably leave my loan in, then I'll use my current 'current account' for day to day expenses and transfer my budget in each month, sort of like a salary or wages.
I'd also like to save £50 p/m or so.
I'm also thinking that if I have about £2000 in my bank account not making any interest- if it would be worthwhile to place a portion of that into a savings account to gain interest until its required? Because the student account I'm thinking of only pays 1% on balances upto £500?
“Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ”
― Paulo Freire, Pedagogy of the Oppressed
― Paulo Freire, Pedagogy of the Oppressed
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Comments
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So the Santander student account then. Who is your other account with? Because I was told last week that I can only 'upgrade' (downgrade more like) my 123 account to a student account, and can't open a new student account while keeping the 123.
Yes you should move the surplus cash out of the account as there is no sense in not earning interest from it. I would go one step further and take out everything from the student account, including the overdraft, and put it in a savings account or other current account that pays interest.0 -
So the Santander student account then. Who is your other account with? Because I was told last week that I can only 'upgrade' (downgrade more like) my 123 account to a student account, and can't open a new student account while keeping the 123.
Yes you should move the surplus cash out of the account as there is no sense in not earning interest from it. I would go one step further and take out everything from the student account, including the overdraft, and put it in a savings account or other current account that pays interest.
My regular current account is HSBC- just the standard account, where my phone bill gets paid from etc.
And yes, the student account is santander
“Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ”
― Paulo Freire, Pedagogy of the Oppressed0 -
BUMP--
Can anyone recommend a savings account?“Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ”
― Paulo Freire, Pedagogy of the Oppressed0
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