What do uni students need to know about money?

Gardening_gremlin

I've been asked to give a FIVE minute presentation :eek: to some first year uni students on money management. What do you think are the key points that I need to include? Student loans? Bank accounts? Credit cards? Overdrafts? Mortgages? Being responsible? Finding bargains? Not sure where to start, so your help would be useful. tia x

iAMaLONDONER

Gardening_gremlin wrote: »

I've been asked to give a FIVE minute presentation :eek: to some first year uni students on money management. What do you think are the key points that I need to include? Student loans? Bank accounts? Credit cards? Overdrafts? Mortgages? Being responsible? Finding bargains? Not sure where to start, so your help would be useful. tia x

To avoid wasting money on CC interest. Tell them to always try and pay a card of in full each month.

tiger_eyes

Prioritisation. Food and shelter first, expensive luxuries later. You would think this is obvious, but plenty of students burn money on gym memberships and expensive smartphone contracts leaving nothing to pay the rent.

Blackpool_Saver

drink in moderation and put something on the end of it

grumbler

See Student Money Saving board with the links to MSE articles at the top.

InsideInsurance

Mainly about how to budget both for the essentials and luxuries.

Warnings about debt but wouldnt bother with mortgages.

Could go into money saving options but its a 5 minute presentation so just the first two will more than cover that off. If you had time to squeeze in a third then could be an element on how to deal with shared flats etc financially

bylromarha

In 5 minutes?

Tell them the big cheque they get at the start of term has to last the whole 10/12 weeks of term. Budget accordingly.

Tell them to google 10 cheap dinners they can make. Food cooked from scratch is cheaper.

Tell them that the Value/Basics/No frills range are pretty good.

And tell them that they can get free condoms from their uni health centre.

John1993_2

Gardening_gremlin wrote: »

What do you think are the key points that I need to include

A clear and simple explanation that debt is not the same as free money.

A lot of people seem to have this strange view that if you take out a loan you suddenly are better off than previously, as you have "real" money in the bank, but just some airy-fairy notional number somewhere else against it.

They need to understand that a borrower is in effect borrowing from their future self, and that the world of work afterwards is not likely to be so well paid that this will just "sort of disappear". It's also woth pointing out that a large amount of debt can be cripppling, and can vastly restrict life choices afterwards. It's not going to be easy to tak ethat new job in a strange town if you havem't a brass farthing (or available credit) for the two months rent upfront.

John1993_2

iAMaLONDONER wrote: »

To avoid wasting money on CC interest. Tell them to always try and pay a card of in full each month.

I'd tell them not to use a credit card at all, if tey can helpp it. It's a habit that can hide the true expent of spending, leaving a nasty surprise for later.

When I was a student I got my money out from the bank five pounds at a time, and spent it carefully.

bylromarha

John1993 wrote: »

I'd tell them not to use a credit card at all, if tey can helpp it. It's a habit that can hide the true expent of spending, leaving a nasty surprise for later.

When I was a student I got my money out from the bank five pounds at a time, and spent it carefully.

I got every credit card thrown at me - the freebies accompanying them in the 90s were fab.

Never spent on them, but definitely enjoyed the vouchers you got for opening the accounts. :rotfl:

iAMaLONDONER

John1993 wrote: »

I'd tell them not to use a credit card at all, if tey can helpp it. It's a habit that can hide the true expent of spending, leaving a nasty surprise for later.

When I was a student I got my money out from the bank five pounds at a time, and spent it carefully.

Good advice for the imprudent, but personally I have 2( though I haven't paid a penny in interest!)