Money management

  • Try not to use credit cards and store cards. If you do use credit or store cards, you must make at least the minimum monthly payment for each bill but it's always better to pay off as much as you can to reduce both the balance and interest.
  • Be careful to stay within your overdraft limit otherwise you may be liable for significant bank charges.
  • Record your spending - try to keep a note of how much you spend and on what each month.
  • Speak to your bank manager, mortgage company or landlord as soon as possible if you think you are going to have problems paying your bills. You may be able to negotiate a manageable payment plan with them.
  • Keep your bank statements and letters. These are important documents and you might need them in future.
  • Lastly, remember - credit is not real money - it's DEBT that needs to be repaid!

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Student Money Saving Tree Tips

As part of National Student Money Week, we asked GCU students to give us their best tips for saving money. Here's what they had to say...

Socialising
  • Go out to clubs and bars less
  • Less partying and alcohol
  • Stop smoking, tobacco is expensive
  • Stop eating out and cook at home
Banking and Saving Money
  • Open a savings account
  • Save your pennies in a jar
  • Do a weekly budget
  • Take money out of bank only when needed - Don't carry cash
  • Checking your money balance regularly
Miscellaneous
  • Get part-time job
  • Recycle my bottles
  • Spend more time in the library
  • Saving by using less electricity and gas (turn down the heating)
  • Keep envelopes at the start of each month E.G shopping, petrol etc to help budget for the month
  • Don’t gamble – If you have issues with Gambling contact RCA trust at gambling@rcatrust.org.uk or call 0141 887 0880
Transport
  • Walk instead of taking public transport
  • Cycle more
  • Buy weekly/monthly bus and/or train ticket
  • Drive less
Food Shopping
  • Stop eating fast food
  • Buy cut price food
  • Schedule shopping list – have an idea of how much you will spend and buy in bulk
  • Batch make food and freeze for later
  • Don't shop when you’re hungry
  • Bring food from home
  • Supermarket own brands
  • Healthy food doesn't have to be fresh. It can be frozen too
  • Stop buying coffee in university