My money saving tips for students - part two

Following on from our money saving tips for students - part one, there are lots of other ways that you can save money, while studying and beyond.

First of all, try not to drop out. Dropping out is expensive because it means that any debt you have accrued to date still needs to be paid off, yet you are no nearer having anything to show for it. It helps if you make the right choice of course in the first place, but this is easier said than done and if you are considering dropping out completely, check with your tutor to see if you can transfer to a more suitable course with the modules you have already completed. The faster you can get to your goal of a good degree, the less debt you (should've) built up on the way.

Secondly, don't rush in to getting any old student bank account. Don't get a bank account based on the freebies you can get (which you probably won't use or can get cheaply anyway) or because the nice lady at the desk had a lovely smile. Use a site like moneysupermarket.com to look through all the options first. The best accounts come with the highest in-credit interest rate, the lowest fees and the lowest overdraft rate. They don't always come with a free gift.

That being said, don't fear getting into debt. There is debt which is ok to be in, and debt that isn't. Having a large student loan is fine - you need it to pay for fees and living expenses, the interest rate is relatively low and you only start paying it back once you are earning good money. Credit card debt and bank loans are bad debt - they charge a higher rate of interest and you have to pay it back regardless of your situation. Avoid bad debt as much as possible, but bear in mind that you will have to get into some good debt to get through your course.

Flash your NUS card EVERYWHERE! Even if the shop doesn't advertise it does a student discount, it might do if you ask. There's nothing to lose and it might just get you a cheeky pound or two off, and every little helps.

Do you have any idea where your money goes every week? Looking at your expenditure in more detail will help you identify what you can be cutting back on. I know it's a bit of a geeky thing to do, but carry a notebook with you to record your spendies, even if it's just for a week. You may be surprised at just what you are spending on things you really don't need or could get cheaper elsewhere.

The last tip this time - look at who you have around you. Are they students who watch what they spend too, or ones whose parents have deep pockets and splash the cash at every available opportunity? It's easy to spend money when those around you are spending it too. I'm not saying you should ditch the mates, but an awareness of how others influence your habits could help stop you falling into a hole you can't get out of.

Again, if you have any good ideas you'd like to share, then comment below or send them to me at Joanne@thebookpond.com and I'll include them next time around.