Budget Guide - managing your money - Staffordshire University

More documents

Recommendations

Info

10 Care for your funds
• Choose your bank wisely. Some give special offers to students and have student advisors and services such as student bank accounts with interest free overdrafts. • If you really plan well, you will have some savings, easier said than done but a reassuring thought if you know you have a small ‘rainyday’ fund for emergencies. However small, try to pay into a savings account and check with the Inland Revenue as to whether it’s worth you filling in a R85 form, as you may then not have to pay tax on the interest on your savings. • Just in case you go overdrawn on your current account, arrange with your bank to have a small, authorised overdraft, sometimes you can get these interest free. Don’t think of it as a service to be regularly used, think of it as a safety net to avoid bank charges on the odd occasion that you accidentally overspend, penalties on unauthorised overdrafts are particularly harsh. Keep in regular contact with your bank. When you have to juggle with such a tight budget it is advisable to have a good idea of your balance at any given time. Keep your bank statements and bill receipts filed in one place, if you have any queries you know exactly where they are. • Credit cards are tempting but it can be very easy to fall into debt. If you have to have one at all, choose one with a low interest rate and only use it when you know that you will have sufficient funds to make the repayments. • Don’t get lured into having a loan unless you have calculated that you can afford the repayments. Large purchases such as furniture and electrical goods can be too heavy a commitment on a limited budget. 11
Page 1 and 2: udget guide CREATE THE DIFFERENCE
Page 3 and 4: 3 Your money has to last all year,
Page 5 and 6: Budget Planner 5 INCOME Grant Stude
Page 7 and 8: 7 Try to economise wherever possibl
Page 9: Don’t go mad 9 Great, you are at
Page 13 and 14: 13 What if... If things do get out
Page 15 and 16: Contacts Staffordshire University S

Budget Guide - managing your money - Staffordshire University

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?