We enjoyed this article by Helena Pozniak and below is an excerpt.
A lump sum and plenty of ways to spend it – what could possibly go wrong? Having a large chunk of cash in the bank is one of most tempting prospects for freshers embarking upon their first term. “We do all get a bit excited when the first loan instalment is in your bank account,” says Patricia Obawole, who’s just finished her first year of law at Bournemouth University (BU). The average undergraduate will have burned through their first term’s loan 51 days into term, according to research by vouchercodes.co.uk – leaving nearly four weeks to survive on fresh air.
For the typical 18-year-old fresher, it’s the largest amount of money they’ve ever had, and they’ve never had to think about setting a budget,” says David Stock, manager of BU’s student union advice service. He’s encountered the odd student who’s blown several hundred pounds at a casino on their first night, and even had students with £25,000 of debt – but this is a rarity, fortunately. “Even then, there are still things we can do at that stage,” he says. “It’s never too late to get help.” Advice and support is not only available from student unions, but also services such as the National Debtline, Money Advice Service and the Citizens Advice Bureau.
For the full text click here: http://www.independent.co.uk/student/student-life/student-budgeting-fulltime-lessons-in-finance-8773973.html and tell us what you think.