This is one piece of advice 99% of graduates will need to sink their teeth into. It's time to recover the magic student overdraft to a safe and stable place. The first article from our new Content Marketer Lizzi Hart!
It's time to face facts: University is over. Gone are the days where you can nap your way to good health, pull an all-nighter and pop to the shop in your pyjamas. So, whilst you're desperately hunting for a job, use these tips to cut down on costs.
1. Sort Out Your Bank Account
First of all, find out how long you have worth of interest free debt on your Student Account. If you are overdrawn your best option is probably getting a Graduate Account. Money Saving Expert claims that Lloyd's Bank and Santander have the best options for 2013/14, both offering £2,000 with 0% interest for your first year and decreasing amounts for the latter two years.
2. Move Home or Find Somewhere Cheap
This might not be the best news to hear, but if you want to reduce your overdraft, this may be a life-saving option. Your parents might start charging you a small amount of rent, but at least you aren't getting frostbite whilst trying to cut back on heating bills. If this isn't an option for you (moving to your parents' new retirement home may not be the best for job-hunting) move into a non-student house or flat. If you're with enough housemates, you can live fairly cheaply.
3. Sell Your Soul
Well, don't actually, but consider all the things that you can sell and do it as soon as possible for a little bit of extra money for, say, food. Some ideas include:
- Text books - some university book shops will re-buy books that they stock for a cheaper price. Failing that, head to Amazon Marketplace and eBay or even make friends with somebody currently doing your degree that will want your old books.
- Clothes - can't think of a time that you're ever going to wear that dinosaur onesie now that you've finished uni? Sell it. Thousands of people will want cop-out fancy dress items for their crazy freshers parties. Plus, clothes in general are a great thing to sell - if you haven't worn it in the last year, it's doubtful you'll wear it again!
4. Consider a Job In Retail
If you didn't have a job in uni, go get one in retail. It's relatively simple to apply, and yes you are over qualified, but you need the cash and there shouldn't be any take-home work. Use your valuable days off to hunt for other jobs and attend interviews. Retail can be a bit depressing, but if money is the thing you're lacking, this is your best option. You never know, you might enjoy yourself.
5. Budget!
Budgeting isn't just a student tip, it's a life tip. Work out how much you need to spend, want to spend and then how much you can chip off that looming bottomless pit, aka your overdraft. If you can't part ways with your smartphone for extra dosh, make the most of it and get yourself a money saving app like Toshi Finance. And remember, Asda Smart Price is still your friend.
