Being a student can be quite expensive in the long run. On average attending a university can cost upwards of £13,000 per year. Managing this annual expense requires students to seek good financial planning and money advice. Typically the annually expenses reported on each student is based upon accommodation, which discloses a rise of 9% each year. According to the reports this is because financial planning advice is not provided across the board for all students especially those that need it the most. Here are a few tips to help student circum financial straits:

• Don’t borrow to get out of debt - Most students not under the proper guidance of sound money advice will borrow money to get out of debt. This will only make you owe more money in the long run. In this case a good financial advisor is warranted to have a better understanding of staying out of debt.
• Avoid Credit when possible - Remember credit stands for buy now but pay later. While this may sound ideal you can easily get into debt when spending habits get out of hand. Having credit comes with a price so do what you can to keep credit accounts down to minimum as a student.
• Understand Credit sales Agreement - This is very important investment advice especially when making large purchases on credit like a computer. Generally stores that finance large purchases will make the deal sweet for a quick sale. So make sure you understand your payments and interest policies notated on your sales agreement.
   

• Limit credit cards - Most students are easily approved for credit cards and store credit cards. While these types of credit cards are quite helpful as student they do have a dark side. For example, both cards have a maximum spending limit while major credit card limits are much higher than store card limits make sure you keep them down and are able to pay then down in full each month. This will limit the amount of debt you’ll accrue in interest and late fees. When ever possible don’t have too many of each.
• Hire Purchases - Generally having an understanding that buying large items such as a car come with a hire purchase or HP. A HP is a company which holds the interest of the financed property and can legally reposes the property if you fall behind in payments. And because a HP Company has vested interest in your financed property you can not sell it without their permission. Understanding that there is a heft fee associated with a HP company means you know how expensive it is in the long run, so tread carefully with large credit purchases.
• Keeping up your Bank account - If you’re planning on getting a loan generally the stand requirement is an active good standing bank account. Typically obtaining a loan through a bank requires a monthly payment and banking lenders will want to ensure their payments are readily available for withdrawal from your account. Therefore ensure the money is available in your account is critical to keeping the cost down as well as the interest.

In the end consider diligently what you may need while you’re a student and what you can do without if you don’t have the cash. While paying by cash is the cheapest way to get through the college years when ever possible you may also want to consider interest free credit cards that will allow you easier payment options.