Student Money Net

Coming to the UK to begin your studies is likely to be one of the most exciting times of your life, but also one of the most unnerving. Entering a new country, with its own laws, traditions and general way of life, can be a cause for concern for many students who are not quite sure what to expect. Outlined below are a few small tips for students from abroad who are coming to the UK to study; which will help them settle down comfortably in the UK and allow them to focus fully on their studies.

Before you arrive

Research more than just the course before you arrive

Perusing your educational establishment’s website is a great way to prepare for your course as it offers vital information about the educational aspect of your trip. That said, learning about British culture is equally important and you should take time to discover more about the local area in which you plan to stay, as well as a little more generalised information about the quirky customs and foibles of the UK.

Work out your finances beforehand, once you know how much money you have available, you are going to need to work out a sustainable budget for the duration of your course. Running short of cash is one of the major causes of student stress; so working out a sustainable budget and sticking to it, is a great idea.

When you arrive in the UK

Remember your TV Licence

In the UK, the law regarding TV Licensing means that if you watch or record television programmes as they’re being shown on TV – online, on a TV, or on any device (even a laptop), you require to be covered with a TV Licence. You can pay for your TV Licence monthly, quarterly or annually. You can buy online, by phone or from one of 23,000 UK Paypoint outlets in convenience stores, newsagents, supermarkets and petrol stations. It’s important to get this sorted as soon as you know the address of your chosen accommodation. It is also worth remembering that if you move away at the end of the course, you can receive a refund for any unused quarter on your valid TV Licence.

Use modern technology to stay in touch with family back home, cheaply It is only natural for an international student to miss their family at times, but now you do not need to rack up expensive phone bills to stay in touch. Many students now opt to buy a laptop or personal computer to help them with their studies. This technology can be used with services from providers such as Skype, Rebtel and many others to keep in contact with friends and family at a fraction of the cost by making free PC-to-PC calls over the Internet.

Join a library

A great way to save money is to head down to the local library and become a member. Even if they do not have your specific book in stock, you can order books to be delivered and borrow them from the library completely free of charge, which is a great way to save money.

Become an active part of your university

It may be tempting to join university societies for international students and this is a great way to meet others in a similar position, but don’t limit yourself to this small group. Extend your horizons by becoming involved in other groups that interest you. Making friends with students from the UK, as well as from other parts of the world, will not only enrich your experience studying in the UK, but also strengthen your linguistic skills and your appreciation of others cultures which will help you greatly when settling in.

When the time comes to prepare for our holidays, we spend plenty of time flapping around making sure we have sunglasses, flip flops, vouchers, sun cream etc. but many give no forethought to their spending money. Considering this is a major part of your holiday, it’s surprising just how many of us put so little thought into it. Considering how much we can get ripped off before we even leave the country, a little planning makes a lot of sense.

Capital One have picked up on this and have launched a campaign aimed particularly at travellers and giving them hints and tips on how to save money while on their travels. They have videos on their websites for anyone to view which get the points across in a light hearted manner.

Their first tip is to always use cash to purchase your currency, and to do in the high street not at the airport. This saves you money in two ways; there will be no fee on your card for buying the currency and you will get a much better exchange rate. Another biggie to always inform your credit card company that you are going away Tell them where you are going, when, an also make sure they have an up to date contact number.

Check that the card you are intending to take with you is one intended for use abroad, this way you will save yourself a bundle of fees and charges. Foreign cash machines are another minefield as far as charges are concerned; you will get charged for every single withdrawal, so plan them carefully. One or two large ones will save you a lot of money on your next statement.

The sole of aim of the campaign is to make us aware of the different ways that we can get ripped off while on holiday, and the tips are all to help us become more savvy travellers as far as our money is concerned.

Responding to a survey by NatWest, which revealed optimistic expectations amongst British teenagers about their financial situation in the future, the IVA Advisory Centre emphasised the importance of good financial education for people of all ages – and said that financial reality can be more harsh than many people realise.

Over two thirds of the 10,000 teenagers surveyed by NatWest said that their money management skills have improved during the recession, suggesting that the lessons learnt from the downturn have affected younger as well as older members of society.

NatWest said the recession “has exposed many young people to ‘adult’ money issues”, with things like a tighter household budget increasing financial awareness in this age group.

However, the research also revealed some unrealistic expectations amongst teenagers. More than a third (38%) of those planning to go into higher education said they expect to owe up to £10,000 by the end of their education. In reality, the average is closer to £20,000, according to the bank.

Similarly, many teenagers have optimistic expectations for their future salary. The average expectation for a starting salary was £11,600, followed by £31,000 at age 25 and £51,800 at age 35. The reality, according to NatWest, is an average of £10,195, £20,962 and £28,933 respectively.

A spokesperson for the IVA Advisory Centre said:

“It’s hard for younger generations to have a good grasp of what their finances will be like in the future, so it’s no wonder that salary expectations are a little optimistic. What is encouraging, however, is that more young people are thinking about their finances, which will hopefully lead to responsible financial decisions in the future.

“Inevitably, some people will find themselves struggling at one point or another – and then it’s a matter of knowing when to get debt help. There is help available for all levels of debt, and it’s important that anyone having problems with their repayments seeks independent advice at the first sign of trouble.”