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- Consolidation loans may seem the most appealing option; who hasn’t switched on the TV for some trashy daytime glory and seen the countless adverts promising to shrink your debt repayments into one ‘manageable chunk’? But as Scott Kays, author of Achieving Your Financial Potential reveals: "The biggest myth about debt-consolidation loans is that they're easy to get.” If you already have a slightly, erm, colourful credit background the majority of companies will take one look at your ratings and do one. Not only this, your repayments may seem smaller, but these companies typically crank up the interest rates, so instead, you end up paying more. To them. Chuck the fact the loan is secured to your home in there and there is a minor recipe for disaster stewing away right under your nose, that not many people recognise the true extent of. - Have a shop around and way up what options your bank and others offer for students. Many offer interest free overdrafts for post graduates within their first three years of graduation and reduced APR loans to help redeem your financial affairs. Don’t feel you have to 13 remain loyal to one bank, make them
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work for your money; you’ve worked hard enough for it! - Be wary and do your research when applying for new credit cards; yes the small print may go on for 6 pages but 15 these fine details may cost you hundreds. Recent reports into 12 of the biggest credit card companies found that all of them used practices classed as ‘deceptive and unfair’ by Federal guidelines, and wouldn’t pass the Credit Card Act of 2009’s criteria. Loopholes in set and variable interest rates can be a real sting in the tail: don’t think your bank will spare you. - Make a budget. And stick to it. Do you really need that weekend splurge in Urban Outfitters? Would roller cola really not do, just for the odd occasion? Make a list of what you typically spend in a month and assess where most of your dosh goes. Did you really need to spend all that? Nah, thought not.
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money saving tips
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Cos it’s just not about ‘Smart Price’ this summer...
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Instead of forking out for a high price holiday why not save a few pennies and sign up for the new biggest thing, couch-surfing! Couch surfing is a free service offered by students prepared to exchange free hospitality all over the globe. Fancy a trip to Morocco? Go crash on a couch there, simply be prepared to sacrifice your sofa and hospitality in return. Couchsurfing.org allows you to make a profile and arrange a trade with a host in the venue of your dreams according to their likes and dislikes, and obviously the state of their sofa! eBay. There is literally nothing you can’t sell or buy on this beautiful, beautiful site. Financial BLISS! Go green - don’t just bin old mobiles or ink cartridges, most supermarkets provide incentive schemes which offer you points and money off in exchange for your unwanted items. Boots in particular offer hundreds of clubcard points in exchange; ooh hello there Barry M stand. Instead of chucking those leaflets that fester behind the door away have a look through-them; often they are jam packed with details of special offers and coupons to save you precious pennies. Blogging - whacking some advertisement banners in your blog can earn you some sweet profits from companies, get on Google AdSense to get the ball rolling.
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Shake yer booty... that’s right Car booty! Think ‘Flog it’, ‘Car Booty’ and ‘Bargain Hunt’ (minus orange faces and tragic fleeced attire). Those cringeworthy CDs and combat pants from 1999 may just attract some interest...
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Don’t leave stuff on stand-by, think of the words of comedy gold and wisdom from the energy saving guy off the TV ad: ‘Red means stop... stop leaving me on stand-by!’
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Sell yourself (and no, we don’t mean like that). If you’ve got a talent, flaunt it; babysit, dogwalk, design things for companies, customise clothing... sell online and put yourself out there. Sell your designs or photography on Redbubble.com, or Etsy.com is a great venue to sell your handcrafted goodies, - every boutique started somewhere!
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Try something crazy. We all heard of Alex Tew a few years ago who sold pixels as advertising space to companies for a dollar a pop on his ‘MillionDollarHomepage.’ He’s now a millionaire. Why can’t this happen to us? There’s no reason why not . If you’ve got an idea, go for it.
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Make a bit of cash in your spare time by filling out online surveys. YouGov.co.uk allows users to sign up to a range of surveys for different companies which give a penny for your thoughts. Not literally just a penny.
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