One savings account expert has recently stated that students need to be more proactive with how they approach their financial affairs.
According to online resource Wealthy Student founder Steve Burford, students need to look into taking a more hands-on approach when it comes to saving for the future. Students may need to look into taking out savings products such as fixed rate bonds to begin building their savings pots, he said.
Mr Burford stated that university attendees must keep careful track of where their money goes in addition to getting good advice from their educational institution’s advisers. He added that thinking about every single pound spent is absolutely important whilst attending university.
Mr Burford did state however that students cannot allow themselves to be unduly worried about money, which could affect their state of mind and interfere with their studies. Instead planning forward could relieve any pressures that might build up, he added.
In the past week universities and science minister David Willetts unveiled the support package that will be made available to attendees for the 2012-2013 financial year. Both continuing and new students will be eligible for the package, which will include an increase in maintenance grants for undergraduates currently attending university.
Despite the announcement Mr Burford stated that students would find it key to strike a careful balance with their expenditures yet not constantly think about money every waking moment.
He advised that students should worry just enough so that they don’t overspend and exceed their budget but not so much that they spend every second of every day fretting about expenditures.
One way savers could gain tighter control over their finances is to take out a competitive savings package. Recent research conducted regarding the matter discovered that Tuesday in the mid-afternoon was the most popular day of the week to go on the hunt for such a deal.