University Of Manchester Money Quiz

Although most student accounts have free overdrafts up to a certain limit, it is not reccommended to use your overdraft as a source of extra cash. Making and sticking to a budget is the tried and test way to keep your control of your expenditure.
Payday loans may seem tempting and a quick and easy solution to money problems, but interest rates are often as high as 6000% APR!!!

Local fruit & veg stalls are often cheaper & of higher quality, and you will often get a lot more for your money with less packaging as well!

Using your debit card will be cheaper than your credit card, which will charge you a fee for making the withdrawal.

Debit cards can be used to withdraw cash and also pay for goods and services in stores or online using funds from your bank account. Cash cards can normally only be used to withdraw cash. Store cards are a type of credit card specific to a particular store and charge interest sometimes as high as 30%.

Whilst this may appear tempting, remember that the longer it takes for you to pay off your credit card balance, the more interest will be added onto your balance and therefore the longer it will take to pay off and the more expensive it will be.

As a student you are entitled to many discounts such as those listed above. If in doubt - ask the retailer!

While banks do not charge to use their cash machines, many pubs and convenience stores do - try to plan ahead and withdraw from a bank wherever possible.

It is often cheaper to shop around. Try to use budget supermarkets such as Aldi and Lidl, use comparison websites such as My Supermarket and shop locally where possible.

You should consider completing a budget planner at the outset of your studies. Information on the University's website will help you. Try to plan how much you spend each week. During the first few weeks of your studies keep receipts and calculate how much you are actually spending. If you find you are overspending on your budget, look to make cutbacks or consider getting a part time job. The University's Careers Service can offer help and advice on getting part time work alongside your studies. 

It shouldn't be possible to open more than 1 student account but if you do manage it, it is unlikely that you will get away with it for long. Once the bank becomes aware of this, one of the accounts will be turned into an ordinary account and any free overdraft facility will be quickly removed and turned into a loan and you will start to receive hefty repayment demands.

Contract mobiles often do not offer the best deal. Whilst call charges at first glance may appear cheaper, this is often only for certain networks and you have to pay a monthly charge. Even if calls are slightly more expensive on pay as you go phones, there is no monthly charge and most importantly you won't be faced with a huge bill that you can't pay.

Supermarkets use a variety of tactics to try and encourage customers to spend more money by offering special deals. Before making your purchase try to check the cost per 100 grams as special offers may not always be the cheapest. Also don't purchase more food than you will actually need (unless it has a long expiry date!).

You must have an NUS Extra card as most shops require you to enter the card number in order to receive your student discount.