With the new academic year starting, thousands of students will either be starting or continuing their university journey. However, as amazing as the experience can be on an educational and social level, sending you child away to improve their future quality of life has never been more expensive.
Due to a massive rise in tuition fees, rip-off accommodation costs and a range of various other outgoings throughout at least a 3 year period, your child’s time at university will be very expensive and is something to consider years ahead.
Speaking from experience, the team at Your Money Saving have put together a few helpful pointers that will come in handy when the time comes for your child to leave home:
- Start Saving Well in Advance – Even if you haven’t been saving up since your child’s birth, it’s worth doing so considering the amount that needs to be raised. Encouraging your child to save when they get their first part-time job could be worthwhile as well. Even putting £5 a week away from the ages of 14-18 into an under 18 savings account could be hugely beneficial.
- Bursaries & Grants – There are many bursaries and grants that your offspring may be entitled to depending on overall household income or if they are a particularly high achiever academically. The financial rewards can be fairly high here so is definitely something worth looking into.
- Comparing Student Bank Accounts – Although not as financially rewarding as the previous points, evaluating the correct bank account for your child could end up being very hand over a 3/4 year period. Anything from 0% interest loans to free travel insurance can be available and may be an idea that somebody with limited financial experience may not think of.
- Temporarily Cut other Costs – Most of us have things that we could cut down on without perhaps having a real purpose. Re-examining your finances is one of the easiest actions to take whether it be on food bills, holidays or a variety of financial products.
- Rent Your Childs Room – Renting your child’s room whilst they are away studying is perhaps the most financially rewarding way of funding your child through university. Just by having a lodger in your spare room has the potential to bring in over £5,000 of income per academic year.