Annual university fees seem to be getting higher – up to £9,000 this year – and we continue to be in an economic climate in which the majority of us are feeling the pinch. A 2012 study by the AIC revealed that a whopping “86% of parents [are] struggling in recession to support their children through university”.
With this in mind, we offer below some ways in which you can make your money work harder for you during your children’s time in further education.
Sell unwanted belongings
A good place to start is creating some cash fast. Where better than from what you already own but no longer want or need? There are many places offering to buy unwanted belongings for cash. These can be found online or on your local high street, so what are you waiting for? Look at the list below. We’re sure you’ll find some of them taking up valuable space at home, so why not sell them and use the profits in your kid’s university fund?
- Mobile phones
- Computer games
- Gaming consoles
Start a savings account as early as possible
Whether it is your chosen bank or building society’s savings account, or a Junior ISA, it’s a great idea to start saving for your children’s future as early as possible. If they decide to go to university, then you will have a nest egg to help them through student life. Make sure you do your research and seek out the best savings rate to benefit most from what you are putting in.
Keep kids living at home during uni years
If this can work practically for you and your child, it’s a good way to avoid the financial burden of renting accommodation for them. The AIC study claims that 36% of parents think their children will live at home while at uni. Just bear in mind the fact that there are obviously still other costs to your children living at home.
With costs rising, the Student Loans Company can help you financially support your kids through university. This can really assist your immediate financial requirements, but do bear in mind this is also a long-term burden. Push.co.uk, an independent guide to university life, advocates that the average debt for students starting a UK uni course in 2012 will be £53,000. Over half of students who envisage graduating with debts estimate it will take them over 10 or even 20 years to repay them, so a loan is really to be used at a minimum if at all possible.
The options above should all be reviewed, and some earlier rather than later. One that you can start with straight away is to sell your old things. With spring just around the corner, why don’t you start your spring cleaning with a wardrobe clear out? Then visit an online site, such as Music Magpie, who advertise “We buy clothes for cash”, and start building that money pot right now.
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