Students have notoriously tight finances, which makes the process of managing them of crucial importance.
However, it comes during a period of life when any number of expenses could suddenly crop up, from everyday essentials such as food and rent, to other aspects such as purchasing books and equipment.
And that’s without any consideration for any social activities that will inevitably play some part in university life.
Given the hike in student fees, funds are now stretched even further, so ensuring the student experience goes smoothly can require a great deal of thought and consideration.
Taking care of the costs of living
Text books and other university equipment can quickly add up, while any gym or sports memberships can also cut a sizable chunk from any budget.
When a weekly food shop is also taken into account, carefully budgeting is required to ensure that baked beans do not become the staple diet of choice.
Other aspects such as the cost of travelling home and even around the city where a student is based can also add up, which is where a carefully managed account could be essential.
Why consider prepaid options?
Prepaid cards offer a fantastic solution to budgeting as only funds on the card can be spent – ideal for limiting a weekly food shop or the amount spent on transport.
These cards can be topped up at a number of locations across the UK, while they can also be replaced easily should they be lost or stolen – all without funds being affected.
Security measures such as Chip and PIN can also be placed on the card to protect from any fraudulent use, while accounts can be managed online to keep track of spending.
If fraud is a particular concern, students will be pleased to hear that bank accounts are not directly linked to prepaid cards, making this type of activity a lot more difficult.
Controlling spending
Prepaid cards work in a similar way to debit or credit cards, and can be used in much the same way for both online and in-store purchases.
Money that is loaded onto the cards can also be withdrawn from ATMs across the country, providing effortless access to funds.
Another great advantage of prepaid card options for students is the fact that there isn’t a credit option, meaning it’s impossible to run up massive debts, or indeed any debt.
While overdrafts are common on student accounts, the money still needs to be paid back in the long term so avoiding owing anything is advantageous.
