The start of a new Higher Education year is an exciting one for many people. This is the first opportunity for many youngsters to experience life away from home, and there are many challenges to take on. This is a time when people experience the first taste of adulthood, and there are many things to consider. One important thing to take on board is setting up a bank account.
Banks are desperate to get youngsters on board and this is why there is a very competitive market place. The bank that offers the best incentives will often bring in the lion’s share of students, so this means many banks get creative when it comes to appealing to youngsters. While you may think that a bank should be solely focused on financial matters, they often appeal to youngsters in more innovative ways. This is why it is common for banks to lure in new students with discounts on fashion products or by giving them discounts for live music and bars.
You could say that this is a bank helping youngsters save money while supporting them doing something that they love. In this regard, these aren’t the worst benefits in the world. However, far too many youngsters find themselves caught up in the excitement of these offers and this leads them to overlook the terms and conditions of the bank account they are signing up for.
Find the deal that is best for your needs
Not all bank accounts are the same and the choice a youngster makes in selecting a bank can have a massive impact on their life. It is not an over-exaggeration to say that opting for an interest free overdraft is much more preferable to taking a bank account that charges for overdrafts. It may be that some students will find themselves paying out more than £150 a year in additional fees. This is a lot of money that a student could put to much better use, so there is a need for youngsters to make sure they know what they are signing up for. Signing up in haste or being blinded by a dazzling introductory offer could cause problems in the long run, so don’t rush into opening just any bank account.
One area that many students overlook is insurance. When they move into halls or their own flat, it is vital that students have sufficient cover in place. Some halls of residency include a fee for insurance in their total bill, but this isn’t the case across every organisation. It may be that some students will still be included under their parents’ home insurance plan, but again, there is no guarantee of this.
It is vital that people don’t make assumptions when it comes to insurance. It doesn’t take a lot of time and effort to find out if you are covered and if there isn’t sufficient cover in place, there is a need for people to take action. Hopefully you’ll never actually need to call on your insurance policy but if you don’t have one, and you do need to make a claim, you can face a huge range of problems in life.
Plan ahead and take Control of your Finances
Starting college or university should be an exciting time for youngsters but it is a time that requires a lot of thought and planning. A youngster will suddenly have to face many adult problems and issues, and it is important that they understand what they are getting themselves into. While many banks are keen to have youngsters on board, not every bank will be right for every individual. This is why it is essential that youngsters take the time to choose the ideal option for their needs.
Anyone looking for financial support or guidance will find that it is available. Too many youngsters are unaware of the support provided by organisations like the National Debt Helpline, and it is never too easy to be aware of your finances. Developing an understanding of your finances at a young age is the key to making smart and informed decisions that will help you to make the most out of life in the short and long term.
Anyone looking to take control of their finances will find that help is available, so be proactive when it comes to dealing with debt and financial concerns.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.