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Budget and save: ways to avoid graduate debt
Thursday, 26 July 2007
Life after graduation
A list of top student finance tips has been compiled by finance search engine Moneyfacts to help tackle rising graduate debt.
The list offers various methods of keeping finances in check to ensure bright students don't become broke graduates.
Among the most helpful advice Lisa Taylor, a Moneyfacts analyst, suggests that students should try to save money during the summer.
"If you get to the opportunity to work this summer, try to put aside a little of your earnings for your future," she said.
"Having even a small amount of savings will leave you in good stead for the start of university life."
As well as urging students to spend their money wisely, Ms Taylor also thinks the best way not to overspend is to budget.
"It can be easy to let your spending run away with you, the odd twenty or thirty pounds here and there can soon mount up. And remember your overdraft limit is not bottomless and will also need to cover your bills too," she said.
According to the NUS 90 per cent of students are in debt, in 1993 the figure was 33 per cent.