WEBVTT - How University Students Should Approach Their Finances

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news. Welcome to Merin Talks

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<v Speaker 1>Your Money, the Personal Finance edition of Merin Talks Money

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<v Speaker 1>and these bonus podcasts. We talk about the best strategies

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<v Speaker 1>and making the most of your money.

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<v Speaker 2>I'm Maren zum Zepweb.

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<v Speaker 1>So here we are second week of September, back to

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<v Speaker 1>school season for many of you listeners, So we thought

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<v Speaker 1>that we would focus this week's Personal Finance episode on

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<v Speaker 1>useful tips for your first year university students, or indeed

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<v Speaker 1>directly for first year university students. This is exciting times

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<v Speaker 1>starting university, but it also comes with big financial responsibilities

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<v Speaker 1>that most young people will be taking on for the

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<v Speaker 1>very first time. There are tuition fees at textburgs, there's accommodation,

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<v Speaker 1>there's food, there's beer.

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<v Speaker 2>Managing your money is very different.

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<v Speaker 1>Cult and doing it right can make a huge difference

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<v Speaker 1>to the long term experience. Now, a lot of students

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<v Speaker 1>go right into this without any real clear plan about

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<v Speaker 1>how they're going to manage their money. That means stress,

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<v Speaker 1>It could even mean debt, and we all know about

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<v Speaker 1>student overdrafts, right, So you've got to prepare and you've

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<v Speaker 1>got to do it ahead of time, so to help

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<v Speaker 1>us talk about the key things that you've got to

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<v Speaker 1>look at in advance, we have invited Mark Schoffman, who

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<v Speaker 1>is an award winning journalist who's written for The Times,

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<v Speaker 1>a daily telegraphed, also for Money Week, Close to My Heart,

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<v Speaker 1>and recently published a piece in The Independent called How

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<v Speaker 1>to Budget and Manage Your Money.

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<v Speaker 2>As a student. Mark, Welcome and thank you for joining

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<v Speaker 2>us today.

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<v Speaker 3>Thanks for having me.

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<v Speaker 1>Now, possibly the most important bit at the beginning of

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<v Speaker 1>this is a conversation between parents and students that we're

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<v Speaker 1>not going to dwell on this week because we have

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<v Speaker 1>done a whole personal finance episode on it previously, the

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<v Speaker 1>link for which is in the show notes, and that

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<v Speaker 1>is about whether, if you can afford it, you should

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<v Speaker 1>take on your kid's fees, and whether you should pay

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<v Speaker 1>them or give them extra bugget money towards maintenance, et

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<v Speaker 1>cetera so they don't leave with debt.

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<v Speaker 2>That is a big conversation we've had it before.

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<v Speaker 1>And the conclusion, I'm afraid as well, I don't know

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<v Speaker 1>it depends, but do go and listen to it because

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<v Speaker 1>I do think it's useful. But that out of the way,

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<v Speaker 1>the next most important thing is to think about if

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<v Speaker 1>you are taking out the loans, how much you should take,

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<v Speaker 1>how much you can get, and then how much you

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<v Speaker 1>should actually take.

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<v Speaker 2>And that depends partly on where you live, doesn't it Mark.

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<v Speaker 3>Yes, indeed, so there's a few different factors where you live,

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<v Speaker 3>I guess, Yeah, the university you're going to in the course,

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<v Speaker 3>and whether you're studying full or part time. There's two

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<v Speaker 3>different loans. So first of all, you're going to have

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<v Speaker 3>your tuition loans is going to cover your tuition fees,

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<v Speaker 3>which is the course costs. The bad news if you're

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<v Speaker 3>starting a new year as an existing student or a

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<v Speaker 3>first night student is they've gone up this September by

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<v Speaker 3>two hundred and eighty five pounds to a maximum of

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<v Speaker 3>five hundred and thirty five pounds a year, and I

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<v Speaker 3>think that's split into three terms. So you've got a

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<v Speaker 3>factory that cost that budget about twenty eight thousand and

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<v Speaker 3>six and five pounds to budget over the next three

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<v Speaker 3>years at least. The good news is you can get

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<v Speaker 3>a tuition fee loan to cover all of that, and

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<v Speaker 3>that money goes directly to the university.

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<v Speaker 2>Yeah, you apply for that, it gets approved, it goes

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<v Speaker 2>straight to the university.

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<v Speaker 1>You don't touch that money, you don't have anything to

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<v Speaker 1>do with it except for that you owe it back.

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<v Speaker 3>Correct, yes, and then the other I guess bigger cost

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<v Speaker 3>is going to be living costs. Some you've got to

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<v Speaker 3>pay your rent, you may have shopping books going out,

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<v Speaker 3>all those cheap shots have to be paid for so

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<v Speaker 3>you can get well. You shouldn't be spending your mainsenance

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<v Speaker 3>loan on this, but on alcohol necessarily. But you can

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<v Speaker 3>get a maintenance loan to cover your living costs at

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<v Speaker 3>university now, unlike the tuition fee loan, but maintenance loan

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<v Speaker 3>is means tested, so it will depend on the household

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<v Speaker 3>income of the parents, and it also depends where you're

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<v Speaker 3>living and if you're in London or outside London. So

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<v Speaker 3>the maximum you can get if you're living with your

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<v Speaker 3>parents is up to eight hundred and seventy seven pounds,

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<v Speaker 3>but if you're living away from your parents outside of London,

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<v Speaker 3>it's up to ten thousand, five hundred four pounds. Well,

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<v Speaker 3>in London it's up to thirteen thousand, seven hundred and

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<v Speaker 3>sixty two pounds, but that will start dropping depending on

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<v Speaker 3>the household income of your parents.

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<v Speaker 2>What income is that where it starts falling.

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<v Speaker 3>Once a household has twenty five thousand pounds or more,

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<v Speaker 3>it starts falling. Save the big numbers are fifty thousand,

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<v Speaker 3>three hundred and forty nine pounds, it starts dropping to

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<v Speaker 3>three thousand, nine hundred and seven pounds if you're living

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<v Speaker 3>at home, five hundred and twenty two pounds if you're

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<v Speaker 3>away from home outside London, and eight thousand, six hundred

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<v Speaker 3>and fifty five pounds if you're away from home in London.

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<v Speaker 1>It's a difficult one, isn't it mean it it assumes

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<v Speaker 1>looking at household income, it assumes that you're not really

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<v Speaker 1>an adult and you're almost definitely supported by your parents,

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<v Speaker 1>which of course some people at eighteen or nineteen may

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<v Speaker 1>no longer have that relationship with their parents. But I

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<v Speaker 1>guess that's another podcast. Okay, So you apply for the money,

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<v Speaker 1>is it a good idea to take all of it?

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<v Speaker 1>To take the maximum that you are entitled to? I mean,

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<v Speaker 1>we can look at that and we can say, well,

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<v Speaker 1>you know, in the main probably most kids are going

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<v Speaker 1>to need the maximum they're entitled to. But there may

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<v Speaker 1>also be other cases where perhaps you're working, or perhaps

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<v Speaker 1>your grandparents are helping support you. Perhaps your parents are helping. Well,

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<v Speaker 1>maybe you don't necessarily need all of it, in which case,

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<v Speaker 1>I mean it might guess would be that you shouldn't

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<v Speaker 1>take it because why would you take our unnecessary debt.

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<v Speaker 2>Other people might say take it all in invest in bitcoin.

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<v Speaker 3>Well, yes, you do have to pay it back, so

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<v Speaker 3>that's something to consider, but you only have to pay

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<v Speaker 3>it back once you earn about a certain threshold, which

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<v Speaker 3>is over twenty five thousand pounds nowadays. But I mean,

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<v Speaker 3>Save the Student has some interesting data. It says it

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<v Speaker 3>costs sort of studiently be costs of one hundred and

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<v Speaker 3>four pounds a month. So even if you do take

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<v Speaker 3>the full maintenance and as also children fee land is

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<v Speaker 3>not going to cover everything you need to pay for anyway,

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<v Speaker 3>so you are probably going to need to find some

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<v Speaker 3>extra income elsewhere.

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<v Speaker 1>Now, in order to get your maintenance loan for the

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<v Speaker 1>money to arrive, you need to designate a bank account

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<v Speaker 1>for it to be paid into.

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<v Speaker 2>And one of the biggest.

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<v Speaker 1>Questions, and maybe you say it isn't the most important one,

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<v Speaker 1>but the students in their first year it always seems

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<v Speaker 1>like the most important one. How do I choose a

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<v Speaker 1>bank account because obviously, because we'll have a bank account.

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<v Speaker 1>But if you open a specific student bank account, you

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<v Speaker 1>get to student perks. So in the main you'll get

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<v Speaker 1>some kind of voucher or cash bag or something, and

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<v Speaker 1>you'll also get.

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<v Speaker 2>A relatively large, fee free overdraft, right.

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<v Speaker 3>Yes, So I remember when I was young, Yeah, my

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<v Speaker 3>parents had opened an old Santandero or I have be

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<v Speaker 3>a national account for me, and but by the time

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<v Speaker 3>I got to university there was a whole new world

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<v Speaker 3>of bank accounts to discover, full of discount railcards and

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<v Speaker 3>I guess takeaway vactors. Yeah, now and nowadays it's cash back,

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<v Speaker 3>it's discounts on streaming platforms. But yes, worth shopping around

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<v Speaker 3>for the best deals. Have a look on comparison websites.

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<v Speaker 3>So I think Lloyd's Bank currently is offering one hundred

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<v Speaker 3>pounds cash back and six months of delivery plus. Because

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<v Speaker 3>I guess when you're at university, many will also offer overdrafts,

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<v Speaker 3>which will be useful for students. But I guess it's

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<v Speaker 3>a useful way to learn about money as well, because

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<v Speaker 3>you don't want to fall too far into our overdraft.

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<v Speaker 3>You want to make sure that your expenses aren't too much,

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<v Speaker 3>that you're going into too much, and that you're not

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<v Speaker 3>paying maybe not going too far into her overdraft, so

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<v Speaker 3>you end up paying interest for unauthorized withdrawals and spending.

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<v Speaker 1>Yeah, I mean, it always seems to me that having

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<v Speaker 1>a big overdraft is important. A big free overdraft facility

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<v Speaker 1>is really important because you might end up using it.

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<v Speaker 1>But of course the key thing is you really you

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<v Speaker 1>don't want to use it. You don't want to use it,

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<v Speaker 1>but it should be there, and so maybe it is

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<v Speaker 1>one of the main criteria for looking for a bank account.

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<v Speaker 1>And if you look through the best buys at the moment,

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<v Speaker 1>you can get zero p cent overdraft up to five

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<v Speaker 1>hundred pounds a month want six, one thousand pounds seven

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<v Speaker 1>to nine, up to fifteen hundred pounds from ten to

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<v Speaker 1>twelve and then on and then up to two thousand

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<v Speaker 1>pounds in year four to six and not quite as

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<v Speaker 1>big as I thought. But nonetheless you have kind of

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<v Speaker 1>keep qualifying for it, I guess, by sticking with the

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<v Speaker 1>account and having your main nance loan paid into it.

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<v Speaker 1>And then there is there is the cash. So as

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<v Speaker 1>you say, quite a few of them offering one hundred

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<v Speaker 1>pounds in cash and then sent HANDRA is offering the

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<v Speaker 1>rail card.

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<v Speaker 2>Yes, which seems like a pretty good one to get.

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<v Speaker 3>Definitely, if you're living away from home, it's going to

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<v Speaker 3>be the most useful perk of a student account because

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<v Speaker 3>it makes trouble cheaper and we wont know how much

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<v Speaker 3>rail fairs are.

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<v Speaker 2>Yeah.

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<v Speaker 1>When I was looking at this, I was thinking, well,

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<v Speaker 1>would I prefer to have a rail card over through

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<v Speaker 1>a four year period or one hundred quid upfront, which

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<v Speaker 1>seems to be basically what you're choosing between with these accounts.

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<v Speaker 1>And I still think that I would go for the

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<v Speaker 1>rail card because one hundred quid you can drop them

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<v Speaker 1>in the pub in five minutes and forget you ever

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<v Speaker 1>had it. But a rail card every year for four

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<v Speaker 1>years seems like something worth having something longer term.

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<v Speaker 3>Yeah, I guess it's spent. How much you want to

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<v Speaker 3>go home and see your parents as well?

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<v Speaker 1>Fair?

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<v Speaker 3>Okay, I guess there's washing today.

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<v Speaker 1>There's always watching to do and parents will do it

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<v Speaker 1>for free, or I will, I will, I'll do it

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<v Speaker 1>for free. And then there is the there are the vouchers,

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<v Speaker 1>and so quite a lot of the accounts at the

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<v Speaker 1>moment are offering vouchers, delivery vouchers or just eat vouchers,

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<v Speaker 1>and I was looking at that and thinking, I'm interested

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<v Speaker 1>in your opinion on this, and just thinking, well, if

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<v Speaker 1>you look at those, mostly you don't get them in

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<v Speaker 1>a wanner, so you don't get a one hundred quid

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<v Speaker 1>of voures at the beginning.

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<v Speaker 2>You can just go and you know, spludge on something.

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<v Speaker 1>You get them at ten pounds a month or fifteen

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<v Speaker 1>pounds a month or something like that, which of course

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<v Speaker 1>means that you're going to spend that ten but you're

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<v Speaker 1>almost definitely going to spend more every month, right, Yeah,

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<v Speaker 1>So that feels to me like a negative rather than

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<v Speaker 1>a positive, because it's just going to encourage you to

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<v Speaker 1>spend more. It's going to encourage you if you don't

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<v Speaker 1>have one already, to set up a delivery or a

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<v Speaker 1>just eat account, and then you know what's going to happen.

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<v Speaker 1>You're just going to keep using that, and those vouchers

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<v Speaker 1>will have created a new spending habit for you that

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<v Speaker 1>maybe you should never have had in the first place.

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<v Speaker 2>I don't know, just to view what do you think?

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<v Speaker 3>Yeah, no, exactly, and then you're getting into the holishe

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<v Speaker 3>of budgeting and potentially running out of money. Healthy eating

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<v Speaker 3>as well. You don't want to just live live on

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<v Speaker 3>takeaways at university. It's important to develop good financial and

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<v Speaker 3>culinary habits.

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<v Speaker 1>I guess yeah, okay, well let's move then from student

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<v Speaker 1>bank accounts. I think we've established what you should be

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<v Speaker 1>looking for in those onto how do you budget?

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<v Speaker 2>What are you budgeting for once you arrive at in

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<v Speaker 2>university and how are you doing that?

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<v Speaker 3>I guess it's spins where you're going to live. If

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<v Speaker 3>you're going to live in a student in a student halls,

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<v Speaker 3>everything like furniture is going to be provided. But then

0:09:57.559 --> 0:09:59.800
<v Speaker 3>if you're in a shared house, you're going to Yeah,

0:09:59.800 --> 0:10:02.959
<v Speaker 3>you need to furnish it needs think about bedding, and

0:10:03.000 --> 0:10:07.440
<v Speaker 3>then there's going to be groceries, electronics, food books. A

0:10:07.480 --> 0:10:09.640
<v Speaker 3>lot of experts say, don't rush. There could be this

0:10:09.679 --> 0:10:11.439
<v Speaker 3>big rush to buy loads of pots and pans for

0:10:11.480 --> 0:10:12.800
<v Speaker 3>when you're moving in. But if you're going to go

0:10:12.800 --> 0:10:16.280
<v Speaker 3>into a shared halls or a shared house and everyone

0:10:16.320 --> 0:10:19.280
<v Speaker 3>brings pots and pans, you could end up with ten

0:10:19.360 --> 0:10:20.880
<v Speaker 3>or twenty pots and pans and you're not going to

0:10:20.880 --> 0:10:23.839
<v Speaker 3>cook that much past us, So it may be worth

0:10:24.320 --> 0:10:28.960
<v Speaker 3>waiting until your child gets university and then deciding what

0:10:29.120 --> 0:10:29.920
<v Speaker 3>goods are needed.

0:10:30.280 --> 0:10:32.600
<v Speaker 1>Yeah, and then it's also worth once you get your

0:10:32.600 --> 0:10:35.040
<v Speaker 1>student card and maybe waiting till you get your student card,

0:10:35.120 --> 0:10:38.080
<v Speaker 1>just presenting a very possible opportunity, right, because there are

0:10:38.320 --> 0:10:40.120
<v Speaker 1>discounts all over the place for students.

0:10:40.160 --> 0:10:41.280
<v Speaker 2>Sometimes I look at them and I.

0:10:41.160 --> 0:10:43.760
<v Speaker 1>Think, why why don't they get literally everything with a discount,

0:10:43.800 --> 0:10:44.400
<v Speaker 1>all for free?

0:10:44.440 --> 0:10:44.880
<v Speaker 2>But they do.

0:10:45.080 --> 0:10:46.960
<v Speaker 1>So you know you should take that card and you

0:10:47.000 --> 0:10:49.640
<v Speaker 1>should use it as much as possible and go everywhere

0:10:49.640 --> 0:10:51.320
<v Speaker 1>looking for a discount, right of course.

0:10:51.400 --> 0:10:53.200
<v Speaker 3>Yeah, so yeah, you get discounts. Yeah, once you get

0:10:53.200 --> 0:10:55.720
<v Speaker 3>a student card from a national union students, and you

0:10:55.720 --> 0:10:57.880
<v Speaker 3>can look on websites such as UNI days and student

0:10:57.920 --> 0:11:00.400
<v Speaker 3>Beans Save a student men may at least list places

0:11:00.400 --> 0:11:03.600
<v Speaker 3>where you can get discounter goods and days out, so

0:11:03.600 --> 0:11:04.880
<v Speaker 3>it's worth shopping around.

0:11:05.280 --> 0:11:07.400
<v Speaker 1>So we've talked about how you should budget, what you

0:11:07.480 --> 0:11:09.720
<v Speaker 1>think about spending on, how did you get an account,

0:11:09.800 --> 0:11:11.600
<v Speaker 1>and how to figure out how much money to take, etc.

0:11:11.880 --> 0:11:13.360
<v Speaker 1>But there's one thing that we haven't looked at, which

0:11:13.400 --> 0:11:15.360
<v Speaker 1>is how important it is to just keep a little

0:11:15.360 --> 0:11:17.960
<v Speaker 1>money aside. I mean, I remember from my own student

0:11:18.040 --> 0:11:20.199
<v Speaker 1>days how exciting it is with that money arrives, it's

0:11:20.320 --> 0:11:22.080
<v Speaker 1>very hard to make sure that you've got enough put

0:11:22.120 --> 0:11:23.199
<v Speaker 1>aside should you have.

0:11:23.520 --> 0:11:26.040
<v Speaker 2>An emergency your bicycle stolen, for example.

0:11:26.160 --> 0:11:28.040
<v Speaker 1>So I'm sure I have as a student every five

0:11:28.080 --> 0:11:30.360
<v Speaker 1>minutes putting aside in an emergency fund.

0:11:30.400 --> 0:11:32.439
<v Speaker 2>That seems like an important start.

0:11:32.280 --> 0:11:34.760
<v Speaker 3>Right, Yes, I guess the rule in when it comes

0:11:34.760 --> 0:11:36.640
<v Speaker 3>to managing your finances when you're earning a salary is

0:11:36.679 --> 0:11:39.240
<v Speaker 3>to have three to six months put aside. For students,

0:11:39.240 --> 0:11:42.160
<v Speaker 3>obviously you're not going to be adding any money or

0:11:42.240 --> 0:11:44.040
<v Speaker 3>unless you do get a job, so you need to

0:11:44.040 --> 0:11:45.679
<v Speaker 3>work out what your bills are, and we have the

0:11:45.720 --> 0:11:47.959
<v Speaker 3>cost of the goods you have and has had money

0:11:47.960 --> 0:11:50.960
<v Speaker 3>set aside as you say, for those emergencies and unexpected

0:11:50.960 --> 0:11:52.960
<v Speaker 3>expenses that you mentioned. But then there are apps that

0:11:53.040 --> 0:11:55.520
<v Speaker 3>help set money aside and budget So I think Starlink

0:11:55.559 --> 0:11:58.920
<v Speaker 3>Bank has a budget plant app which helps you set

0:11:58.920 --> 0:12:01.439
<v Speaker 3>money aside. You can set up your Excel spreadsheet or

0:12:01.480 --> 0:12:03.320
<v Speaker 3>maybe it's maybe even a good use of chat GPT.

0:12:03.520 --> 0:12:06.120
<v Speaker 3>Finally something good that AI can can help with.

0:12:06.920 --> 0:12:09.200
<v Speaker 1>Yeah, and the only other thing I would say, I

0:12:09.200 --> 0:12:11.360
<v Speaker 1>don't know what you think about this, but in the main.

0:12:11.440 --> 0:12:13.880
<v Speaker 1>There's a lot of inertia in bank accounts, right, So

0:12:13.920 --> 0:12:16.080
<v Speaker 1>we talk a lot about how important did it is

0:12:16.080 --> 0:12:18.079
<v Speaker 1>to look at the perks, look at the overdrafts, to

0:12:18.120 --> 0:12:20.760
<v Speaker 1>look at the cash you might get back. But there's

0:12:20.800 --> 0:12:23.080
<v Speaker 1>also maybe a sense that you should think about the

0:12:23.120 --> 0:12:24.120
<v Speaker 1>fact that you might.

0:12:24.040 --> 0:12:25.760
<v Speaker 2>Have this bank account for thirty years.

0:12:25.840 --> 0:12:28.800
<v Speaker 1>I actually had my Lloyd's student account that then turned

0:12:28.800 --> 0:12:31.079
<v Speaker 1>into atually into a graduate account. I have that same

0:12:31.120 --> 0:12:33.720
<v Speaker 1>account for twenty five years or something. For the irritated

0:12:33.760 --> 0:12:36.120
<v Speaker 1>me so much I moved, So it's worth thinking about

0:12:36.280 --> 0:12:38.880
<v Speaker 1>whether that's the kind of institution you have your account

0:12:38.920 --> 0:12:40.240
<v Speaker 1>with over the very long term as well.

0:12:40.840 --> 0:12:43.280
<v Speaker 3>Yeah, I think the customer nurse is a big issue,

0:12:43.320 --> 0:12:45.320
<v Speaker 3>and there may be decent pokes to join now, but

0:12:45.360 --> 0:12:48.520
<v Speaker 3>in three years time, Log's bank may not necessarily be

0:12:48.559 --> 0:12:51.240
<v Speaker 3>the best bank for your Santander. So you'd remember to

0:12:51.320 --> 0:12:53.640
<v Speaker 3>keep shopping around, look out for cash back deals and

0:12:54.320 --> 0:12:57.720
<v Speaker 3>extra perks for once you graduate, because I guess, yeah,

0:12:57.760 --> 0:12:59.640
<v Speaker 3>once you're older, it may not be just eapbautch Is.

0:12:59.679 --> 0:13:02.599
<v Speaker 3>It may be savings interest that interests you.

0:13:03.360 --> 0:13:07.079
<v Speaker 1>Yeah, and can you swap account while you're at university?

0:13:07.400 --> 0:13:08.840
<v Speaker 1>I mean, let's say you get to the beginning of

0:13:08.840 --> 0:13:10.600
<v Speaker 1>your second year and you look around, you're like.

0:13:10.480 --> 0:13:12.439
<v Speaker 2>Oh, look at that the two hundred quid on offer

0:13:12.480 --> 0:13:14.240
<v Speaker 2>over there. Can you get those deals?

0:13:14.480 --> 0:13:15.120
<v Speaker 3>No? You can't.

0:13:15.400 --> 0:13:17.240
<v Speaker 2>No, you've got That's the whole point. They don't.

0:13:17.400 --> 0:13:19.280
<v Speaker 1>No one wants us chopping and changing all over the

0:13:19.280 --> 0:13:21.120
<v Speaker 1>blaze and taking on a hundred quid trice. You're going

0:13:21.160 --> 0:13:23.840
<v Speaker 1>to only normally get a student account with those perks

0:13:23.880 --> 0:13:26.080
<v Speaker 1>and benefit in your first year, right.

0:13:26.000 --> 0:13:27.719
<v Speaker 2>Mark, Is there anything we haven't covered that you think

0:13:27.800 --> 0:13:28.360
<v Speaker 2>is important?

0:13:28.640 --> 0:13:30.400
<v Speaker 3>Guess the only thing we have is when you're kind

0:13:30.440 --> 0:13:32.480
<v Speaker 3>of shopping around for deals, it's not just a discounts,

0:13:32.480 --> 0:13:35.280
<v Speaker 3>it's looking at apps and kind of chrome extensions such

0:13:35.360 --> 0:13:38.920
<v Speaker 3>as Camel Camel Camel and id love, which help you

0:13:39.120 --> 0:13:41.840
<v Speaker 3>track prices so you make sure you're getting the best deal.

0:13:42.080 --> 0:13:45.840
<v Speaker 3>Don't always buy new things like vinted, gum Tree, eBay, Facebook,

0:13:45.880 --> 0:13:48.520
<v Speaker 3>Marketplace the great places to buy secondhand goods. There maybe

0:13:48.920 --> 0:13:51.560
<v Speaker 3>old students who who've graduated and want to get rid

0:13:51.559 --> 0:13:53.720
<v Speaker 3>of their old books and you can get their old.

0:13:53.559 --> 0:13:55.280
<v Speaker 2>Notes, get their old notes.

0:13:55.880 --> 0:13:58.120
<v Speaker 3>You know, were not necessarily cheating, but seeing how other

0:13:58.160 --> 0:14:01.920
<v Speaker 3>people have revised, I would recommend cheating to cheap. Okay,

0:14:02.080 --> 0:14:03.079
<v Speaker 3>that's a bad thing to end.

0:14:03.280 --> 0:14:04.720
<v Speaker 2>No, don't do that. That'll be terrible.

0:14:04.720 --> 0:14:07.720
<v Speaker 1>Out of this podcast. So do open a bank account.

0:14:07.920 --> 0:14:10.280
<v Speaker 1>Do think carefully about how much of a loan you get.

0:14:10.360 --> 0:14:12.200
<v Speaker 1>Do talk to your parents if you can make them

0:14:12.240 --> 0:14:14.200
<v Speaker 1>pay anything up front for you. The less date you have,

0:14:14.240 --> 0:14:17.680
<v Speaker 1>the better. Do budget carefully. Do not consider your overdraft

0:14:17.760 --> 0:14:20.360
<v Speaker 1>to be your emergency account. Do not spend all your

0:14:20.400 --> 0:14:22.480
<v Speaker 1>loan the second you get it. Freshest week is only

0:14:22.520 --> 0:14:25.440
<v Speaker 1>the first week. I think that's the main pieces of

0:14:25.480 --> 0:14:29.040
<v Speaker 1>advice that I have, any one main piece of advice

0:14:29.200 --> 0:14:30.000
<v Speaker 1>from you, Mark.

0:14:29.800 --> 0:14:33.200
<v Speaker 3>Before we finish, I guess just enjoy it, but not

0:14:33.280 --> 0:14:35.720
<v Speaker 3>too much. It'll be your first taste of independence, but

0:14:35.760 --> 0:14:36.520
<v Speaker 3>not too much yet.

0:14:36.800 --> 0:14:38.920
<v Speaker 2>Brilliant Mark, Thank you so much joining us today.

0:14:39.040 --> 0:14:39.840
<v Speaker 3>Thank you very much.

0:14:42.080 --> 0:14:43.920
<v Speaker 2>Thank you for listening to this week's Merin Talks to

0:14:43.920 --> 0:14:45.960
<v Speaker 2>Your Money. If you like our show, rate review and

0:14:46.000 --> 0:14:48.000
<v Speaker 2>subscribe wherever you listen to podcasts.

0:14:48.240 --> 0:14:51.160
<v Speaker 1>This episode was produced by some Asidi production support by

0:14:51.200 --> 0:14:53.880
<v Speaker 1>Moses and Dum. Questions and comments on this show and

0:14:54.040 --> 0:14:57.080
<v Speaker 1>all our shows always welcome. Our show email is Merry

0:14:57.160 --> 0:15:01.640
<v Speaker 1>Money at Blomberg dot net. Se