With rising tuition fees, many students worry about the cost of essential travel for things like placements.
Whilst there are schemes for students from low-income families and those studying certain courses, many others worry about the high cost of travel for placements which enforces a need for support and reassurance regarding making ends meet for students.
Cost of transport
According to the National Student Money Survey, students spend £44 a month on average on transport. This can contributes to students’ living costs, which are more than £800 a month on average.
Many students catch the bus or train for their transport, so it is essential that they’re aware of how to discount this cost. Student discount cards and passes are great at getting a little bit of money knocked off. The 16-25 railcard can save students one third on standard anytime and off-peak fares. Meanwhile, students should look at local bus passes specifically for students to save on their bus fares; different locations and bus companies have different offers.
For students that drive into university (and let’s face it, many have to due to poor transport in some areas), it can be even more worrying financially. Young drivers, on average, are paying £788 for fuel annually. Whilst this may not be the same for students, this gives a rough idea of the financial struggle that students face regarding driving, and why those able to, tend not to take their car to university.
Awareness about insurance policies can save students a lot of money. A comprehensive policy is usually cheaper than a third party, fire and theft policy, as many insurance policies want their high-risk drivers to opt for more comprehensive policies.
With such a lot of money at stake, it makes sense for new drivers to shop around for their insurance. Insurance companies usually give the best prices to potential new customers, so it’s also worth students reviewing their insurance policy as it nears the end to see if they can find a better deal elsewhere.
Other suggestions include:
Choose a car that is cheap to insure
Some students may dream of driving a luxury, fast car but with that one is much more like to have to pay a high premium. Insurance companies tend to group cars based on data, reflecting the car’s insurance risk. So, before buying, students should check that the car is deemed cheap to insure.
Insurance companies don’t like modified cars
Tempting to do so as a student, to make your car stand out, or look cool, but it’s best not to buy a car that has modifications. A modification can be anything from alloy wheels to offensive car stickers. There are cases where people’s car insurance has been invalidated because of minor modifications like car stickers, so always be as honest as possible with the company.
Pay annually for your car insurance
This may be difficult for a student to do, but if one does have the funds, it’ll certainly save some money paying on an annual basis.