07 September 2018
Let’s Make a Plan – student looks at savings options in Fresher’s Week
New student Chloe Ring (20) from Hertfordshire looks into managing her finances as she starts film school in London
With the new academic year starting at Universities and Colleges up and down the country the new intake for the academic year will be launching a fresh and exciting chapter in life. Tips and advice will have been offered by friends and family as bags were packed including how to make the most of student life on a limited budget. Saffron Building Society is keen to help from a financial perspective offering a savings review to students new to managing finances.
Chloe Ring has a savings review with Saffron Building Society as she heads to her first year at film school.
Chloe Ring (20) from Hertfordshire, who is starting an undergraduate film making course in London, is excited about the adventure ahead but has recognised that a whole host of new responsibilities await her. Managing money is one new aspect to life. With over 2 million students studying at UK higher education institutions1 in recent years she won’t be alone in this.
Getting the most return from grants, bursaries and wages from any part-time work can be daunting as Chloe explains: “I can’t wait to get started on my course but in the lead up I’m recognising there’s lots to consider – not just the learning aspect and doing well but all that comes with being a student. Managing money is definitely one thing on my mind – I need to budget properly, put money aside to buy equipment and consider where I’m at ‘financially’ so I can make the most of this degree opportunity. Managing finances wasn’t really covered at school and this is why I had a savings review with Saffron Building Society!”
Following ‘A’ levels Chloe worked to fund gap year travelling. “I was definitely travelling on a shoe string and became expert at making money last and getting a bargain. Budgeting comes easy to me having had this experience. What I’m not used to is managing money awarded to me as a scholarship or that I earn on a casual basis, saving it and making it work to give me a decent return.”
Chloe called up Saffron Building Society after hearing about their free ‘Savings Review’. “I was offered an appointment over the phone or face to face. I chose to go into my local branch where ‘Ian’, a Customer Consultant, took me through a range of savings options and how they worked. Finances are not my strong point, but Ian made it all really easy to understand. I’ll need to buy some pretty serious camera equipment for the course and my future career - I now have a greater knowledge of how to save and the types of savings accounts available, which has given me a lot to think about. I feel much better informed now.”
- Higher education in numbers, Universities UK 2017