Free Financial Advice

    September 9th 2010, 11:45am - Posted by Administrator

  • It's nice to be a fresher and enjoy the first week of being new to the college/university. The harsh side of the picture begins appearing when students find themselves responsible to take care of all the matter for themselves away from home. It's about how to handle from bank account to insurance plan and landlord of the rented place. A recent article in gave some very useful tips to the fresher on doing various financial tasks.


    Students may find it hard giving away hefty deposits to the landlord and they may feel the risk involved in it. One way to minimize that risk is taking a few pictures of the current damage to the house/flat and share an inventory of undone repairs with the landlord and get his attention to the repair needs of the rented place. It will save students from spending money on the place for the damages caused by the previous tenants. A charity associated to housing and homelessness revealed that ‘inexperienced’ students may fall victim to unscrupulous landlords who take full advantage of students lack of knowledge of their rights as tenants.

    Second, ask the landlord what government-approved schemes he/she has placed your deposit money. The law binds the landlord to do so and inform you within 14 days. If they don’t abide by the law, students can bring them a penalty of three times the value of the deposit money.

    Council Tax

    If not aware of it, students may fall into the depth of avoidable council tax. Being a student qualifies one to get exempted from council tax and sending a letter to the council in this regard is recommended as soon as you start living at a new place.


    One area where students fall into debt unnecessarily is with council tax. To avoid this, contact your local council as soon as possible, as it is your responsibility to send in a letter from your university or application form as proof of your student status.

    If you live in university halls, or in a house where everyone is classed as a full-time student for council tax purposes, you will be exempt from paying the tax. Further rules are available on or contact your local council.

    Quite often students make a mistake of putting utility bills in an individual student’s name even when more than one student is sharing the place. Make sure each student living at the place has his/her name on the bills so everyone is jointly responsible for outstanding dues.

    Taking the meter reading is another important thing as soon as you move and relay them to your energy provider and save yourself from any dispute later. In case, the meter is in a locked box, contact local plumber’s merchants to get a key. Usually they are standard fit. Check the current tariff with the energy provider and make necessary changes if you think selected tariff is more or less than your needs.


    Since most students tend to live at a place shared with other students, it’s important to keep the download speed and limit in mind when selecting a broadband package. Most providers offer unlimited usage and high usage package which suits best a group of students sharing Internet at a place. Choosing a package which comes with a wireless router will allow you to share your connection with other students in house without laying wires all around the house.

    Insurance Cover

    Most students move into a place with possessions worth enough for burglars and thieves to keep an eye on your belongings. Your landlord, most probably, will have his property covered but not your belongings. If you are four students in a house, the number of laptops, cell phones, and MP3 players in house may the same, which may worth in thousands of pounds. Some insurance companies do insure students’ possessions who live in students halls. It’s safe to take picture of your personal equipment and appliances with their model numbers to prove you owned them in case of a theft.

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