Students told to focus on money management

Mon, 13 Jun 2011

With finance hard to come by and tuition fees about to hit an all-time high, students have been warned they will have to focus on managing their money more than ever.

National money charity the Debt Advice Foundation explained that younger people are going to have to adjust their spending habits in order to focus on savings.

Managing director David Rodger explained that the need for prudence cannot be stressed enough.

"The important message for young people is one of money management," he said.

"Buy what you can afford when you can afford it and sticking to a budget rather than a credit card limit." The expert advised students to examine their income and expenditure thoroughly and seek to avoid living on borrowed money.

Mr Rodger suggested that this might be the best way to reduce stress brought on by financial worries.

According to the Big Money Index from AXA, 40 per cent of consumers have made significant cutbacks in their outgoings since the beginning of 2011.
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