Tips to minimise student debt

As students start back at university, HSBC has released tips and advice to help them achieve a first in student finance.

08:21 13 September 2004

As students start back at university, HSBC has released tips and advice to help them achieve a first in student finance.

According to HSBC, the golden rule is the old adage look after the pennies and the pounds will look after themselves.

It advises part-time work as an ideal way of earning a little extra cash, helped by the fact students can to earn up to 4,745 a year tax-free.

Supermarkets, restaurants and bars are ideal places for student work, says HSBC, especially as free or discounted food or tips could be among the perks.

Film extras can earn anything from 50 - 200 a day - a lucrative and more glamorous job than bar work. The time spent waiting around on set can then be used to hit the study books.

When it comes to student bank accounts, HSBC advises that students should choose one that does not charge if they accidentally slip over their overdraft limit. Some banks not only charge as much as 27.5 per cent interest, they will also fine an additional 25 per day.

Additionally, choose a bank with an incentive on offer that is of value. For example, HSBC offers a cash gift of 50, one free driving lesson, 30 cash back on BT Yahoo! Broadband subscriptions and Lonely Planet Guidebook discounts.

Buying second-hand course books and then selling them when they are no longer needed is also a good way of making a bit of extra cash.

Other advice includes how to save money when it comes to food and making the most of student discounts and other freebies.