Members eNewsletter August 2022 edition
Its time for back to school
“Someone in your classroom is waiting for a friend,
Somewhere in your brain, there’s a story to be penned.
Something in this school year is waiting to be known,
And when you discover it, your mind will be blown!”
Starting a new school year can be daunting for students (and parents). There are lots of expenses to consider including school uniforms and trips. We also shouldn’t forget those students moving on to further education where their expenses are through the roof. These include tuition fees to rent to a social life. Therefore, we share some resources which students can look at to help them with managing university/college life.
We also share some survey results from Debt Free London and an article about the legendary islands of the Thames.
Finally, in the Words of Wisdom section, we share our Chair’s philosophy for saving money.
We wish the students all the best with their new academic year.
With kind regards,
Thamesbank editorial team
Smart savings for students
Did you know that 71% of university students worry about making ends meet? Or that living costs are more than £795 per month?
According to Save the Student, 1 in 10 students have never budgeted while 71% of students wish they had a better financial education.
Anyone looking to make the most of their money while studying should visit websites such as Save the Student for some great resources on how to manage money. You can also get student discounts from websites such as Student Beans.
If you know someone who is going to university or college this year or will be doing so soon, encourage them to open a Thamesbank savings account to help them start saving towards their further education journey.
True effects of the rising cost of living revealed
From a survey that was carried out by Debt Free London, the survey results revealed that over 3 in 5 people in London are more concerned about debt now than they were six months ago.
In terms of financial concerns, utility costs (48%) were causing the most distress, followed by rent/housing costs (27.6%), followed by food costs (16.2%) and transport costs (8.2%).
If you are struggling financially – whether it be energy bills, taxes, household costs or anything else – visit the Debt Free London website for free professional advice.
Also, Thamesbank is here to help you with your financial needs. We offer a wide range of savings accounts and loan products.
You don’t have to suffer in silence. We are here to help.
Legendry islands of the Thames
In this article, resident John Taylor shares his research on the islands of the Thames. These include Taggs Island, situated on the river above Molesey Lock, and Eel Pie, situated in Twickenham is the largest island in the London stretch of the river.
Child Benefit Loan
It’s almost time for the children to go back to school. For some households, this can put a financial strain on the family. Therefore, we can give you a helping hand with an immediate child benefit loan of up to £750, if you have more than one child, which is payable over 50 weeks at 42.6% APR.
If you have paid off at least two £500 loans, have more than one child and have at least £100 in Child Benefit Savings, you can apply for a loan of £1,000 at 26.8% APR.
If you borrow £500, you can get a top-up of £250 after three months, and a second top-up of £250 after a further three months on your loan. More details here.
Words of wisdom
Mukesh Malhotra, chair of Thamesbank Credit Union shares his philosophy for saving money:
“Depending on your personal circumstance:
a) Use 50% to cover your regular expenses.
b) Then use 30% or 20% to cover your incidental costs.
c) Then use 30% or 20% to save every month depending on your personal circumstances.
It’s a great tip to list your must-haves and nice-to-haves, an alternative way of looking at this is your emergency and non-emergency funds – those payments which must be paid and those which you can buy after a few months of saving. Ideally, I like to save between three to six months of savings as security in case something happened to my job, and I make sure not to touch that.”
Read the full article on our website.