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Finance
Top Picks |
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A Complete Guide to the Futures Markets |
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Wise and whimsical guide |
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Womens Money Magazine |
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Women's Money Magazine is Australia's only publication created specifically to empower women to better understand and manage their financial future. Each issue features topical and relevant articles under the following broad headings: family and relations |
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Money Management |
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Money Management is the market leading independent newspaper for the retail financial services industry. Launched in 1987, it continues to be the "bible" of personal investment professionals, and is the medium within which fund managers communicate to the |
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Investor Weekly |
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Launched in 1994, and with its coverage broadened recently to include retail as well as institutional news, Investor Weekly provides coverage across superannuation, funds management, masterfunds, dealer groups, administration, custody and investment manag |
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Australian Property Investor |
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Planning to buy a home or investment property? Find out where's hot and where's not with Australia's monthly magazine for home buyers and property investors. Contents include hot suburbs, market commentary, median house price and rental statistics, tips, |
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How To Stretch Your Student Loan
By: Rachel Lane
If you’re considering going to university, there is a strong chance that you’re
also contemplating taking out a student loan to fund your university expenses.
Student loans don’t have to equate to student debt and if you plan your
finances, it is possible to get by without student loans and possibly even
profit from them. There are many sites on the internet which provide
downloadable student finance guides and online advice on how best to manage your
finances. Moneynet offers a comprehensive student finance guide ( http://www.moneynet.co.uk/student-finance-guide/index.shtml
), whilst the money section on support4learning is also a popular internet
resource. ( http://www.support4learning.com/ ).
The first step to avoid financial dependence on a student loan is to consider
taking a gap year to gain experience and earn money. This is a great opportunity
to start saving for university and will give you funds to cover accommodation
and bills without tapping into your student loan.
In terms of managing your personal finances, you could open up a notice savings
account and invest your gap year earnings – alongside a student loan, accruing
interest on the total amount, but being disciplined so that you only ever tuck
into your savings – not the loan itself.
If you’re comfortable that you can timetable it – you might consider a part-time
job to help finance your studies, using your income to cover the majority of
your expenses so that you can leave your bank savings alone. There will be times
when you may have to make a withdrawal from your savings account, but if you
leave the capital there as long as possible – the more money you will make.
If you’re concerned about getting the maximum amount of interest on your loan,
you could try doing a savings comparison search on the internet. Sites such as
moneynet.co.uk ( http://www.moneynet.co.uk/banking-saving/index.shtml ) and
reviewcentre.com ( http://www.reviewcentre.com/products2312.html ) allow you to
compare different accounts alongside each other.
If you keep a tight grip on your finances, then it is likely that you will be in
a strong position to pay off your loans when you graduate. Whilst studying, you
might also be interested in conducting price comparison research for insurance
and current accounts to ensure you’re getting the best deals. Don’t be seduced
by high street offers of freshers’ fair promotions – collect as much information
as you can, so you can make an informed financial decision. It’s also worth
setting yourself up with online accounts which you manage through an account
aggregation tool. Account aggregation allows you to manage your money online and
can save you time, foot leather and bank charges. If you want to find out more
about account aggregation, visit the Channel 4 website which offers a detailed
guide. (
http://www.channel4.com/4money/banking/features/account_aggregation_161204.html
)
About the Author:
Rachel writes for the personal finance blog Cashzilla.
www.cashzilla.co.uk
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