Here are a few tips that may help increase your income.
YOUR RIGHTS AT WORK
The minimum wage must be paid to anyone aged 16 or over. If you are 16 or 17 the rate is £3.53, if you are 18-21 the rate is £4.77, and if you are over 21, the minimum wage is £5.73.
It is your legal right to be paid the minimum wage and you cannot be dismissed if you complain. If you do encounter problems with an employer you can contact the national minimum hotline on 
0845 6000678.
TAX ON EARNINGS
Working through the holidays is a great way of earning extra cash for the year ahead.
Everyone has a personal allowance, i.e. an amount up to which they can earn before paying any tax. The personal allowance for 2008-2009 for a student is £5,435 rising to £6,035 in September 2008. If your income exceeds your personal allowance you will be taxed on the difference.
TAKE CARE WITH CREDIT
It is important you take out your student loan, as this is the cheapest way of borrowing money. If you still need to borrow money, it is best to shop around. Shop around your local banks and see who offers the best overdraft, avoiding gimmicks or opting for the first bank whose advert you see.
The golden rule with credit is always what you borrow must be paid back, so take care.
LOANS FROM OTHER SOURCES
Other than the loan from the Student Loans Company and any agreed terms on your overdraft, any other forms of loan including unauthorised bank overdraft and credit cards can be very expensive. Always seek financial advice from an independent company before engaging in a loan agreement.
The Advice and Support Centre provides information on sensible ways to borrow in our finance booklets.
If you are confused about how interest is calculated or are not sure about the advantages and disadvantages of using credit to make purchases, the following link may provide some assistance. financial services authority
Career Development Loans are offered by Barclays, Royal Bank of Scotland and Co-operative Bank for vocational courses. You cannot get a CDL if you are eligible for statutory funding e.g. student loan, NHS Bursary etc.
The Career Development loan can be taken out for courses of up to two years and no interest will be charged while you are studying. Once your course finishes, interest will start to accrue on your account.
The interest charged on CDL's can be quite high and you cannot defer repayment like you can a student loan.
PLEASE NOTE: many banks will offer you their version of a Career Development Loan. Only the three banks above operate the actual scheme. The loans offered by other banks may have to be repaid while you are studying or, if repayment is deferred, then interest may accrue during this period.
For more information about Career Development Loans call the CDL Information Line on the free phone number0800 585 505.
You can read details on the full programme on the CDL website at Career Development Loan
You can also read an interesting article about CDL's atMoney Saving Expert article
