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19/09/2018

How To Make Your Student Loan Last

How to make your student loans last!

 

When you come to Uni you’ll probably receive a student maintenance loan to help you get through the year. With all that money dropping into your bank account you might be tempted to splurge it on a shopping spree. However as tempted as you may be, you’ll need to be super savvy and make it last as long as possible. Here are my top 5 tips to help make it last:

 

  1. Shop cheap

Instead of going to a high brand supermarket such as ASDA, Tesco or Sainsbury’s swap it for a cheaper supermarket such as Aldi, Lidl, Farmfoods or Iceland. Aldi is the best shopping supermarket for student due to it being so cheap and of such good quality.

 

2. Give yourself a budget

It’s important to know how much is available to you per term, because from that you can calculate your weekly allowance. Limit yourself to your weekly amount and it will last you nicely throughout the year. You’ll also have a clear idea of how much you can spend on things like food, socialising, and clothes. For example, if you budget your food shop at around £25 per week then you know how much you are spending at one time and it’s easier to keep track of.

 

3. Create a spreadsheet

Creating a spreadsheet will help you track where your money is being spent. Create a list of things that you buy and write down how much it costs, from that you calculate how much money you have left. Be sure to keep your receipts so you know how much you are spending each day, and then before you go to bed just quickly put your info in the spreadsheet so that’s up to date. You can also see if you’re spending a ridiculous amount on one item continuously, and that way you know to cut down.

 

4. Prepare your lunch.

It’s so much cheaper to make your lunch at home whilst at university rather than spending £6 a day on food from Wetherspoons, McDonald, etc. The key to it is just being organised and investing in some Tupperware. You don’t have to eat out for dinner every day, pick and choose how you socialise and perhaps limit it to going out with your friends once a week.

 

5. Set a direct debit up for rent.

It’s important that if you’re moving away from home that you keep on top of your rent. The best way to do this is to set up a direct debit with your accommodation so that your rent is taken before you have the time to spend it. It’s also instant and stress-free. The reason why this is good is because if you get carried away with spending you may have not enough left to pay your rent, and there will be more charges on top of your rent if you miss the payment deadline.

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