It’s incredibly tempting and all too easy to quickly blow your entire student loan on things you probably don’t need for ‘survival’ at uni. And so, read on for advice on making your last student loan of the academic year stretch to cover you till September. After all, we know all too well how bad it feels to be living on instant noodles and bread for an entire week…
1. Calculate how much money you’ve got to work with
This is probably the most sensible advice out there. Once you get your loan and grant, make sure you work out how much money you will be granted and also how much you will need to spend on things like food and travel. What’s leftover is what you can spend on yourself! That’s for drinks, social activities, shopping and other treats.
2. Get a summer job
Whether you’re staying in Leeds or heading home for summer a summer job is vital. You’re going to have a lot of free time which isn’t fun if you don’t have money. Make your loan last by topping it up with your wages so you can afford that summer holiday.
3. Visit a student finance adviser
The SU and The Student Money Team are there for you whenever you need some advice on the correct way to budget your student loan. The Student Money Team administers the Hardship Funds and US/Canadian loans. Leeds Beckett Money Advisers provide confidential specialist advice about student funding and can help with general advice about budgeting, debt and welfare benefits. So, don’t be shy; ask for help if you really feel you need it.
4. Don’t give in to peer pressure
Yeah we get it, you are more likely to conform to something if all your friends are doing it too. However, keep in mind that you also need to save some dosh from time to time, and cannot afford to go out every night of the week. Don’t waste your money on something just because all your friends are egging you on to buy it; everyone has a different budget!
5. Reduce your outgoings
There are ways you can reduce the amount you spend every month. You could think about taking a packed lunch and flask with you to the library rather than spending money on lunch while you're out, buying items from the 'reduced aisle' of the supermarket (go 10 minutes before closing time) and now the clocks have changed try walking to and from uni rather than paying for the bus or a taxi.