When your student loan comes through it’s very easy to spend it all very quickly when you haven’t had to budget your money before, so we’ve put together tips to help you make it last until your next one comes through!
Brave your bank account and make a budget – Abi Phoenix
“As difficult as it is to look at your bank balance, it’s the first very important step to keeping yourself on track with your loan payments. Using a banking app will make this a lot easier, and regularly checking your balance is always a good idea.”
Calculate a budget from your maintenance loan – Marcus
“Setting a limit to how much you allow yourself to spend each week is a brilliant idea, not only to make sure you don’t run out, but also to plan for the future.”
Watch out for hidden expenses – Becki Morgan
“Don’t go to the local shop to buy all of your groceries, it could cost more. When buying your groceries, do a big online shop (if you don’t have a car) and make sure you factor in your essentials, like toiletries, when you do so. You’ll likely get way more value for your money and can buy enough food to last several weeks.”
Get a student bank account – Katharyn
“Do your research as banks will do different packages of overdrafts, rewards, interest rates, etc. Go for the package that will work best for you as everyone is different – for me it was HSBC for the £60 Amazon gift card. It meant I could get a new hard-drive, essentially for free!”
