Make Your Student Loan Last Longer in 2017
It is nearly the end of term, and money is most likely getting tight. Don’t panic!
The next installment of your loan is just around the corner. How do you make it last longer in the 2nd term? Read our handy tips:
- Budget like a boss
This may sound like an obvious solution but sometimes it can be challenging. If you are super organised make a spreadsheet or simply write it down somewhere. Start by putting down your income, take away the cost of essential expenditures, divide by the number weeks until your next loan an there you go you have a figure of how much to spend each week on non-essentials.
Seriously, write it down.
2) Cook at home like a champion
Food is one of the biggest expenses that students have so it is very important to be sensible with your purchases. Cook a dinner that will make loads of portions and separate them out into Tupperware (Chinese takeaway containers work well also) and whack them in the freezer. Buy a huge bag of pasta and rice and there have some simple and cost effective food choices.
3) Scale down like a pro
When you are putting your expenditure list together you may come across some things that you spent your money on last term that you really do not need. For example a gym membership that you never used, ask yourself three simple questions to determine if you need these things:
1. When did you last make use of it?
2. What else could you of brought with that money?
3. Realistically when will you next use it?
Then be brutal and cut the things you do not need, at least temporarily.
4) Work, Work, Work (sings Rihanna)
If you don’t already have a part time job but you struggled with money last term then now may be a good time to look for some work. Sign up to Uni-Temps to see what they have on offer and make use of our Changemaker employment advisors — they are really, really good!
5) Be controlled
It is so tempting to rush out and buy a huge TV when you get your loan, but this can mean financial panic later on in the term. Self-control is needed, but if you really struggle then avoid the shops and every time you go to buy something online ask your self do you really need this?
