How To Spend Your Student Loan Wisely  – LIFESTYLE BY PS icon

How To Spend Your Student Loan Wisely 

You’re off to uni – congratulations! This is an exciting time, and there is no doubt that you’re looking forward to your next adventure. For the next three years (or more), you will be learning lots of new topics and subjects, meeting people and forming solid friendships, and making memories to last a lifetime.  

When you’re a student, a loan that you get may be the first large sum of money you have had at your disposal, so it is important that you don’t blow it all in one go.

By budgeting wisely throughout your time at university, you will be able to manage your money a lot more successfully. Your student loan though can differ from student to student which could lead to some potentially requiring a loan for students to ensure they are able to pay for equipment necessary at university. Below, you’ll find some useful tips on how to stretch out your loan.  

Prioritise your spending 

Your tuition fees, bills, food, accommodation and travel costs are all much more important than your social life, so before you blow your budget on nights out meals with your flatmates, make sure you’ve got your living covered first. Prioritising your spending at university is particularly important, and by being strict with your budgeting, you will be gaining great skills for when you join the world of work, too.  

Note down your spending  

Whether you’d prefer to jot your spending habits down in a notebook, track them on an excel spreadsheet or input them into an app, noting them down can help to highlight how much you are spending on a daily basis – and what you are spending your money on. Once you have got a realistic picture of your outgoings, it will help to you reassess your budget, and from there, you’ll be able to move money around to accommodate for it. 

Treat yourself… 

Of course, over the course of your time at university, you are going to need new clothes, games, and nights out, but it’s important that you do these things in moderation. These luxuries are totally deserved, and there are ways of saving on them too. Investing in the likes of a student discount card will help you save money on some of your favourite items, while a railcard will save you up to 1/3 on travel. 

…But make sure you’re not spending your loan on silly things 

It’s easy to get carried away at university, especially on a night out with friends. While it’s perfectly fine to treat yourself every once in a while, it’s not okay to blow one hundred pounds or more on rounds of drinks for you and your friends. So, when you’re out, remember that you’ve got a budget to stick to!