How to make the most out of your student loan
Author: Gabrielle D, Staff Writer
Being a student often means living on a tight budget. Are beans becoming an all-too-familiar sight? Maybe Pot Noodle and a Greggs sausage roll are your best friends. Although, let’s try not to stoop that low! Surely, we’ve moved past Pot Noodles…The money that you do receive should be spent on enjoying the university fun, travelling and socialising! With a little creativity and smart planning, you can stretch your funds and make the most of your student loan. In this blog, we'll explore several hacks to help you save money while still having an epic university experience!.
Budget like a Pro.
We get it, budgeting isn’t glamorous. Social media encourages us to live lavish lives and spend our money on expensive lattes, takeaway food, lots of clothes that we don’t need…rather than on our essential items. Remember, even if somebody looks expensive, the reality is that many people fall into debt and credit cards trying to pay for these luxuries. Student life is expensive these days, but it’s important not to be too impulsive with these expenses. When we budget effectively and stay out of debt, we’re setting ourselves up for the future.
Start by creating a detailed budget that includes all your income and expenses for the term. Divide your allowance into weekly or monthly amounts, prioritising funds for essentials such as rent, bills, groceries, and transport.
Don’t compromise your needs.
We get it, sometimes you need to pay a bit more for the stuff that matters to you. When buying things that will affect the quality of your life, consider investing in these essentials. For example, when we buy high-quality food, we’re ensuring better long-term health and focus during our studies, we may improve our performance and eventually get better work opportunities from getting better grades!
Make a list of your values. Perhaps investing in a gym membership is more valuable to you than buying take-away food each week. Not to say that there is anything wrong with a student pizza night, but by listing your life priorities, you’ll be able to make smarter decisions about your spending habits.
Embrace Meal Planning and Cooking.
Eating out or relying on takeaways can quickly drain your finances. Instead, embrace meal planning and cooking at home. Plan your meals for the week, make a shopping list, and shop for food at affordable local markets or discounted supermarkets. Cook in bulk, freeze leftovers, and take advantage of budget-friendly recipes. This way, you can enjoy nutritious meals while reducing food costs significantly.
Shop Smart for Essentials.
When it comes to buying everyday essentials, be a smart shopper. Look out for discounts, sales, and student offers. Consider buying non-perishable items in bulk, frozen vegetables or opting for generic/store-brand products instead of pricier branded options. Consider going plant-based to avoid often expensive prices of meat and fish. And consider shopping at thrift stores or second-hand shops for clothing, textbooks, and other necessities. You'd be surprised by the quality and savings you can find.
*Top Tip: Buying food ‘as-and-when’ you need it, perhaps every-other day, vastly reduces your food waste. You’ll be more intentional with food intake and how much you spend throughout the week. Also, the ‘weekly’ food shop feels less of a chore, and more of a nice thing to do each day.*
Utilise Student Discounts.
Take full advantage of student discounts available both online and in physical stores. Many retailers, restaurants, cinemas, and entertainment venues offer student-specific deals. Always carry your student ID card and explore websites and apps dedicated to student discounts to find exclusive offers on everything from clothing and electronics to travel and leisure activities.
These discounts can help you save a lot over time. If you’re working alongside your studies, see if there are any employee perks you can take advantage of! For example, a free gym membership, travel expenses or food.
Seek Free and Low-Cost Activities.
University life doesn't have to revolve around expensive outings. Seek out free or low-cost activities that allow you to socialise and enjoy your time without breaking the bank. Attend university-sponsored events, join student clubs and societies, explore local parks and museums with discounted or free admission, and take advantage of student-priced tickets for concerts and performances. Get creative with your leisure time to save money while having fun.
Some great FREE activities to do:
- Host a social in a London Park
- Go window shopping with new friends
- Host a movie-night in your flat
- Stroll through flower and food markets
- Play sports in your local park
- Go on a City walking tour
- Go dog-walking! (and maybe get paid along the way)
- Visit Museums and Art Galleries
Share Expenses with housemates.
If you're living with housemates, consider sharing expenses for certain items. This could include household cleaning supplies, cooking ingredients, or even streaming subscriptions. Splitting costs can help everyone save money and make your student maintenance loan go further collectively. Consider using Splitwise, Settle Up, or Tab to share your expenses without any hassle.
Use Public Transport, Bikes and Student Travel Discounts.
Public transport is your friend. Invest in a discounted student transport pass for regular travel and explore student discounts on train and bus tickets for trips home or to visit friends. If you are aged between 16-25 you can opt for a discounted railcard! It costs £30 and get ’s you 20% off your rail travels! If you are over 18, you can also order an Oyster Card for 30% off Bus expenses. Be mindful of peak/off-peak travel times to save even more.
Also consider cycling! I know the helmet-hair is not ideal, but it’s worth the extra savings. Feeling scared to bike in the city? I don’t blame you. Ask an experienced friend to cycle with you on your first few trips. Invest in a good-quality bike and cycling gear to make the journey as comfortable and streamline and possible.
Take Advantage of University Resources:
Your university offers a load of resources and facilities that you've already paid for through your tuition fees. Make the most of them! Use the library for textbooks, study spaces, and research materials. Attend career fairs and workshops to enhance your professional development. Access free or discounted gym facilities and sports activities provided by the university. These resources can help you save money and enhance your overall student experience.
Use Cost-Effective Moving Services:
Moving into or out of university accommodation? You can store your items with LOVESPACE. We collect from your home, store for a long as you need, and deliver back to your home whenever you’re ready. You only pay for what you store, starting from as little as one box! Got bigger things to store? You can also store your larger items in our 15 - 25 sqft storage units!
Educate yourself on Finances.
Finances aren’t taught in schools. So, it’s no wonder that we run into bad habits and money problems as we grow into adulthood. By getting clued up on the right money-management skills, you’ll be able to form better habits for both now and the future. Apps like Goodbudget, Snoop and Monefy are great tools to learn more about your money. It’s possible to leave uni with no overdraft, or with a small business that earns you extra money on the side. By learning about money, you can make your student loan go far, without it being something to weigh you down.
Student loans can feel limiting, but with the right budgeting techniques, focus and education, all students can have a positive experience at uni, with little money worries. Embrace a growth mindset, and start taking control of your finances, so your finances don’t control you.