Don't blow your student loan all at once!

Living on pot noodles for months after splurging is no fun, and it’s totally avoidable. Here are some simple tips to help you stretch your student loan, while allowing for a well-deserved treat or two as well.

Make a plan

Start by calculating how much loan you’ll receive, and subtract your fixed monthly expenses like rent, bills, and groceries. This will give you a clear picture of how much you have left each month. From there, break it down into a weekly spending allowance. If you prefer, you can withdraw this amount in cash so you’re less tempted to overspend. Once you’ve budgeted, you may even find you have some money left over for fun activities or nights out. MoneySavingExpert has a great step-by-step budgeting guide to help you get started.

Shop smart

Where you shop makes a big difference! Stores like Aldi and Lidl offer great deals compared to places like Co-op or Tesco. Aim to do a weekly or monthly shop instead of buying items daily from your corner shop, as the cost adds up quickly. Even though the nearest Lidl might be a bit far, you can take public transport or split a taxi with flatmates to save on costs.

Stick to a shopping list

Before you head to the shop, plan your meals for the week and write a shopping list. This way, you’re less likely to overspend on unnecessary items. Also a top tip - never shop while hungry, as you’ll be tempted to buy more than you need!

Take advantage of student discounts

One of the best perks of being a student is the discounts. Many shops offer student discounts, and even if it’s not advertised, it’s always worth asking. If you don’t already have one, consider getting a TOTUM card or signing up for UNiDAYS or Student Beans to unlock even more savings.

Save on travel

If you’re commuting or travelling home to visit family, you can save a lot on transportation by investing in a railcard or bus pass, which can cut fares by up to a third. It’s a small change, but it can make a big difference over time.

Get a part-time job

If your schedule allows, a part-time job can help boost your income and give you some extra savings. However, always ensure that your studies come first, and only take on a job if it fits around your academic commitments.

Being smart with your finances can save you from stress later. Plan ahead, shop wisely, take advantage of discounts, and consider reducing travel costs or taking on a part-time job if you can. This way, your money will last longer, and you won’t have to sacrifice fun along the way!

For more detailed advice, check out what the student money champions have to say.