A splurging spree using your student loan might feel good at the time, but you’ll need to think long-term to avoid getting into financial trouble later on in the year. With our top tips, you’ll learn how to survive university financially.
Identify where you can cut back
The first thing to do is to take a look back at a few bank statements. Perhaps you’ve spent a lot on takeaways recently or have streaming subscriptions that you’re no longer using. Put together a list of your biggest expenditures and see where you can spend less. Food and going out are potential culprits, so try weekly meal planning and choosing only the events you really want to go to. You soon start to see the amount of money you’re spending getting lesser and lesser.
Bash out a budget
If you’re still concerned about where your money is going, it helps to put it all out in black and white so you can get a full and comprehensive view of your finances. This student budget sheet is our tried and tested method and allows you to get a handle on exactly how much money you have coming in and out each month, across the educational year. Make sure you include any student loans, short-term loans or payday loans so you can factor in any repayments you may have leaving your account each month.
Get good advice
Although your friends may be telling you about the different student management money apps they’re using, it’s best to find information from more reliable sources. You’re all in the same situation and unless someone is money-savvy beyond their years, you might end up falling into trouble together.
Student-specific blogs such as those from UCAS or NUS will be full of money-saving hints, tips, deals and offers to help you during your studies. Budgeting apps are also a good idea, but find one that’s right for you - try out a few such as GoodBudget .
If all else fails…
If you’ve cut down your spending and managed your budget well but are still coming up short before your next student loan instalment, then an affordable short-term loan can be used as a last resort. These will help you to bridge the gap and when paid back on time, can actually help you build up your credit score for the future.
Before you apply for a short-term loan make sure you know all the facts with our ultimate guide to short-term loans.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org