Prolonging the Life of your Student Loan


Image from edudemic.com

The student loan, such a wonderful thing when it first arrives in your bank account, making you think then any item in the world is within your grasp. Only for it all to be snatched away from you in a matter of weeks or months, putting you back onto the budget food shopping and buying your clothes from the cheaper high street outlets as opposed to the designer stores.

Oh well, having no money is all part of the student lifestyle, a bit like nights out on a Thursday, (who ever did that before going to University), and eating tins and tins of spaghetti rings on toast for three meals a day.

While struggling for cash might be considered “par for the course”, it doesn’t have to be that way if you learn to budget and spend your cash wisely. Sure, you might want to show off in front of your new flat and course mates with the most up to date gadgets and the most expensive pair of shoes around, and while it may impress them to some extent, it won’t impress the bank of mum and dad when you have to go running to them for help because you haven’t got any money left for food shopping.

Learning to budget for the months ahead, until the next installment of your student loan, is essential if you’re to get through your academic year without having to worry about anything. It’s hard enough moving away from home for the first time and learning to do everything by yourself, from your shopping to your ironing, without having to spend every waking moment concerned how you’re going to get through to the next payment date.

But one easy place to start is with your food shopping. If you’re the sort of person who isn’t fussy about their cheese, beans, bread and other essentials, then the “own brand” versions, which are significantly cheaper in the majority of cases, (and taste similar to the top names in a lot of other circumstances), are a great place to start making savings. Looking out for multi-buy options can also save money, even if it’s only a few pounds, it’s a few pounds you’ll have left in your bank.

Shopping online is a time-saving option, but isn’t always a money saving one. Say you’re looking on the misguided website for some clothes for a friend’s birthday party later that month, you could end up spending significant amounts of money on your outfit without knowing. Even if you’ve managed to get it all for what you consider to be a bargain, you could then see the price increase with delivery charges, especially if you’re out at a lecture when the postman delivers it. Looking online for a misguided promotional code might allow you to get more money off your purchases or even get discounted or free delivery, enabling you to save more money for the night out itself.

These are just two examples of money saving tips for your time at University. You should be there forging a career for yourself and having fun, not worrying about money, but anything you can save for the end of the term can be used for having fun or clearing your debts, think of it that way!

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