How to make your student loan last

Getting your first student loan is a surreal feeling, because – unless you’ve been working or have very generous parents – it’s probably more money than you’ve ever had before.

I remember I got SO excited when I got my first student loan payment, I couldn’t wait to go out and spend it. And you might feel tempted to do the same.

But you should learn from my mistakes and budget that money, because although it’s a lot in September it has to last until January (unless you’ve got a part time job) and that's harder than it seems.

With this money, you have to pay rent, pay bills, and buy food and other essentials - none of which is fun. Oh, and you still want to have money left for the fun stuff!

However, uni is all about living on your own terms and managing your life, so you have to suck it up and be responsible. So, I thought today I would share with you my top tips for getting through your first term and managing to live comfortably.

Reduced food is your saviour

Going shopping late at night is an amazing way to get some of the best reduced foods - from bread and cake, to fresh fruit and veg (yes, another part of living at uni is trying to stay healthy!), you can get some great deals especially if you’re happy to be a bit flexible with your meals. Dinner might not be what you planned, but your bank balance won’t complain.

Set yourself a budget

I would totally recommend spending some time at the beginning of term to work out a budget. Write down how much you’ll need in the year to cover your bills (rent, utilities, your phone, insurance etc.) and put that money aside for now. You could even set up a separate account or send the money to your parents to look after – if you know you’ll be too tempted to spend it.

I would also put aside a small amount as ‘an emergency fund’ – because take it from me, there is nothing worse than an unexpected bill/purchase you need to make but can’t afford (thanks mum and dad!). By having an ‘emergency fund’ tucked away, you can rest easy.

Once you’ve budgeted the important stuff you can work out how much you have left and then divide that into monthly/weekly budgets for food and for fun stuff.

Does budgeting sound boring? Well, you can get some great apps to make it easier.

Consider big purchases carefully

Make sure when you make a big purchase with your student loan, that you're able to still survive on the money you have left first.

I bought a laptop with my first student loan payment and, although I needed it, it set me back a bit. Luckily, I had budgeted well and knew I had enough money left to live off.

If you need to make a big purchase, make sure you can afford it, and also really consider whether you need it or can find a cheaper alternative.

TOP TIP: If you can hold out – wait until those big shopping events like Black Friday or the January sales to make a big purchase like a laptop.

Or you can add it to your Christmas wish list and hope that Santa notices how very very nice you’ve been this year!

Get a TOTUM card

TOTUM is the new name for the NUS Extra Card and for a one-off, low-cost fee (TOTUM+ cards cost from £14.99-£29.99 depending on what membership plan you go for) gives you access to thousands of great discounts and offers on eating out, beauty, health and fitness, travel, uni essentials and fashion.

Examples of great offers can include discounts at brands like ASOS, boohoo, Apple, Samsung and MyProtein, as well as deals on food, fashion, tech, travel and entertainment. Bargains galore!

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