When you are first let loose as a student it can be hard to control your spending, maybe you go overboard on a night out or all of a sudden you want the latest phone because some guy in your halls has it. It is important to remain level headed when you are left in charge of your finances for the first time and that you are able to differentiate between the things you need and the things that are…well, just a waste of money.
Often, it is seemingly innocent and small things that end up eating into a student loan in a big way. For instance, if you stop off at Starbucks on your way into University each morning and pick up a coffee for £3, and you do that every weekday for a year you will have spent £780 on cups of coffee, frightening eh?! It is important to create a budget when you start university and make sure you stick to it. That way you know how much you have to spend each day, and ‘hidden costs’ like the odd coffee here or shop ought sandwich there won’t be a possibility and your loan will go on the things it’s intended.
Another sure-fire way to lose out big time is by getting carried away on nights out. We have all been there, you are having a good time and you want to keep the drinks’ flowing, which is fine, until you wake up the next day and realise you drank next week’s food money. :/
Often, when we are at our busiest we don’t spend much, so it goes without saying, keep yourself busy and you will save money. In fact you could even keep yourself busy by doing a little work outside of your studies. A popular way among students at the moment is to sell their skills and offer essay writing services or more commonly just offer content writing. This can be for websites, other students at university or college that feel they don’t have time to write an essay – they will pay too get someone else to do it for them. There are even 3rd party websites available that will put a student wanting their essay writing in touch with those offering to write them. Sites such as UK-Essay are growing in popularity as a result.
Obviously as this is an article about how not to spend your student loan, we are suggesting you be the one offering your services and getting paid, rather than paying for something you could easily do yourself. After all, writing someone else’s essay will help you brush up on your skills and help you out no end when it comes to preparing your own.
So there you have it, if you want to make your student loan last, watch out for hidden expenses that you don’t track, maybe find yourself some part-time work if you need it and most importantly budget so you know how much you can spend and how long you need to make your cash last.
These tips were put together by Andy from Complete Personal Finance – A great place for personal finance tips and news.