How To: Use Your Student Loan Wisely

It’s exciting when you first get a huge sum of money enter your bank, thinking about how much stuff you could buy with that money… but it’s not actually that great when you realise how long it has to last you and how much you have left after accommodation goes out.

Budget before hand – When you get your Student Finance letter come through you’ll know how much funding you are going to receive and you’ll be able to see the amount you’ll get for each of the three instalments. At this point it is a good idea to sit down and figure out how much money you’re getting and subtract the cost of things that will be going out – accommodation being one of the biggest costs.
If you’re local enough, but things when you need them – By buying things as and when you need them, you’ll not have the issue of food going out of date and being wasted. This way you’re just throwing away your student loan too. This also saves the chance of minging food being left in the fridge to rot.
A freezer is your best friend – Leading on from the previous point, freezers are a perfect way of keeping food for longer. If you have the freezer space, put any spares in the freezer. You’ll be able to use them over a longer period of time which saves you having to style chicken into five different meals across the week.
Look for offers /deals – Student or not, we all love a cheeky offer or two. By looking for offers you can get exactly what you want for a cheaper price. Quite often you can google the company name and product followed by discount code and if there’s any codes they’ll appear on the first page of Google. You never know unless you look, I just saved £30 on my holiday from doing this!
Get reward cards for supermarkets – Since you’ll find yourself in and out of supermarkets be it for Pizza or Alcohol, if you had yourself a reward card your points can add up and be spent on something at a later point. Perhaps when the month is a bit tough but you need to kit yourself out with some Echo Falls for pres.
Part-time job for fun things such as clothes etc. – Resisting the urge to spend your student loan on clothes and holidays can be extremely difficult. But if you bag yourself a part-time job you’ll be able to spend this extra income on fun things without the guilt.

Some of these will be easier than others depending how you enjoy spending your money and depending on the amount of student loan you receive. As long as you’re sensible and plan your money wisely a student loan is easy to manage. Remember: “Failure to plan, is a plan to fail”
You can find my other University related posts here:
Student Meals | My top five
Living in Halls VS Living at Home 

(9) Comments

  1. Love this post Katie, it’s super helpful for me as I’m going to university in September. I will definitely be taking your tips on board!

    1. katielauren says:

      Aw I’m so glad! It’s easy once you get your head around it. If you ever need any more uni tips at all, drop me a message and I’ll happily write a blog on it for you. I know how it felt when I started last September x

  2. I wish I had done the budgeting!! I guess there’s always next year right x

    1. katielauren says:


  3. […] How To: Use Your Student Loan Wisely […]

  4. These are great tips!! I budgeted before hand but it went out he window when i was met with like £2k in my bank and literally only food i had to pay for… !!

    1. katielauren says:

      Hahaha that’s a blessing!

  5. exw680 says:

    Agree! The freezer is your best friend x

    1. 100%!

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