Stretch your student loan

It’s April, exam season is upon us but more importantly its student loan time.Before you go and celebrate all of your hard work with a bottle of wine, it’s important to remember that this is your final installment of student finance until the end of September. Don’t guzzle up your loan all at once, try to make it last. With that in mind we have prepared 4 tips to help make your money stretch over the summer. #dontbeamonster

1. Prioritise

You may want to live like royalty for a week, splashing out on Heinz branded beans and buying a ‘Two for Tuesday’ Dominos pizza, but is it really a necessity?

Whilst you may have the money at your disposal paying off the important things first is a must.

Don’t be tempted by that 75% off – do you really need another pair of trainers?

Paying off outstanding debts and bills beforehand will allow you to see what you really have left to spend.

2. Shop smart

With this ‘new found’ money it’s important to take advantage of what offers are out there for the things that you really need – and okay, if your trainers really DO need replacing, perhaps the 75% off is a good place to start. For example, if you haven’t sorted accommodation out for next year, now is a great time to look – you can’t just sleep in the library every night!

At this point in the academic year, you can get great deals and offers on certain properties. We’ve got no admin fees on selected homes, and others have a reduced admin fee of £25. Houses marked with an asterisk(*) on our properties page carry this discount. We’ve also managed to bag exclusive discounts for CSL fully managed tenants, who will receive a cool butterfly key fob that accesses discounts and special offers in selected places around our beautiful city, so you will always be saving!

3. Set a budget

This loan installment has to last 5 months instead of the usual 3.  It’s tempting to enjoy the last few weeks before summer with your friends, blowing a big chunk of it in Rosies and then grabbing a kebab from Go Fresco on the way home. But now is the time to start reigning in your excessive spending habits. This can be achieved by setting a budget. It’s cost effective and once you’ve made a plan you are more likely to stick with it. You might limit yourself to a £15 food budget a week. Shopping at places like Aldi with cheaper brands means you’re likely to get more for your money compared to premium brands at bigger supermarkets. Or go for the economy versions of the products available in larger chains – Tesco basics noodles #ftw!

4. Save

This one’s obvious: the more you save, the longer your money will last. As well as having a budget, it may be helpful, to set aside money each week e.g. set up a standing order to put £20 of your loan away each week into a savings account. This means on average you will put away £80-£100 a month. Total that over 5 months means you may be able to buy those Heinz branded beans after all! We’ve also discovered a cool challenge for you over the next academic year. It’s called the 365 challenge. Over the year, by just saving pennies at a time, you end up with over £600. You can’t really complain about that.365 challenge

#dontbeamonster

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