How to budget and save your uni loan
The cash 101 from msgd HQ.
It’s safe to say that as soon as your student loan drops, it’s incredibly tempting to blow it all on things that aren’t exactly essential. But, thanks to lockdown 2.0, there is literally nothing to do. So, now is the best time to start budgeting your uni loan to hopefully make some savings this year. Keep on reading for our tips and tricks on how to budget and save your student loan for better days. After all, we know how it feels to live on pot noodles and we don’t wanna go back.
When do you start paying back student loan?
The good news is if you have a plan 1 student loan. You don’t begin paying back your student loan repayment until you are making £1615 a month, which is a heck of a lot. If you start saving as much of your student maintenance loan as you can now, this makes paying it back less of a worry.
The 101 on budgeting + saving your student loan balance
Calculate what you’ve got to work with
Shocker. We’re telling you to figure out what you’ve actually got. But this is honestly the most important and sensible advice out there. Make sure you budget your student loan to cover every month. You should be thinking about using your maintenance loan for food, textbooks, travel, stationery, etc. Hold up. Don’t blow whatever is left on random things. All that money saved on drinks, social activities, or other treats can be put into a cheeky savings account for unforeseen events.
Chef it up
We know there isn’t much to do right now, but don’t spend £30 on a £10 meal just because you’re bored. We know, its easier said than done and we wouldn’t blame you if you treat yourself every now and then. But, you’d be surprised at how much money you would save each month if you started cooking for yourself and getting the occasional takeaway once or twice a month rather than 3 times a week. Why not give it a go? It’s economical and gives you and your flatmates a fun thing to do to pass the time.
P*ss off peer pressure
We’ve all been there. Your friends are bored and they concoct the idea that you all need matching £100 puffer jackets in each colour of the rainbow for an Instagram pic. But keep in mind that you also need to save some coin from time to time. There is nothing wrong with treating yourself to some loungewear to revise in, but if you know you’ll only wear it once, don’t bother. Don’t waste precious dosh on something just because your mates are egging you on to purchase; everyone has a different budget after all.
Get yourself a student Finance advisor
Your student union are always there for you whenever you need advice on anything student loan repayments and how to accurately save and budget them. So, if you are struggling to stretch your student maintenance loan for everything you need, don’t be shy; ask if you honestly need the help. This will help you pick up valuable skills not just for saving your university loan, but also for saving in general.
tips to rack up your student loan
We hope that these tips and tricks to budget and hopefully save your maintenance loan before your student loan repayments start helps you to start off your career on the right foot. No need to throw away your dosh on things you don’t need, pick up some of our fave pyjamas and loungewear to help your study in style at Missguided.