How to Survive on Your Student Loan

Sep 11, 2020 by

Student things

Being a student is great. You get to meet new people, discover who you are, and you embark on the first steps of what will be the rest of your life. You will leave university with new skills, have memorable experiences, ready for work or travel with the world at your feet.

You will also leave it in considerable debt, so minimizing expenditure during your student years is important. With this in mind, let’s take a look at how you can save money and still enjoy your student days.

Choose a Course with Good Employment Opportunities

Before you enrol on a course, ensure you choose one that leads to employment. Your time at university is an investment in your future. As such, you have to ensure as far as possible that after you graduate, your qualification is going to lead to better things and a career.

Arguably, the days of a degree in obscure subjects leading to paid employment are dwindling possibly gone completely. It is important to do some serious research about what your job prospects are when you leave university even if this feels a long way off.

Talk to tutors at open days and try and discover employment rates for your course following graduation.

Make a Budget

It is vital to make a budget, so you don’t overspend. Get your big bills and purchases out of the way in the first instance. Your rent and computer equipment will probably take a big chunk of your loan but don’t panic; what you have left is what you can spend. Next, work out a bills and food budget, and factor in travel costs. Now you should see what you have left for clothes, nights out, and everything else.

This may seem daunting, but it is not. Other student survival tips are coming up, so stay tuned.

Leverage Student Discounts

Student discounts are great. There is your student discount card with many opting for TOTUM. This gives you discounts at over 200 stores and gives you proof of age essential for a good night out. Travel, concerts, everything a student needs is discounted. Spend some time researching student cards to get the right one for you.

You can also leverage other student options such as Best Buy coupons at Voucherbox and other online offerings.

Certain restaurants, bars, and stores have student days where everything is cheaper and discounted. This offers significant money-saving opportunities and allows you to live a little at the same time.

Learn How to Live

Buying in bulk is cheaper, and this will become evident to you when you shop for food. Try and learn to cook and buy the basics to put meals together. This will save you lots of money in the long run. Go for the cheapest brands where possible too as this represents a significant cost saving. With your new-found cooking skills, you’ll be able to put meals together with plenty of taste so you won’t feel like your eating cheap food.

Being a student is great, but you have to get your budgeting right. Plan well financially, and you’ll have a great life both as a student and when you graduate.

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