Here's some easy tips on how to budget better💰

When your student loan drops, it can feel like a fortune...until rent, travel, and food come into it. With a few smart swaps, simple planning and a bit of tracking, you'll see a big difference in controlling your budget. 

Here's how to make your student loan stretch further, without giving up everything you enjoy.

First things first, know your budget!

You can't manage your budget without knowing exactly what it is. You don't need to be a spreadsheet wizard to do it either, here's an easy way to calculate your budget: 

1. Calculate your income (student loan, part-time job, any grants or bursaries etc.) 
2. Calculate your monthly must-pays (rent, bills, transport, subscriptions etc.)
3. Minus your must-pays from your income, and divide the total into weekly spending. This is your budget for food, social plans and fun. 

Top tip: Try the 50/30/20 rule – 50% on needs, 30% on wants, and 20% on savings or emergencies. 

You can even work out what your monthly spend at university is using online budget calculators. 

Now you know your budget, here are some easy tips and tricks to help you save even more. 

• Track what you spend – Use free apps like Monzo or Revolut to categorise your spending (they can make it much easier to save!) 
• Make the most of student perks – Find out what freebies and discounts you can get on and off campus with your student card, using apps like Student Beans and UNiDAYS. 
• Shop smart – There's so many ways to save money on shopping, especially groceries. Plan your meals before you come up with a grocery list, meal prep to make sure your ingredients don't go to waste or split a supermarket shop with flatmates for big items you can share. 
• Take out a set amount of cash – This is a great hack for when you go out socialising, simply withdraw how much you want to spend in cash and avoid paying anything over this on card. 
• Get good at recycling – If you're done with something but it's still usable, whether it's clothes or textbooks, sell or swap it! 

Making your student loan stretch isn't about cutting out fun, it's about spending smarter. 

Need extra support? We're here for you, don't hesitate to access any of our support services.