Easy ways to budget student loan!!!

I am yet to start uni, however I am starting in September (2012). This method of budgeting is incredibly easy and is used by my sister and her friends who are currently at uni. Not sure how well known it is and I may be posting something that everyone already knows about but for those who don't........

Basically you need to set up two bank accounts, one to have your Loan paid into and for regular outgoings such as halls/rent to come out of ("pay-in account") and a completely separate account to use as normal ("living account").

Work out how much money you're going to have available per week (all available funding per year divided by the number of weeks your course runs), take away any regular costs per week (i.e halls, rent, car insurance etc. and have these direct-debited out of your "pay-in account"). The number you are left with will be the money you have to live on per week - have this (or a bit less if you can afford it) on a standing order to your "living account" each week from your "pay-in account".

My brother and I were taught this by our mum before we went to uni and yes it does work. I would recommend dividing it amongst 52 weeks unless you have other income guaranteed for the holidays.

If you're as bad as me and spend any money you have, then lock the card for the "pay-in account" in a safe or leave it at home with your parents so that you're not tempted to dip into it. This means it'll be nearly impossible for you to spend more money than you've got, or to run out of money before your next lot of loan gets paid to you. Obviously if you do get stuck and need more than your weekly amount you'll still be able to transfer some money over. Remember that the money that will be in your "living account" has to last the whole week and will have to buy food, travel, going out and any other day-to-day expenses

Good luck!