Original post by Hey_itsJerome
how do you live on your student loan
Hey Jerome,
As being a student since 2015, I can tell you living on your student loan is manageable and extremely dependent upon your circumstances.
I have found that my loan covers *most* of what university has thrown at me, however not all my friends have found this so below is my advice from my experiences, and some friends experiences too.
- The Importance of Budgeting: This one is sort of simple, I have found planning my money, how much Rent I need to pay, what food I can and can't buy is extremely helpful as this enables me to know how much I can spend on extras (like going out, takeouts and extra things which are just nice).
- Being Thrifty: Simply don't expect to live the highest levels of luxury whilst at university, as things are expensive. Simply but the difference between Lurpack and Asda Own brand is simply £3 and not much else, so you can get away with it. So really cutting down (not cutting out to note) the luxury items has been my way of saving money in the long term. This can include (but isn't limited too) waiting for the sales, only buying when needed (clothes etc) as well as buying in bulk.
- Going Homemade: Food is expensive. No two ways about it. I have found the easy way I have saved money is through home cooking, as for the price of a ready meal (£1-2) is about a days worth of food for me. This may sound cheap but trust me every little helps! (If you aren't sure how to cook, ask your family, they will probably love you for it.
- Finally part-time work. I have found the best way to extend my funding is through working. And for me this is the bare basics (no more than 20 hours a week), and simply this pays for my food most weeks, which means my funding can stretch that little bit further.
Overall, I have found only through trial and error (and improvement) that I have learnt to live off my student loan, it can be done, and it's a skill worth having!
I hope this helps
Tom
Third Year Psychology and Student Ambassador
Original post by UniofReading
Hey Jerome,
As being a student since 2015, I can tell you living on your student loan is manageable and extremely dependent upon your circumstances.
I have found that my loan covers *most* of what university has thrown at me, however not all my friends have found this so below is my advice from my experiences, and some friends experiences too.
- The Importance of Budgeting: This one is sort of simple, I have found planning my money, how much Rent I need to pay, what food I can and can't buy is extremely helpful as this enables me to know how much I can spend on extras (like going out, takeouts and extra things which are just nice).
- Being Thrifty: Simply don't expect to live the highest levels of luxury whilst at university, as things are expensive. Simply but the difference between Lurpack and Asda Own brand is simply £3 and not much else, so you can get away with it. So really cutting down (not cutting out to note) the luxury items has been my way of saving money in the long term. This can include (but isn't limited too) waiting for the sales, only buying when needed (clothes etc) as well as buying in bulk.
- Going Homemade: Food is expensive. No two ways about it. I have found the easy way I have saved money is through home cooking, as for the price of a ready meal (£1-2) is about a days worth of food for me. This may sound cheap but trust me every little helps! (If you aren't sure how to cook, ask your family, they will probably love you for it.
- Finally part-time work. I have found the best way to extend my funding is through working. And for me this is the bare basics (no more than 20 hours a week), and simply this pays for my food most weeks, which means my funding can stretch that little bit further.
Overall, I have found only through trial and error (and improvement) that I have learnt to live off my student loan, it can be done, and it's a skill worth having!
I hope this helps
Tom
Third Year Psychology and Student Ambassador
As being a student since 2015, I can tell you living on your student loan is manageable and extremely dependent upon your circumstances.
I have found that my loan covers *most* of what university has thrown at me, however not all my friends have found this so below is my advice from my experiences, and some friends experiences too.
- The Importance of Budgeting: This one is sort of simple, I have found planning my money, how much Rent I need to pay, what food I can and can't buy is extremely helpful as this enables me to know how much I can spend on extras (like going out, takeouts and extra things which are just nice).
- Being Thrifty: Simply don't expect to live the highest levels of luxury whilst at university, as things are expensive. Simply but the difference between Lurpack and Asda Own brand is simply £3 and not much else, so you can get away with it. So really cutting down (not cutting out to note) the luxury items has been my way of saving money in the long term. This can include (but isn't limited too) waiting for the sales, only buying when needed (clothes etc) as well as buying in bulk.
- Going Homemade: Food is expensive. No two ways about it. I have found the easy way I have saved money is through home cooking, as for the price of a ready meal (£1-2) is about a days worth of food for me. This may sound cheap but trust me every little helps! (If you aren't sure how to cook, ask your family, they will probably love you for it.
- Finally part-time work. I have found the best way to extend my funding is through working. And for me this is the bare basics (no more than 20 hours a week), and simply this pays for my food most weeks, which means my funding can stretch that little bit further.
Overall, I have found only through trial and error (and improvement) that I have learnt to live off my student loan, it can be done, and it's a skill worth having!
I hope this helps
Tom
Third Year Psychology and Student Ambassador
thank you that really helped, I will definitely take the advice. I am just very nervous as I am going to a completely new place for uni and I am not getting that much for a maintenance loan. But I think now after reading ur reply that ill be fine
Original post by Hey_itsJerome
thank you that really helped, I will definitely take the advice. I am just very nervous as I am going to a completely new place for uni and I am not getting that much for a maintenance loan. But I think now after reading ur reply that ill be fine
Hi!
Really glad this was able to help you, just remember you are not alone in this and that it is likely all your other flat/course mates will be in a similar position. Share tips, hints and tricks, and if in doubt muddle through!
And these are just a starting point, some times these work great, others find them a challenge! Just keep track and that should help!
Let us know if you have any other questions about Uni, Finance or such!
Tom
Third Year Psychology and Student Ambassador
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