How to make your maintenance loan last 🫠

No matter how much you receive for your maintenance loan 💸, it’s definitely tempting to go on shopping sprees 🛍️ whenever you see that amount in your bank account 🏦. However, we all need to remember that this maintenance loan should cover accommodation/commuting 🚆🏠, food expenses 🍲, and general expenses 💡 for a few months 📆.

1. Set Aside Accommodation or Rent Money 🏠

First, keep the accommodation/rent money on a side or in a separate bank account. It’s important to prioritise rent/accommodation over any other expenses when you receive your maintenance loan. Keeping it in a separate bank account can ensure that it won’t be spent 🙅🏻*♀️🙅🏻*♀️.

There’s this blog if you want more detailed advice for bank budgeting: https://www.thestudentroom.co.uk/showthread.php?t=7621291

2. Prioritise essentials 🍎🥦

Second, prioritise all the other essentials. If you’re on a tight budget, you can learn how to meal prep 🍱 which will save you a ton of money compared to eating out every day ☕.
I personally put a weekly budget for food shopping since I meal prep a lot as a nursing student 👩*⚕️📚. Although I still sometimes overspend 😅, it’s not that significant since you will subconsciously remember what you’ve set for your weekly food budget.

3. Manage non-essentials ☕🛍️🍕

After putting money aside for rent/commuting, food and main living essentials, you can start considering non-essentials like takeaways and shopping 👜. Again, if it’s a tight budget, it might not be wise to get takeaways often🙅🏻*♀️🙅🏻*♀️🙅🏻*♀️🙅🏻*♀️🙅🏻*♀️.
I personally overspend on coffee, so I put a monthly budget for coffee instead of takeaways. If I surpass that budget, I make my coffee at home instead, you can also make home food instead of takeaways🥗.

4. Be Smart with Shopping and Travel 🛫👜

The one thing we are all guilty of is shopping with our maintenance loan 🛍️. Some people even use the money to go on holiday! There’s nothing wrong with that, but you have to be smart with it.
If you’re a shopaholic like me 😅, always look for discounts on Unidays and Student Beans. I usually do most of my shopping online since a lot of student codes don’t apply in-person.

Also, for travelling, set a specific budget for the trip so you don’t go beyond your maintenance loan.

5. Consider a Part-Time Job 👩*🍳💼

Lastly, if you need it, think about picking up a part-time job. Whether it’s a job in/around your university or any regular part-time jobs, it can help you a lot financially 💰 and keep you busy.
If you plan to set your own maintenance loan financial plan, there are apps like YNAB (set your own plan), Quicken Simplifi (sets a budget for you according to your spending history), or just use your phone’s notes which is what I do.