Tips to Manage your Student Income!

30 November 2018

Student life should be one of the most incredible, exciting and enlightening experiences of your life,
filled with parties, new people, new places and a new subject to get your teeth stuck into. However,
there is, unfortunately, one thing that commonly haunts new and existing uni goers... THE STUDENT DEBT. If you want to minimise your anxiety over this touchy subject, you can do so by implementing
some of these smart ways to manage your student loan from this post. Fingers crossed it will give you
the courage to use your loan to your advantage and help you manage repayments later down the line.

Get Budgeting

The stage you’re at in university doesn’t matter; however, all that matters is what you do from here
on out. Budgeting is one of those smart things to do that matters. Never underestimate the power of
a reasonable budget to help you manage your student loan. Firstly, record all of your income, including
part-time work, student loan, grants, money from family and so forth. Then subtract all of your
expenses, such as food shops, predicted budget for student nights out, textbooks and of course paying
for somewhere to live. You should then be left with the extra money that can provide you salvation on
leaving university - this should be going into a savings account, where you'll see the benefits in my
next tip below!

Squirrel Away

Although many students are under the illusion that they have little to no money to afford a living whilst
studying in the UK, this isn’t entirely true until you’ve experienced official adulting and your income
dissipates into things like mortgages, nappies, and car repairs. After you've established a budget from
my previous tip, whatever you have left, save it to help you minimalise your debt. How? The reason
being is there have been rare occasions where people at university have been so meticulous with their
money that they squirrel what they can afford to away through the entirety of their student years.
Thus, once they've left university, they have miraculously managed to save enough money to put down
a deposit for their own home, to buy them a car to get to their new graduate role or even to pay off a
substantial part of their loan. It goes without saying this is the smart forward planning you will thank
yourself for in about 3 to 4 years time. I need to take my own advice when it comes to this one!

Managing Anxiety

If you are on the cusp of leaving university, there are alternative options to relieve your concern over repaying your student loans. One of these options to consider is to source the best student loan refinance company you can find that offers lower interest rates in comparison to your existing loan. This will enable you to save on masses of interest that might otherwise be accumulated through your current loan.

If you receive a student loan, grants, and bursaries, use these sources of income to your advantage and help to relieve the burden of paying for a costly student loan once you've finished University by implementing the tips above!
What are your top budgeting tips? Have you managed to budget wisely at university?
Lots of love

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