You might have received your first student loan instalment, and suddenly, you feel rich. This also might be the first time you lived away from home and gaining a genuine sense of independence. You can buy whatever you want. 

This a dangerous combination of feelings, and if you’re not careful you may end up spending all your money and maxing out your overdraft. Remember that student loan is there to pay your rent and to live off until your next instalment in 3 months’ time. Here are a few things you can do so you don’t yourself into a financially difficult position.

Budget

 

The best and most effective way of managing your money is budgeting. Work out your weekly outgoings to how much money you have that will stretch until the next instalment comes in. If you find out you spend too much on clothes, food, drink etc. Find alternatives that are cheaper, or tone it down a little. Stop in one night and work on your assignments instead of going out.

 

Get a Part-Time Job

 

Not only is it a great way of earning some extra money that you can use to get by or save up for a holiday. It’s an excellent way of developing skills and meeting new people. To a lot of people getting a part-time job whilst at university is their first job. You’ll learn skills such as teamwork and communication which are essential when you’re applying for graduate roles. Also, it’s a fantastic way of making new friends.

 

Here’s How to Manage Your Money

 

Follow these steps and I’m sure you’ll be out of your financial rut in no time. Like to know some of the other biggest challenges you should expect at university? Check out our article here.

Looking for good, affordable accommodation? Here at Studyflats, we can help. Check out our accommodation near your University.

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