STUDENT
LOAN
with Jake Butler
Struggling with money? You’re not alone! We
speak to students about their biggest money
confessions and get the lowdown from Save the
Student director Jake Butler on his tips and tricks
on how to make the best out of your student loan.
What are your tips on spending your student loan wisely?
“It depends what you're spending your loan on but one of my favourite mottos is
to never pay full price for anything. Whether you need to haggle, use a code or
wait until something goes on sale, you can always get things for a discount.
Another of my favourites is to sleep on big purchases. If you're tempted by a nice
coat don't buy it straight away. Give it 2-3 days and if you still want it then you
know it's for you. I still use this tactic now and don't end up buying over 50% off the
things I thought I wanted.
I guess when it comes to spending it's important to work out what's an essential
purchase (eg. rent, bills, food) and what isn't (eg. clothes, socialising). This allows
you to prioritise the essentials over the other spends.”
What is the best way a student can budget their loan
until the next reimbursement?
“One of the best things you can do is remember that the loan is meant to
last you a whole term. Having £3k hit your account can make an ASOS spree
tempting but you're better to make sure the money lasts.
[In terms of budgeting], go into as much or as little detail as you want but just
make sure you have a note of all the things you're spending money on vs how
much loan you've got each month/week. You can then decide between your
needs and wants.”
What is your opinion on students spending their student
loan on luxuries? (e.g holidays, or a new laptop)
“Students deserve to treat themselves and therefore I think some luxuries are ok.
However, you need to make sure you can afford it.
There are ways to get extremely cheap holidays or weekend breaks to Europe
as well as deals on things like laptops. It does take a lot of time and research but
when you don't have lots of disposable income you can use your time and re-
search to give yourself the maximum savings so that you can afford luxuries.
What I would definitely advise against though is spending money you don't have.
If you're taking out a credit card or a loan to go on holiday you should think twice
about whether it's a luxury you can afford. I'm not saying it's an easy decision but
sometimes you have to be sensible so that you don't fall into a spiral of debt.
5
FINANCE