Manage your student loan this year

Student loans are always a welcome addition to your bank account but it’s often difficult to keep the money in there for long. With rent, university supplies and other essentials on top, you can be left feeling like you deserve a bit of a treat and this can be where the danger starts! We’ve got a few tips on how to save those precious pennies and to help make your student loan go further…

First of all, make a budget. To make sure you can manage your money effectively, you need to have an idea where it’s going to go. When you’re food shopping or having a night out with friends, make sure you don’t spend more than you intend to and us3 your student card at every opportunity. A huge amount of high street and online shops offer great student discounts so make sure you’re taking advantage of them!

Only go into an overdraft if you’re completely desperate. Remember, it is certainly a lot harder to pay back than it is to borrow and if you know you’ve wasted it on alcohol or clothes, you’ll begrudge those repayments even more!

Find the best deals for your internet, television and phone contracts. Make sure you shop around and use comparison websites to find your best provider. Free messaging services like Blackberry messenger and Whats app are great for stopping you going over your monthly allowance too.

If you haven’t found your student accommodation for next term yet, shop around! Here at Rooms4u, we have loads of great deals to suit both your budget and needs and can offer great advice regarding location and rent.

Be savvy when it comes to luxury spending- for example, becoming a ‘hair model’ at your local hairdressers will save you a lot of money over a year and if you’re with a great trainee, you’re such to come out with a cut to be proud of too! Try your local salon and see if they offer such a service. If you have a Boots advantage card, shop through Treat street online and you’ll earn points from other shops which you can then spend on treats at Boots!

A cash ISA is a great idea if you want to start putting some money away now. If you have a part time job or just want an easier way to manage your student loan; accessible ISA’s can help you organise your savings and you’ll still be able to take money out of them if you need to. Use websites like Money saving expert to find great deals and more information.