Education

The six essentials to spend your student loan on

For first-year students, the day that the student loan arrives in the bank account is a good day. The temptation to spend it all on fresher’s parties and buying the latest phone can be overwhelming. However, before you start working out how many Jagerbombs your student loan will buy you, it’s essential that you start managing your budget immediately. That loan has to last, and you will have uni work to do in between the parties. No matter your course, here are the top six things that you need to consider spending your student loan on before you head to the SU bar.

Required Reading

While you will be able to save money on the high cost of textbooks by using your university library, remember that you might have to fight to get the books that you need, when you need them. Having the core required reading texts at home can save you a lot of stress when your deadlines are due.

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Insurance Cover

Burglars love student accommodation and will consider them to be highly lucrative targets. Make sure that you’re protected by investing a little of your loan on some monthly insurance payments. There are some good deals available for student insurance policies, so shop around.

Avoiding the printer queues

It’s become something of a running joke how much it costs to print up essays on the library printers. If you’re printing long essays then those costs can spiral. That’s why a home printer is a worthy investment that can save you money in the long run. The Canon Pixma range benefits from double-sided printing, takes up very little space in your room, and can even print directly from your social media. Look at the low cost of Canon Pixma MG3650 ink for the best savings.

Get NUS Extra

Being a member of the Student Union is beneficial for a number of reasons, but the discounts are one of the most important. An NUS Extra card is just £12, and can lower the costs of Spotify, Amazon, and plenty of your local shops. Always make joining the SU a priority.

Train Pass

If you’re going to uni far from your family home, then you need to factor travel costs into your budget. Term time isn’t as long as you think, and a train pass can save you a lot of money over the course of a year. Cheaper than a car at just £30, a student rail pass can save you a third on all of your travel.

Cooking Essentials

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While some student accommodation provides the basics for cooking, having your own set is always a worthwhile investment. Consider your favourite meals and what you need for their preparation. Look for cheap recipes and make sure that you have the equipment needed to prepare them. Food costs are going to be a concern, especially as the end of term draws near, so get used to eating cheaply and check out methods for reducing your food costs.

Seeing that student loan appear in your bank account makes it very tempting to go wild and start spending. Remember that it has to last you for the entire term. If you don’t want to face long days of no food at the end of the term, then start managing your budget as soon as possible. That way your time at uni will much less fraught, leaving you free to focus on your studies.

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