Understanding Your Student Loan and What It Covers
Your student loan comes in two parts and is generally there to cover your education costs, equipment and you’re overall accommodation costs. The first part covers your course costs exclusively, the second part is called a Maintenance loan and is there to essentially act as income whilst you’re studying to cover your expenses, rent, food transport and general living costs.
Creating a Realistic Budget to Manage Your Loan
Seeing that much money in your bank account for the very first time can feel like a dream come true. Unfortunately, a student loan definitely isn’t the same as winning the lottery, no matter how much it may feel like it on the first day. It’s important to make sure it lasts for as long as possible, so you’re not left borrowing additional funds or missing payments down the line. Figuring out monthly expenses, emergency funds and enough to enjoy life is the key to reducing money worries and enjoying the uni experience as much as possible.
Choosing the Right Student Bank Account and Overdraft
More perks, interest free overdrafts and a high overdraft limit are all things to keep an eye out for when opening your student bank account. It’s also important that it has easy to access online banking so you can keep an eye on your balance and your spending to adjust on the fly.
Tips for Stretching Your Loan Further Day-to-Day
Second-hand books, local libraries and kind friends can all help drive down your education costs. Not everything has to be brand new and shiny! Getting smart with your spending when it comes to your tech for lessons can also keep costs down. Pre-owned laptops or spares from family members can help get you started without spending huge amounts. Lift sharing, making coffee at home and going easy on the takeaways can all save a few extra pennies every day to make your loan last that little bit longer.
Making Smart Decisions About Accommodation and Living Costs
Picking a nice house miles away from your campus to save money can seem like a great idea until you’re trekking four miles on foot in the rain on your first day. Likewise, picking something super expensive in the middle of the action can be a great idea until you’ve got no cash to enjoy the fun stuff. Figuring out a perfect balance between quality of life and available budget is important ahead of time. The same goes for things like grocery shopping. Striking the balance between living like a King and living like a pauper can help you enjoy life a little bit more without having to sacrifice everything.
Ways to Increase Your Income as a Student
Even if it’s only a few hours per week, topping up your money with a side gig or part time job can help keep your head above water whilst you’re studying. Whether it’s a simple barista or waiting job at the weekends, a part time retail job when you’re not in lessons or even something on campus can help not only get you more money, it can also help you learn life skills early on. Want more control over your schedule? Try a side hustle or freelance in your chosen studying field to level up your craft outside of lessons and build a portfolio early.
Avoiding Common Spending Pitfalls and Debt Traps
Overspending, living beyond your means and not putting money aside can all drain your finances quicker than you planned. While you want to enjoy life as a student, be conscious of your spending and don’t fall into the habit of endlessly spending.
What to Do If Your Student Finance Isn’t Enough
If you find yourself constantly going over your limit, budget as soon as you can. The sooner you catch it the sooner you can make changes to help reign in your spending. If you’re pushed to the limit, additional sources of income like a second job can make all the difference.
How TSEG Can Help With Student Bill Payments
When you’re trying to experience the world, learn your chosen craft and enjoy student life to the fullest, nothing can dampen the experience quite like bill woes and uncomfortable conversations with your new housemates. With TSEG, you can take the stress out of your monthly outgoings by bundling all your utility costs into one simple payment to make life that bit easier.
No nagging each other, no difficult conversations, just peace of mind and simplicity. Plus, for every sign up we’ll plant a tree! Got any questions? Get in touch, we’d love to hear from you.
