5 things to remember when the student loan drops
It can be wild having over a grand – sometimes WELL over a grand, depending on which student loan you get – put in your account in one go. It can be tempting to go out and buy a new wardrobe and book a holiday to Ibiza, but here are some things you have to keep in mind when the loan comes in.
Please, for the love of God, do not forget you have to pay rent. This will be the main source of your outgoing money at uni, so always keep enough money in your account to pay your rent.
Buying food for yourself for the first time can be weird. It’s surprisingly common to not really know how much stuff costs, and for the first few weeks, your weekly food budget will likely shift until you suss out what you want to eat and once you’ve bought the cooking essentials.
But you really shouldn’t end up eating just Doritos for weeks on end, so prioritise food when you get your student loan!
Societies cost money to join, something I didn’t anticipate when I first came to uni. While most will average out at around £10, some will be more costly, depending on how expensive it is for that society to run.
Be prepared to part with a small – but still noticeable – part of your budget if you’re planning on joining any societies.
Going out every night, getting an obligatory flat takeaway, joining three societies, and buying a whole new neon outfit for a Freshers’ neon rave takes its toll on your wallet. While it’s fair to loosen your purse strings a little in the first week, make sure you budget your loan accordingly to make up for this over the rest of the semester. Especially if halfway through semester you wanna buy those amazing kicks.
Don’t forget to regularly check your bank account to be on top of your typical monthly expenses.