How To Make Your Loan Last Until January

Times are super tough right now. Let's help you stretch your budget until the next loan drop.

Christmas, parties, hearty foods, presents…it's the season for celebrating and in most cases, spending.

Everyone is seriously feeling the financial squeeze right now, which isn't helped with the on-going cost of living crisis, and one of the toughest winters in the UK yet.

With these things in mind, we thought it would be a good idea to help you guys stretch what's left in your student budget. We know things aren't easy, but we hope these tips help until the next loan drop.

So without further ado, here's how to make your student loan last from now until you're paid.

Make a (realistic) savings pot

Students? Savings? The two words aren't often synonymous and we get that, especially with how tough things have been lately.

But it's a well-known trick to have a tiny pot of spare cash, if you can. One simple way of making a realistic savings pot as a student, is to round up any purchases you make to the nearest pound, or penny, if things are super tough.

For example, if you spend £1.49 on an item, pop a penny in a jar or savings account. If you can afford to, pop 51p in instead. While these amounts seem absolutely minuscule, over time, they're going to make a difference. 

Spend-free socialising

If you're a social butterfly but are seriously struggling with cash right now, don't deprive yourself of time with your pals. Make it a point to have a spend-free outing or a night in. Find free events in your local area (such as wandering around the Christmas markets), or host a film night in your student room.

No gifting

If you can't afford gifts this year, make a point of saying so. We understand that this is quite upsetting, especially for those who really wanted to gift some things they had in mind. Unfortunately, with the current crisis, students especially need to save every penny they have. 

If you really want to get gifts and can afford to do so, be sure to put a maximum cap on your spending, and shorten your list to close friends and family.

Check your points

Do you use a clubcard or the like? If you haven't checked how many points you've racked up lately, now might be the time to so. If you're a regular shopper at supermarkets that reward with loyalty points, you might have just enough to get a gift or two for someone close.

Use student discounts

You're entitled to many discounts as a student, for free too. So take advantage while you can.

If an item you want to get is exceeding your budget, sign up to Student Beans and search our site for exclusive student discounts. We offer fashion student deals, tech student discounts, student food deals and much more. You can use our search bar to look up the brand you're buying from to see what offers are running too!

Have a no-spend challenge

Whether it's a couple of days to all the days leading up to the next loan drop, make it a point to not spend any cash (except for necessities like food and existing bills). You'd be surprised how much you can save at the end of your challenge. Plus, by gamifying the process of saving, it'll help this holiday season feel a little less bleak and more motivating instead.

Still struggling?

If these tips are still leaving you with too many days in the month that outweigh what's left in the bank, here are some more tips to keep in mind.

Be wary of Buy Now Pay Later and credit

A fifth of young Brits are turning to credit cards and loans to support their income, according to our cost of living report. Our survey also found 14% of 18-to-24-year-olds have started to use a credit card, reporting feelings of stress (72%), anxiety (68%) and depression (39%) about the current economic situation. 

We can't stress how much we understand the thoughts that go behind making these decisions. We aren't in a position to advise on things like this, but we want to make you aware of the impact this could have if you can't afford to pay back what you owe.

Meal prep

Preparing meals in advance and storing them in the fridge or freezer will curb you from unnecessary spend on takeaways when you can't afford them. If getting to a supermarket in this cold weather is proving a struggle, check out the cheapest online supermarkets for delivery we wrote about.

Check out what's free on campus

You can get free meals at universities around the country. While some aren't partaking in additional support during the cost of living crisis (at least not openly), speak to your student rep or university about any initiatives going on.

We hope these bits of advice will help stretch your student loan. If you're struggling financially despite these tips, please speak to your university to see how they can further help support you during these difficult times.