I once knew a guy who, when his loan dropped, instead of paying his rent to his halls, he ordered a widescreen plasma-screen TV which got delivered to his halls and it’s fair to say it was a bit of a sticky situation. To save this kind of scenario from happening to you we’ve decided to share some tips about how to manage your first student loan drop.

Pay for the stuff you HAVE to first

It’s easy to see that money drop in your account and go crazy with spending Tom Haverford Donna Meagle style:

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BUT, you will regret all those decisions when you’ve got swag for days but you’re having to steal your flatmates chicken nuggets out the freezer, and lying about it. So first things first, make a list of all the things you HAVE to buy and get them sorted as soon as possible. Things like paying your rent, any house bills, your phone bill and any other regular expenditures you might have.

Make a budget

This might sound like one of the most boring things you’ve ever done but if can work out what you’re spending on what, and when, it could help you out infinitely. Things like putting aside £30 for your supermarket shop for the week before your next loan drop comes in will save you in the long run (and leave out aforementioned chicken nugget stealing.) Make yourself a simple spreadsheet on excel or google sheets or whatever you use and get your money in order.

Here is a budgeting template you can use.

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Decide on your priorities

No matter how much you budget, you’ll have things come up that you’ll have to decide between. Do you really want to chip in for a flat PlayStation? Or would you rather go for a fancy dinner for your new mates bday? Decide from the get-go what you want to prioritise so you won’t find yourself in a sticky situation!

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And of course....

Use your UNiDAYS discount when buying anything!

From food and buying accessories for your laptop to booking your train tickets home and your latest pair of sneakers!

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