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Student Budget Advice

Amanda Cheng Student Life

Students usually get their loans in three lump sums, which help with rent and expenses. Before getting your student loan, you should budget so that everything goes smoothly and you won’t find yourself without money 3 weeks after getting your student loan!

I personally know a few people who didn’t budget and let’s just say that there was a lot of hassle when they had to manage the remaining money they had before their next loan came in.

List out things that you are going to pay using your loan. Things such as rent, bills (gas and electricity or phone bills), groceries or just necessities in general. You can make a physical list if it helps, maybe on an excel sheet and list out categories and the amount of money going into them weekly or monthly. This will help you budget and if you have any extra money from your loan, you can save that up for emergencies or leisure.

Avoid spending money spontaneously. I know many people who spend their student loan on unnecessary things as soon as their student loan comes in. They go on a whim and go on a shopping spree or eat out at expensive restaurants. You can do this if you have extra remaining from your loan after paying off whatever needs paid first. If you spend on things you don’t really need and have to use money from your next loan to pay things off, it will throw you off budget in the long wrong which will cause you even more hassle.

The main point is to prioritise correctly and think carefully when you budget. You don’t want to run out of money for food or for living necessities while still having a long while before your next loan comes in!

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