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Top tips on saving your student loan

Money management can be tough, especially when you’re on a small student budget. But choosing between having fun with your friends or paying monthly bills can now be a thing of the past.

We’ve compiled a list of top money saving ideas for students. From creating a monthly budget to planning your trips in advance, we’ve got you covered!

Create a Budget

Creating a student budget is a great place to start managing your money. Once you’re able to clearly see the amounts coming in and out of your account you’ll be able to assign a budget to different areas of your spending such as groceries, nights out and travel.

As your student loan is received in lump sums throughout the year, a budget helps you to see the exact amount you will have each month, helping you to avoid getting into debt.

Student Discount

Make sure you take advantage of the great student discount offers available. There are a range of websites that showcase student offers including Student Beans and Unidays, whilst other places will just ask to see your student ID, if you’re not sure then always ask so you don’t miss out!

Lots of shops, restaurants and brands provide student discounts and some regional shopping centres offer students specific days to shop during Freshers Week with a huge range of great deals and discounts – make sure you do your research on your university town.

Switch and Save

Another money saving idea is to switch your favourite branded items for cheaper alternatives, especially during your weekly grocery shop. Branded goods can be much more expensive, whilst own brand products can sometimes be healthier as well as cheaper.

Make sure to check your quarterly and monthly household bills such as gas, electric and water to make sure you’re getting the best deals to suit your household budget. Many utilities companies are set-up to incentivise switching your provider often so there’s nearly always a better deal to be had.

Savvy Savings

Allocate a small amount of savings in your monthly budget, this can make paying for unexpected costs like gig tickets or group holidays less stressful. It is recommended to save around 5-10% of your income each month, however on a student budget this can be much lower.

Student living is all about life on the bright side and should be full of exploration, discovery and new experiences – so make sure you set a little aside to indulge.

Plan Ahead

Planning far in advance can be an easy way to save money. Booking train tickets 12 weeks early offers a fantastic discount on what could otherwise be expensive visits home, while finding your student accommodation early also allows you to secure some of the best deals and the nicest houses.

Sign up to a Rise account to take advantage of our reward offers and simple money management tools.