Currently, it’s thought that almost £20 billion is loaned out every single year to around 1.5 million students in England. What’s more, the value of outstanding loans at the end of March 2021 reached £141 billion, while this figure is expected to reach £560 billion by the middle of the century.
This suggests that many graduates don’t end up repaying their loans, but despite this, students face a tough time managing their finances and budgeting in the current economic climate. Fortunately, we’ve laid out some advice to help you on your way below.
#1. Review Your Income and Outgoings
This is one of the key facets of budgeting, as you need to estimate and review your income as a student in detail before making informed spending and budgetary plans.
This should include all incomes, from money proffered by parents and earned through student loans to any income generated by part-time work or scholarship agreements.
Once you’ve accurately gauged your total income, the next step is to estimate outgoings and your cumulative cost of living to determine a fixed level of disposable income each week or month. This will include rent (where applicable), food, bills and your mobile phone bill, along with money for recreational activities and socialising.
You can then confidently gauge your precise financial circumstances as a student, while considering whether you need any quick loans for students to boost your finances.
#2. Focus on Other Ways of Boosting Your Income
Aside from taking out short-term, unsecured loans, you could also look proactively as other methods of boosting your earnings.
Getting a part-time job (if you don’t already have one) is a good place to start, so long as this doesn’t impact too negatively on your studies or lecture schedule.
Other flexible methods of earning include tutoring or pet sitting, which can be done during the weekend and provide convenient streams of income. Similarly, those of you who are entrepreneurial may want to consider launching a low-cost business, which has the potential to be scaled further in the future.
If you have a viable and in-demand skill like copywriting or website design, you could also choose to market this as a freelancer online.
#3. Set Goals and Stay Focused
The key to boosting your finances and budgeting successfully as a student is consistency, and you’ll need to retain a clear mind and keen sense of discipline to achieve your objectives.
This can be helped by setting weekly or monthly financial goals, whether this equates to spending limits or reaching income milestones.
It’s crucial that your goals are carefully considered and manageable, while we’d also recommend that you set multiple objectives that run over the course of each year.
Ultimately, setting manageable goals over time can create a strong sense of focus among students, making it easier to maintain your discipline and make the most of your earned income.