How to Spend Your Student Loan | Personal Finance World

So for many of you, moving away to university is the first opportunity you will have had to be fully independent. As exciting as this seems, it is also important to point out that it will also be the first time you will have had to manage your finances alone.When you receive your student loan, it may appear that you have lots of spare cash to spend on whatever you want. However, having the strong determination to not feed your temptation to go on a shopping spree is an excellent start to conserving your money.

During your first few weeks at university, there will doubtless be plenty of alcohol fueled parties to attend and meet new people at. Be careful that you don?t blow your whole terms budget in these initial weeks before you even begin to attend lectures. If you do, you will be left eating the leftovers of other people?s dinner plates for the rest of term.

Here is how you can spend wisely but still enjoy being a student:

What Accommodation to Choose

At most universities there will be a range of accommodation on offer, student halls, off-campus and private shared housing etc. It may be very tempting to opt of the top-of-the range accommodation with en-suite and Wi-Fi features but this will all come at a cost. In order to allow you enough loan left for general living, it might be a better idea to opt for a less fancy pad. Rooms with shared facilities can prove much cheaper. Better still, accommodation slightly off-campus can really provide you with good savings on rent.

What About my Transport?

Bus passes and rail cards can provide you with quite large discounts on your travel ? especially if you plan to travel home on weekends. For travel to and from your lectures, bring a bicycle from home or invest in a second hand one. Make sure you have a good padlock though. Another alternative is to find someone who is at university during the same times as you and car share. Contributing a small amount to petrol can save you quite a bit on public transport.

I Need Software

Usually one of the single most expensive commodities of student life. It is crucial that students have the right software to aid them with their studies. Although it is usually a very expensive necessity, software for pupils does not have to be. There are a number of online student software stores that provide up to 90% discount on packages such as Microsoft Office Professional Plus 2010 that are perfect for studying at university.

As long as you always bear in mind that whatever you borrow, at some point along the line, you will have to pay back. The best attitude to adopt is this ? the less you borrow, the less you owe!

Source: http://personalfinanceworld-neil.blogspot.com/2012/02/how-to-spend-your-student-loan.html

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