The Student Handbook: How to stretch your student loan further

So your student loan dropped, you grab a late night takeaway, splurged on that extra shot of coffee, and maybe went a tad too far at freshers week. No judgement here - with society sign-ups, club nights, and decorating your new room, who can blame you.

Now we're in week 4 of uni and your bank balance already feels like a jumpscare. In this blog we will be sharing cost-saving hacks, cheap meal ideas, and ways The Union can help you out!

Budget Planning Hacks

We all know how easy it is to see the endless pot of money that enters your bank when the student loan drops and immediately want to buy everything on your wishlist. Unfortunately, this approach will lead to you living on soup daily if we don’t put in some budget planning systems. 

Start off by working out how much your rent costs - think about if you have to pay utilities separately, and if your maintenance loan covers this (more on that later if it doesn’t!). After this, create a weekly food budget for yourself that allows you to feel fuelled and nourished for uni. Despite the importance of budgeting for the essentials, plan ways to treat yourself. Whether this looks like going on a shopping trip (utilise that student discount!), a night out (top tip… most clubs offer cheap or free entry if you arrive early), or simply by joining us for one of our affordable Union Events, make sure you are taking time for yourself to have a proper uni-life balance!

Fuelling Your Body (Without Emptying Your Bank)

If your first few weeks have looked like ready meals and instant noodles it might be the time to expand your pallet. 

A really helpful guidance to follow is buying 20 items in your food shop that match up with the food groups, alongside extra flavours to ensure your food isn’t bland! When creating your shopping list you would pick: 

• 4 Proteins 
• 3 Carbs
• 8 Fruit and Vegetables 
• 5 Flavours

By doing this it will help keep your weekly costs down and over time your carbs and flavour builders will add up meaning you’ll have more options without having to spend more money each week. 

An example food shop with meals could be: 

4 Proteins: Chicken, beef mince, eggs, ham (or vegan options such as tofu)

3 Carbs: Pasta, bread, oats

8 Fruit and Vegetables: Frozen raspberries, bananas, apples, tinned tomatoes, carrots, pepper, onion, cherry tomatoes

5 Flavours: Garlic, tomato puree, parmesan, pesto, honey  

For your first food shop you would also want to get the essentials like salt, pepper, olive oil and butter and replace these when necessary. You may also want to buy extra bits like crisps and chocolate, but sticking mainly to this method will help keep your food bill and food waste to a minimum. 

Don’t forget you can interchange these meals based on dietary requirements, for example, if you are vegan using tofu as a source of protein! 

When shopping at your local supermarkets remember to sign up to their loyalty schemes- this gives you the chance to earn points and save money! 

Budget-Friendly Ways to Treat Yourself 

As a student, it’s important to ensure that you maintain a great balance between uni work and taking time out for yourself. This could be either taking self-care time alone or spending time with friends. Here’s some ideas for your treats for the week!

• Union events! The Union has a variety of affordable events - from Book Bedazzling to Paint and Sips, The Union has something for everyone - with most tickets costing less than £5 and some free events too! 
• Shopping! Now this may not seem like an affordable activity, but with student discounts, there are plenty of ways to have retail therapy without breaking the bank. Want to make a full day of it with friends without spending a fortune? Pair your shopping trip with a catch-up at the terrace cafe for affordable coffee and food!

Now, if your budget is looking like it can stretch a little bit further by the end of the month, you could also treat yourself to a takeaway! Domino’s has a variety of offers for students, including any size pizza for £9.99 on Mondays, have it for yourself, or share the price with a friend.

Remember, taking time for yourself doesn’t have to be a paid activity. You can take time in the local area- whether that be taking a walk down Southsea beachfront or taking a breather in Victoria Park, there are plenty of opportunities to connect with nature in the local area. 

Still Stuck?

Many students at University struggle with finances, with many gaining work in the local area. You can seek more help and advice from the Careers and Employability team through the University based at Rosalind Franklin East who are happy for you to drop by for a chat on all things CV and job advice. They are also hosting a Careers and Placement fair on Tuesday 20th October 11am-3pm at Ravelin Sports Centre!

Remember, The Union offers an Advice Service offering confidential and non-judgemental support relating to academic and university issues. The friendly team is based in The Union building and are also available to call at 023 9284 3478 or email advice@upsu.net to access the service wherever you are! 

Budgeting is a learning curve that every student navigates at their own pace, but with a simple budget in place, a few easy go-to meals, and taking advantage of all the student discounts and Union support available, you can enjoy your time at Pompey without the constant bank balance anxiety.