STUDENT LOAN with Jake Butler Struggling with money? You’re not alone! We speak to students about their biggest money confessions and get the lowdown from Save the Student director Jake Butler on his tips and tricks on how to make the best out of your student loan. What are your tips on spending your student loan wisely? “It depends what you're spending your loan on but one of my favourite mottos is to never pay full price for anything. Whether you need to haggle, use a code or wait until something goes on sale, you can always get things for a discount. Another of my favourites is to sleep on big purchases. If you're tempted by a nice coat don't buy it straight away. Give it 2-3 days and if you still want it then you know it's for you. I still use this tactic now and don't end up buying over 50% off the things I thought I wanted. I guess when it comes to spending it's important to work out what's an essential purchase (eg. rent, bills, food) and what isn't (eg. clothes, socialising). This allows you to prioritise the essentials over the other spends.” What is the best way a student can budget their loan until the next reimbursement? “One of the best things you can do is remember that the loan is meant to last you a whole term. Having £3k hit your account can make an ASOS spree tempting but you're better to make sure the money lasts. [In terms of budgeting], go into as much or as little detail as you want but just make sure you have a note of all the things you're spending money on vs how much loan you've got each month/week. You can then decide between your needs and wants.” What is your opinion on students spending their student loan on luxuries? (e.g holidays, or a new laptop) “Students deserve to treat themselves and therefore I think some luxuries are ok. However, you need to make sure you can afford it. There are ways to get extremely cheap holidays or weekend breaks to Europe as well as deals on things like laptops. It does take a lot of time and research but when you don't have lots of disposable income you can use your time and re- search to give yourself the maximum savings so that you can afford luxuries. What I would definitely advise against though is spending money you don't have. If you're taking out a credit card or a loan to go on holiday you should think twice about whether it's a luxury you can afford. I'm not saying it's an easy decision but sometimes you have to be sensible so that you don't fall into a spiral of debt. 5 FINANCE