Tips for managing your first student loan drop

I once knew someone who went on a huge shopping spree when their loan dropped instead of paying their rent… it’s fair to say it was a bit of a sticky situation. To save this kind of scenario from happening to you, check out some tips on managing your first student loan drop.

Sort everything you HAVE to pay for first

It’s easy to feel ✨wealthy✨ when you see that money drop in your account for the first time, but remember it’s not all for fun and games—sadly!

You’d regret spending it all when you’ve got ‘fits for days but have no money for food. So, make a list of all the things you HAVE to pay for and get them sorted as soon as possible. This will include paying your rent and bills plus any other regular expenditures you might have.

Make a budget

This might sound like one of the most boring things you’ve ever done, but having a solid budget means you’ve understood the assignment. Put some of your budget aside for your grocery shops, general bills and entertainment costs. Make yourself a simple spreadsheet on Excel or Google Sheets or download a snazzy budgeting app instead!

Decide on your priorities

No matter how much you budget, things will come up that you’ll have to decide between. Do you really want to chip in for a flat TV? Or would you rather go for a fancy dinner for your new mate's bday? Decide what you want to prioritise from the get-go so you won’t find yourself in a sticky situation!

Save a little

It’s always good to have some savings to fall back on, so you’re ready for anything. Save some money in a separate account or “pot” so you’re always covered.

Use your UNiDAYS discount when buying anything!

From food and buying accessories for your laptop to booking your train tickets home, remember to check out the incredible perks available via UNiDAYS.