How tempting is it to blow your student loan on everything and anything you’ve had your eye on, the second it hits your bank? Trust us, we know the feeling! That’s exactly why we’re here to give you the 411 on how to manage your student loan balance.
It’s always a good idea to set aside some of your loan for better days or unexpected costs, like those hideous textbooks you read for a semester and never again. There’s so many savings accounts out there and some of the best deals and offers are students. Make sure you check out the professionals, such as Martin Lewis, to guide you through this with ease.
But for now, we’re talking all things cooking, social events and capsule wardrobes. Keep scrolling below for some of our best tips and tricks so you can manage your student loan balance mindfully…
Get your apron on
You’d be amazed at how much 2+ takeaways a week costs you. Whether you’re bored, exhausted or potentially a little hungover, try to resist the temptation of always ordering in. Of course we wouldn’t blame you for treating yourself here and there, sometimes there’s nothing better than a cosy night in with a takeaway.
But, if you’re really serious about saving money this semester and managing your student loan balance, then it’s time to get your apron on and get yourself in the kitchen. Once you’re in the habit of food shopping and preparing your own meals, you’ll see for yourself how much you can save.
In is the new out
Our next tip on managing your student loan balance would be trying to resist the temptation of going out every single weekend - or more! There’s nothing wrong with skipping a night out for an early morning session in the gym, or even just sticking a movie on after a long week of studying.
Not only will your mind and body thank you for it but you can put aside the money you would’ve spent for something else. Rest is so important when you’re a student and we’re all guilty of not getting enough of it. Why not map out at least one weekend a month where you can completely reset and recover. Throw on your favourite Bo+Tee loungewear, run a hot bath and pull out your all time favourite magazine or book for the ultimate self-care day.
Staple pieces to last
We all love to stay on-trend with new, stylish outfits but did you know that there’s ways to achieve this without always shopping? Try to choose student essential pieces that were built to last, so you don’t end up with holes in your clothing after just 1 week.
At Bo+Tee we pride ourselves on premium quality fabrics that can be washed and worn time and time again. We have so many key wardrobe pieces to suit all styles so make sure you check out our newest collections, we’re sure there’ll be something you love!
If you need some more inspiration on how to style your capsule wardrobe then make sure you head over to our dedicated blog post. Here you’ll find the best tips and tricks, including how to create your capsule wardrobe and ways to wear it.
Paying back and managing your student loan
Saving aside some of your money can help your student loan balance seem a little less daunting. The good news is that you don’t start repaying your student finance until you’ve left university and earn over a certain amount of money.
If you’re on a plan 1 student loan then you’ll start your loan repayments after you earn £1,657 per month (before tax). If you’re on a plan 2 loan then you’ll start your repayments after you earn over £2,274 per month (before tax).