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How to make your loan last

By FLsm 24 Jan 2020

January is a difficult month for anyone to get through financially after the Christmas indulgence but after the loan’s been dropped and you’ve paid for your accommodation, you’ll find that you'll only have a certain amount of money to get you through the coming months. You’ll need to consider creating a budget spreadsheet and work out what to spend on food, clothes, items for university and also for those all important nights out. 

Keep track of your spending

The best way to keep track of what your spending and how to portion your money out is keeping tabs on what you’re spending. There’s plenty of ways you can do this. From creating a budget spreadsheet or a budgeting book you can easily note down all of your expenditure. Although, it is a bit of a shock to the system when you discover what you’re really spending and where it’s going.  

One good way of keeping your finances in check is to figure out how many weeks you’re loan has to cover you for and then divide each your money out based on this. So think about how much a food shop costs each week and put that money aside. Then for nights out, withdraw cash at the beginning of the week and stick to this. Don’t bring your cards out on a night out too. No-one wants to wake up to a £50 Jager bill! 


If you want to go out and enjoy yourself but have realised that you’re loan isn’t going to stretch to a night out, think about getting your flatmates together for a games night or a film night. You can even book out the cinema room in Godiva Place and Bishop Gate if you live in these halls. Grab some munch and kick back and relax. That’ll save yourself a tenner on the cinema! 

Think about the things you can do for free in Coventry. Whether that’s going to popping along to a book club at Fargo Village or discovering some of the walks around Coventry and Warwickshire, there’s plenty of ways you can broaden and quieten your mind and also get fit for free. 


If you still want some treats such as clothes, trawl some of the vintage shops in Coventry and Kenilworth for a must have item that you can team up with your current wardrobe. If you want some new clothes and can’t quite afford an ASOS overhaul, why not check out the ResLife team’s clothing swap shop that’s started today! There will be plenty of clothes coming round to the halls and you may find yourself some vintage gems. Who doesn’t love a cheeky bargain?


If you also want some inspiration on some meals to make on a budget, check out our blog next Tuesday on some tips for making some winter warmer meals. 

Paying your rent

If you are struggling to make your loan last and make payments for your accommodation, you can come along to the debt surgery taking place in University halls. Meet with our finance officers to talk through the options available to you. Events are taking place in halls below. 

6th February 11am-3pm Priory Hall 

13th February 11am-3pm Godiva Place

20th February 11am-3pm Bishop Gate

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