Don’t let debt get the better of you this Christmas

As we look forward to the end of term, with Christmas and New Year just on the horizon, perhaps one of the last things we consider is our finances. This article may come across a little Scrooge-like, but bear with me; the intention is to try and help you stretch out what’s left of your student loan into January.

Something that is often not considered when leaving at the end of this first semester is that, whilst you may have survived the semester on your first student loan payment, you still have another month’s rent to pay at the start of January before your next instalment from the Student Loans Company comes through. This is a significant chunk of money that is often not accounted for in our first student loan payment.

The stress and uncertainty of debt can be incredibly distracting and damaging to your course performance- I can tell you that one from personal experience. I’m sure many of you will be picking up work over the break, and keeping the funds topped up this way; for those who aren’t, keeping tabs on where you’re sitting financially, and a little budgeting and foresight as to what’s you’ll have to be paying out on over the coming month can make a huge difference.

There are other steps you can take to curb ‘hidden’ spending, you might not realise the extent to which you’re spending, such as with Christmas presents; a good way to keep on top of this is not to rely on your credit/debit card to buy presents, but to do so with cash, being strict with yourself on just how much you can afford to spend.

This isn’t to say you should spend your break worrying about money, but being aware of where you’re sitting with funding can be really beneficial.  If you need someone to talk to when it comes to budgeting & finances, either feel free to pop into the Union to see myself, or for free advice from our campus experts- pop in to see the Student Advice team. We’ll all still be here after term ends, and long before term starts again; and we’re all here to help, so don’t be afraid to ask.

Have a fantastic break!