5 Things to Do Now Before Your Loan Disappears
It’s been a couple of weeks since student loan payments landed, and if your bank balance is already looking a bit lighter - don’t panic. Whether you've treated yourself a little or splurged more than expected, it’s not too late to take control. Before things get too tight, here are 5 smart steps to help you manage what’s left and avoid financial stress later.
1. Revisit (or Make) Your Budget
If you haven’t made a budget yet (or abandoned it after Week 1!) now’s the time to revisit it. Add up what’s left of your loan, any job income, and list out your essential expenses for the rest of the term. Break it down weekly or monthly to see how much you can safely spend without running dry.
💡 Tip: Use free budgeting apps, or even a Google Sheet to work out exactly where your money is going. The Student Money Manual is a great resource and budgeting tool to help prevent those “where did it all go?” moments.
2. Check What Still Needs Paying
Rent and bills are your non-negotiables. Make sure you’re marking their due dates on your calendar or phone so you don’t miss them. Knowing these dates also helps you plan the rest of your spending around what you have to pay first.
💡Tip: If you can, set up direct debits. Set up direct debits where possible. It saves time, avoids late fees, and protects your credit score
3. Cover the Essentials First
If you've already dipped into your loan for non-essentials, it’s time to make sure the basics are covered. Food, travel, study supplies, toiletries - these come first. Think ahead to what you’ll need over the next month or so.
💡 Tip: Do a “weekly essentials check-in” to keep track of recurring costs - things like bus fares and meal deals add up fast!
4. Start (or Top Up) Your Emergency Fund
It’s easy to put off saving for emergencies, especially when your loan just came in - but even £10 or £20 set aside now can make a difference. If you’ve already spent more than you planned, challenge yourself to save just a little each week going forward.
💡Tip: Use “savings pots” or “vaults” in your banking app to separate this money from your day-to-day spending. That way, it’s easy to access only when you need it.
5. Be Wary of Buy-Now-Pay-Later Offers
Buy-now-pay-later (BNPL) deals like Klarna or Clearpay might seem tempting, especially when cash is tight, but they can quickly spiral out of control with interest and fees. Try to avoid these traps altogether. If you can’t pay upfront, it’s better to save and buy later than fall into a debt cycle that’s hard to escape.
💡Tip: If you can’t afford it now, wait. Saving up for something often makes you appreciate it more - and sometimes you’ll realise you didn’t need it after all.
Your student loan is there to help you get through uni without financial stress, but only if you manage it wisely. Take the time now to budget, prioritise, and plan ahead - your future self will thank you!
Need extra support?
If you’re struggling or just want to feel more in control of your money, visit our Cost of Living webpages for services, tools, and resources designed to help you. From budgeting advice to hardship funds, there’s support available - don’t wait until things get overwhelming.
