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Student Survival Tips: Avoiding Financial Stress In University

UK university students are suffering from stress and anxiety as a result of the pressures of housing costs, according to the Save the Student study.

For many university students, getting through higher education means not only having to worry constantly about how to afford the rising tuition fees, but also paying for monthly expenses.

This can lead to ongoing stress, depression and anxiety, which can end up affecting your academic performance.

Luckily, there are various steps you can take to avoid financial stress so that you can focus on your studies.

1. Seek additional financing 

Getting a student maintenance loan or grant is the best way for you to kickstart the funding of your university education.

It's a great way to get the money you need to pay for all the expenses that come with a university education.

However, with costs soaring for university students, a student maintenance loan or grant will likely not be enough to cover all your needs.

This is where a private student loan comes in. Working with a private lender can get you the funds you need to live a comfortable life free from any kind of financial stress, and lenders now tailor packages to the needs of students. 

2. Make a budget and stick to it 

Once you know how much money you have to work with, you should come up with a carefully planned budget for the whole term.

List all the expected expenses and figure out how much you will need, when you'll need it, and where you will get it. However, having an awesome budget is useless if you don't stick with it.

Always check in with your financial self about how your spending looks to ensure that you stay on track and never find yourself short of cash when you need to meet expenses. 

3. Reduce your expenses 

You can lower the cost of your education by reducing your everyday expenses. For example, if you have a car, you don't need to drive it to university every day. You can leave it behind to cut out common expenses like fuel, parking fees and maintenance.

To make your rent more affordable, you can live further from campus or live with multiple roommates. To reduce food expenses, you can opt to cook your meals rather than eat out. 

University education can be expensive, but it is a necessary investment in your future.

By getting the funds you need, having a proper budget, and finding clever ways to cut costs, you can have a stress-free life at a university which sets you up perfectly for academic success.