You will spend your entire loan in 52 days
Precious loans will last less than two months leaving you broke way before Christmas.
They’re designed to last the entire semester, but we’ll be left short by the end of term according to a new study.
Vouchercloud.com reported that during a fresher’s first semester, their student loan will last just 52 days.
Almost a quarter blew their loan on alcohol, and other non-essentials like fancy dress, takeaways, new clothes and decorations for their rooms.
Researchers asked hundreds of second years whether their loan lasted the entire year, and 93 per cent admitted it wasn’t even close.
But a surprising 72 per cent claimed they wouldn’t spend the same amount on alcohol this year.
Chris Johnson of vouchercloud.com said: “It’s ludicrous that students are spending a quarter of their loan on alcohol during Fresher’s Week, yet the other three quarters of the student loan has to last for roughly three months.
“It’s never a bad thing to learn some good practises when it comes to money, such as budgeting, using savings accounts, or even just being a bit frugal and purchasing own-brand items of instead of luxury brands.
“Small changes could save you a lot of money in the long run.”
Third year York Philosophy student James Faulkner drunkenly spent £130 on a bow and arrows online after a night out.
After blowing his loan in one of the weirdest ways, James proudly described his arrows as being “tipped with razor blades”.
He added: “I also managed to spend £700 in Fresher’ Week alone.”
But his blowing of cash isn’t just a bad drunken habit, in the past he has spent over £50 on comics a month and invested £200 into Warhammer.
He said: “It’s not easy having expensive hobbies and a girlfriend…I have to work plenty of hours to find it all.”
Belfast grad Roisin Lanigan decided to spend her entire loan on a pug in her second year.
She said: “When, casually looking through the cute puppies on Gumtree, I spotted a tiny fat little pug and fell in love.”
Although she was judged at first for spending £600 on a pug, she says that her friends and family have softened up when they got to come to hers and play with the cute puppy between lectures.