Surviving Lockdown on a Budget

Nicola Jones on 15 April 2020
Tree growing out of pennies on white table.

Stuck at home with no job, rent payments mounting up and online deliveries burning a hole in your pocket, you’re probably counting the pennies right now.

With lockdown well underway, research from our opinion panel has shown that finances are high on the list of student worries. Still being charged rent on empty halls, losing out on tuition fees and the bank of mum and dad closing for business all mean that money has never been tighter. 

 “I would like more support for students who are being forced to pay rent (particularly those in halls), who have had to drop everything and leave. Many of us have lost our jobs and cannot afford to keep paying rent.” - Student Hut Opinion Panel

So here are some tips to help cut your outgoings, save money and stay sane during lockdown:

Don’t Panic

The Student Loan Company has confirmed that students will receive their maintenance loan payment as usual for the summer 2020 term, while some universities are stopping rent payments during lockdown. Phew. Check with your own university for more information.

Get Help

If you’re struggling to pay the rent or need advice on what benefits you might be entitled to, speak to your university advice service or Citizens Advice for help and information. Many universities also have a hardship fund which you can apply to if you need some extra cash for those building bills and expenses. 

Cut Down Your Bills

Cancel anything unnecessary (goodbye, lovely gym membership) - you can’t make use of it during lockdown anyway. Got a friend or relative with Netflix? Time to cancel your account and ask for that extra profile. And check your mobile phone deal - if you’re out of contract you could save yourself a fortune. 

Make a Few Extra £

Sell stuff on eBay, sign up for YouGov surveys and use cashback sites - it all adds up. You can even join our opinion panel and get a £10 Amazon voucher just for signing up. 

Nicola  Jones
Nicola Jones on 15 April 2020