By Daniel Hunter

Students are being warned to be careful and budget rather than splurging their newly acquired maintenance loan, if they want it to last the whole term.

VoucherCodes.co.uk has found that students manage to spend their entire maintenance loan in less than two months on average. With the new term lasting 13 weeks, this leaves them with over a month to go without any cash.

The survey discovered Londoners manage to squeeze their budget the best, making it last just over two months while those based at institutions in the North East of England splash the cash the most, with their loan lasting just six weeks.

Outside of tuition fees, student expenses tally up to an average of £475 a month, with female students (£483) spending more than their male counterparts (£464).

Students in the South East of England spend the most in a month (£531), £55 more than the UK average, while Yorkshire and Humberside academics are the thriftiest (£464).

Excluding rent, students spend most of their dosh on grocery shopping and alcohol, with the cost of books coming in third after a large gap.

“Students should make the most of their time at uni and enjoy themselves but it’s important they do not get carried away and live beyond their means,” said Anita Naik, lifestyle editor of VoucherCodes.co.uk.

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