National Student Money Week – Becoming financially fit as a Student:

(Credit – ‘Alexander Grey’ at Unsplash)

For many students like me, starting university comes with a feeling of being lost in a  money maze – how much do I need to budget each week? What am I going to be spending money on? Is my student loan going to be enough to live off? These are common questions that most students find themselves asking at one point or another Let’s break it down together! 

Financial fitness isn’t only about keeping a count on what you have and what you spend. It’s about being confident in managing your personal finances and achieving long-term stability and security. I’ve broken down what financial fitness is to me into three key concepts to help keep you on track. 

Budgeting  

Crafting a realistic budget that suits your style and preferences is the first step. It might be difficult if you are just heading off to uni, as you might not have a full grasp of everything you’ll be spending money on just yet. KCL Student support services [insert link here] have some great articles on things you’ll probably be spending money on, such as food and transport (and bills if you’re living somewhere without them being included!). 

There’s no one size fits all way to budget your money, everybody is different and there are a bunch of different tools to show your ingoing and outgoing spending! I like to use an excel sheet (there are loads of set templates out on the internet!) but have been increasingly using smart online banking apps such as Monzo to give me a quick breakdown of where the money I’m spending is going, for example, ‘social’, ‘food’, ‘bills’ and ‘transport’. 

Blackbullion has been a fantastic website for me to learn how to budget, they have courses and articles on a ton of different relevant ways to budget, save and invest your money! 

Saving  

Spending money is great fun, but when it runs out and you start going into your overdraft it can start to become really stressful. Making sure you have enough money for essentials such as food and rent and then knowing how much you have left over to save/ spend is a crucial part of managing your money.  

The way I save a lot of my money is by going to cheaper supermarkets such as Lidl or Aldi instead of fancier (and more expensive!) shops like Marks&Spencer. I also like to buy in bulk where you can make big savings, especially for proteins which are already very expensive. This of course, all depends on what shops are available to you nearby – it might be worth taking the bus or walking down to a larger/cheaper supermarket compared to going to your local cornershop, as these smaller shops actually tend to have higher prices and less choice available in comparison. 

Financial Literacy  

    I try to stay up to date on the important money related news. This doesn’t mean I have 5 screens in front of me always displaying stock markets and the FTSE 100 or anything, I just occasionally browse the news to see if there’s anything key I’ve missed out on. Having a grasp on financial world events might not seem that useful right now, but when you start  earning and want to properly invest your money for long-term growth, having an idea of historic financial trends will be really useful. 

    When I think about financial literacy as a student, I look more towards funding opportunities (bursaries, grants etc.), student discounts (Unidays, Blue Light Card) and other ways to make the most out of my money.  

    Being financially fit is a journey, not an end goal, and it doesn’t necessarily happen straightaway. Being in the mindset of constant learning and growth is one way in which you can help to create the best opportunities in your future. It’s all about discipline and commitment  

    All the links below are things I’ve used when starting my journey for financial literacy, and I really recommend checking them out. If you’re short on time, Blackbullion offers quick courses that are only a few minutes of the really key parts of managing your money! 

    Top tips on managing your money during your studies 

    Top tips on shopping as a student 

    What are the fees and funding options available for undergraduate study? 

    Samuel Landells
    King’s Student Money Mentor
    Part of Money & Housing Advice

    The King’s Student Money Mentors blog shares our students’ personal experiences and thoughts on money-related topics. Any reference, opinions or recommendations on a particular company/brand are only the views of the student(s) who wrote the blog post. King’s College London, the Money & Housing Advice service and the Money Mentor project do not share the views in the blogs nor endorse any of the companies mentioned. Readers should conduct their own research before using any companies mentioned in our blog posts. 

    https://www.blackbullion.com/library/categories/budgeting
    https://www.savethestudent.org/save-money
    https://www.savethestudent.org/student-finance

    National Student Money Week – Extra Support from King’s!

    (Credit – ‘Vasily Koloda’ at Unsplash)

    Hi there! I know that being a student at this time with the current cost-of-living crisis can be really difficult. There can be a lot of anxiety regarding how you might manage at university. At King’s College London, we are committed to supporting you through this and you’re not alone in this journey.  

    Whether you’re facing unexpected hardships or just need a little extra help to get by, KCL has got your back with a range of financial aid options. 

    What funding is available? 

    King’s Living Bursary:  

    This bursary is specifically for home fee students with a household income of £42,975 or less. This bursary aims to alleviate the day-to-day financial pressures of university life. The level of bursary you receive depends on your household income. You don’t need to apply for this bursary as eligible students will be automatically contacted by the King’s College Funding Team. 

    King’s Student Fund 

    Students receiving the King’s Living Bursary may also be eligible for the King’s Student Fund to provide further support. If you experience a sudden financial hardship or change in circumstances, you can apply for this fund to help pay your rent, bills or travel. King’s Student Fund is open to Home Students and you can receive up to £3,500.  

    King’s Hardship Fund: If you’re not receiving the King’s Living Bursary then this one’s for you. This fund is open to all home-fee students, including undergraduates, postgraduates, and those on an NHS funded year. Similarly to the King’s Student Fund, if you experience a sudden financial hardship or change in circumstances, you can apply for this. Make sure to get in touch and apply for this as soon as possible. If you’re successful, you could receive up to £3,500. 

    International Hardship Fund:  

    What about international students? This fund is available for any international or EU students experiencing financial hardship. You could receive up to £6,000 to support your finances. Note that to apply for this fund, students must have made provision for their studies but have experienced an unforeseen change of circumstances.  

     Kings Medical and Dental Fund: 

    The King’s Medical and Dental Fund provides financial support for undergraduate students in need of financial support who are Home, EU or international and on a Medical or Dental programme. If successful, you could receive anywhere from £250 to £5,000.  

    MBBS Conference Scheme:  

    Presenting any research you have undertaken is a great way to boost your portfolio. The drawback is that conferences are expensive. The MBBS Conference Scheme provides funding for medical students who wish to present their research at a conference. Students can receive funding ranging from £150 (for online conferences), to up to £1,300 (for worldwide conferences). Funding can be used to cover registration, travel and/or accommodation. Make sure to check the eligibility criteria on Keats before applying. 

    Broadening Horizons Award: 

    This funding opportunity is aimed at increasing the number of ‘widening participation students’ who can access mobility opportunities. Mobility opportunities can include term-time study abroad, work placements, summer exchange programmes and elective experiences all over the world. Applicants must be home-fee-paying undergraduate students who meet at least one of the eligibility criteria and who are completing an eligible activity. Click on the link for more information about the eligibility criteria.  

    External Opportunities: 

    Beyond the internal support here at King’s, there are also many external funding opportunities available. These cover everything from general financial support to specific placement funding or education grants.  

    Have a look at the funding hub on Blackbullion which has a list of several funding options for your course, just a click away! Scholarship hub is also a great rescource for checking for external opportunities.   

    Remember, you’re not alone 

    At King’s College London, we believe that financial barriers should not prevent anyone from achieving their goals. The links below explain funding in more detail. As always, King’s Money and Housing team is available for support and further advice if needed.  

    What loans, grants or scholarships can I get from King’s? 

    I’m having money difficulties, where can I find support? 

    Hardship Funds 

    I’m an International student, what financial support can I access? 

    What are the fees and funding options available for undergraduate study? 

    What funding is available for students on a work placement? 

    What education grants are available to help me? 

    What funding is available for postgraduate studies? 

    What funding opportunities are available to me? 

    If you have any more questions, please don’t hesitate to contact the Money Mentors or the Specialist Advisors in the Money & Housing Advice team.

    Aanchal Raina
    King’s Student Money Mentor
    Part of Money & Housing Advice

    The King’s Student Money Mentors blog shares our students’ personal experiences and thoughts on money-related topics. Any reference, opinions or recommendations on a particular company/brand are only the views of the student(s) who wrote the blog post. King’s College London, the Money & Housing Advice service and the Money Mentor project do not share the views in the blogs nor endorse any of the companies mentioned. Readers should conduct their own research before using any companies mentioned in our blog posts. 

    National Student Money Week – Money on your Mind:

    (Credit – ‘Viacheslav Bublyk’ on Unsplash)

    I know what it’s like to feel anxious about money when you really need to pay attention to your studies.. The fact is, studying in university is hard, but worrying about money makes it a lot harder. In such moments of worry it’s easy to forget that you’re not alone, and that lots of other students are experiencing similar thoughts, but don’t worry, as one of the King’s Student Money Mentors, I’ve compiled some useful links and advice on dealing with financial anxiety and its causes for you in this blog, so read on… 🙂 

    Seeking help  

    First, it is important to notice when your worry turns into full-fledged anxiety. If you are struggling with day-to-day tasks, sleeping, or staying focused in class because of money troubles, it might be time to consider asking for help. Luckily, King’s cares a lot about its students’ well-being. It provides us with a free counseling service  Counselling & Mental Health Support | King’s College London (kcl.ac.uk), and you can also turn to the  King’s Faculty Wellbeing Advisors  when you feel like you’re struggling and could use some extra support. You can read more about them and other types of wellbeing support King’s provides in the following articles:  

    In addition to thinking about your mental health and wellbeing, we have compiled some further adcise which we hope is a help: 

    Paying for education  

    Dealing with financial anxiety also involves resolving the root of the issue – for many, it is the struggle of paying for their studies. If you worried about your finances  take a look at the bursaries, scholarships and hardship funds that KCL offers. You can find more detailed information about them, as well as external opportunities in the following link:  

    It’s also worth taking a look at the Student Services Online platform, which allows you to look up any question you might be worried about by typing it into a search bar. And chances are, you probably aren’t the only one asking about it, so it will have an answer!  

    Finding/paying for accommodation  

    Being a student in London, which is arguably one of the most expensive cities in the world, puts another heavy burden on us – accommodation! It’s hard to find and even harder to afford, but King’s is here to help – our Money and Housing team is FANTASTIC! Seriously, I couldn’t give them enough credit. When I needed help with finding affordable accommodation for a short stay, I filled in a form on their website King’s College London – Accessing our services (kcl.ac.uk) . They reached back to me only a couple of days later with a huge list of helpful links and advice on finding one. If you’re struggling with finding accommodation, paying for one, or you have worries with your landlord, give this amazing service a shot!  

    Budgeting 

    Learning to budget is an important life skill and can help when money is tight as a student. Have a read of KA-01675  · Student Services Online (kcl.ac.uk) If you have any further questions about budgeting please do reach out oto the Money and Housing Team. 

    Having fun  

    Lastly, it is important to remember that a big part of our university experience, especially since we study in London, is the fun things that it offers. There are plenty of great and entertaining things to do around the city. In today’s blog post, I won’t go too much into detail on them, here are some useful links that do, including one of our previous blogs on this topic:  

    I know money problems can be difficult to manage and hard to think about, but I hope this blog has helped you to start navigating  ways to ease the worries you might have. If you feel that you would benefit from some more help right now, fill in the previously mentioned Money and Housing team form, and they will get back to you with personalised advice 😊 

    Amaliia Popova

    King’s Student Money Mentor
    Part of Money & Housing Advice

    The King’s Student Money Mentors blog shares our students’ personal experiences and thoughts on money-related topics. Any reference, opinions or recommendations on a particular company/brand are only the views of the student(s) who wrote the blog post. King’s College London, the Money & Housing Advice service and the Money Mentor project do not share the views in the blogs nor endorse any of the companies mentioned. Readers should conduct their own research before using any companies mentioned in our blog posts.