Changing Seasons and Currencies: What my Year  Abroad Taught Me About Money

Planting Pounds, Growing Dreams: Financial Tips for Studying Abroad

‘Wominjeka’ sign, which means ‘Welcome’ in the language of the Kulin nations
Photo taken by Hope Jeffcoat.

Australia – home to kangaroos, koalas, and endless sunshine! I dreamed of beautiful blue-sea beaches and white-sand deserts, new foods, hiking trails, and friends! My dream country!

Then reality struck: money existed, and my dreams were joined with spreadsheets and savings targets. Could I get funding and scholarships? Would I work there?  How much would I need to save? And would my financial position be a barrier to fitting in?

Studying abroad is an insanely awesome opportunity, but I had plenty financial questions and stresses that I wished I’d had more clarity on. That’s why I’m writing this blog series- so you can learn from my experiences, before, during, and after my year abroad.

This three-part series follows the seasons of my journey:

  • Spring: Pre-departure planning and prep
  • Summer: Stories and experiences from Down Under
  • Autumn: Post-year reflections and re-adjusting to London

So, without further ado, let’s get into spring!

Spring: The Needs vs Wants Framework

Every adventure starts with a season of preparation.Spring is the season for fresh starts- flowers begin to bloom, and birds begin to sing- ready for the colour, joy, and excitement of summer.

Planning my year abroad felt a lot like that. I knew there was adventure (and a lot of sun) ahead, but there was a whole lot of groundwork to do before any of that could happen. Flights, visas, accommodation, insurance – what did I need to book, and in what order?

They were exciting times, but also extremely overwhelming.

Treating my spring preparation not as one mammoth to-do list, but as an opportunity to prioritise really helped. Breaking it down into what I needed and what I wanted- and when- enabled my spring blossom with far less anxiety.

🌱The Roots: Understanding ‘Needs vs. Wants’

All good spring blooms need strong roots, and for me, that meant grounding my year-abroad plans in a needs vs. wants framework.

A need is something essential for your wellbeing, safety, or ability to live and study- things like accommodation and groceries. These are non-negotiables.

A want, however, adds enjoyment, and comfort – for me, that was house plants and meals out. These things weren’t needed, but I knew they would make my Year Abroad more memorable.

Of course it’s not always clear-cut. Take the gym, for example. Was it a need because it supports my mental health, or a want because I could technically exercise for free?

In London, I was lucky to have free access to a gym and worked out daily. In Melbourne, I held off on paying for a membership because it felt like an unnecessary expense. But after a few weeks of low motivation and mood, I joined – and it completely changed my experience. My well-being improved, I tried group classes, and I felt grounded again, helping me feel like me.

This taught me that the goal isn’t to eliminate every want, but to recognise which ones truly support your wellbeing.

It’s super important not to compare yourself to others, either. My need is the gym; yours might be nights out. None of these is right or wrong- just different. There’s no rulebook- just your own sense of balance.

🤔My 5 Tips for Sturdy Roots

  • Make a visual ‘needs vs. wants’ list: getting it out on paper clears your mind
  • Talk to other students: listen to their tips and mistakes
  • Leave a little treat fund: for fun and flexibility
  • Don’t fear change: Your priorities will change along the way
  • Use the King’s Student Money Mentors : They’re here to help!

🌸Going Back to My Roots

Though there were plenty of moments where I felt overwhelmed by the planning, saving, and getting everything right, the Money Mentors helped ground me.

The Money Mentors are there to provide you with budgeting tips and tricks in person and online, signpost you to other professional services, and make sure you become as money-savvy as possible

This blog has discussed the importance of preparation and explored the needs vs. wants framework. In the next spring blog, I’ll share personal stories and actionable tips to growing your own financial gardens through developing a positive growth mindset. Stay tuned.  

Hope Jeffcoat
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.  

When you stop being a student – NSMW 2026

I just graduated this year, and I remember thinking that finishing university would feel super dramatic. The graduation gown. New job. Adulthood.  

One day you’re a student, the next day you’re not, and suddenly letters, emails and pay slips start landing in your inbox that feel very… adult. 

Over the last few months since I graduated, I’ve been trying to understand all of this, which is why I wanted to share my experience. I know graduating and moving onto a completely new chapter of your life can feel daunting, so I hope this blog helps to bring some clarity. 

Student Loan repayments: 

Many people are under the assumption that as soon as you graduate, money will start leaving your bank account to pay towards your student loan. Repayments only start once you’re earning over the repayment threshold. Depending on what plan you’re on, these payment thresholds are different.  

Plan 1: £26,065 

Plan 2: £28,470 

Plan 5: £25,000 

Once your income goes above the threshold, your employer will automatically deduct the repayments through PAYE (Pay As You Earn) from your salary.  

Student Bank Accounts 

When I graduated, I assumed that the student bank account I opened in first year would just…stay the same. Once you graduate, most banks will eventually move you onto a graduate account. Depending on which bank you are with, this can mean there will be changes to interest-free overdraft etc., so this is something to be aware of. 

Council Tax 

As a student, you are exempt from paying Council Tax. Unfortunately, once you graduate, you lose this privilege. The exemption usually ends as soon as your course finishes, not when your actual graduation ceremony is. That small detail is important, as it’s easy to assume you’re covered until the end of summer. You’re often not. 

You should go to your local council’s website and register. This means setting up an account and telling them when your student status changes. This only takes around ten minutes but can save you a lot of unnecessary stress! 

Your first Graduate Pay slip 

Seeing your pay slip for the first time can feel overwhelming. There are many numbers and deductions there, e.g. National insurance, pension contributions, and student loan.   

What helps is breaking it down line by line and matching each deduction to each purpose. I found that on my first pay slip, the tax code was incorrect. This meant that I was being underpaid and overtaxed – I then contacted the payroll team at my workplace, who were able to assist me. You can always contact the payroll team at your place of employment for any questions you have regarding this. If you’re like me in the medical field, I’d strongly advise checking out the Instagram @medicsmoney, which helps to empower doctors to be more financially literate. 

Money Mentors are here to support you through this journey. Always feel free to message us with any questions, we are here for you! 😊 

Duaa Ali Faruqi 
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.  

Accessing Advice & Support at and beyond King’s – NSMW 2026

Recently, it’s been much harder for students to live on a tight budget – part-time jobs and budgeting can help, but recent rent and price rises have been so high that money can be a real source of worry. At King’s, we’re fortunate to have a Housing & Money Advice Service (and the Money Mentors!) who are here to show you where you can access support during and after your time at King’s. 

King’s Housing and Money Advice Service: 

While at King’s, you can arrange to speak to one of the specialist advisers at the Housing & Money Advice Service if you have queries or concerns about money management, accommodation – especially if it’s urgent (for example, you’re worried you’ve been the victim of a scam). They’re here to provide advice if you fall under financial hardship. 

Before getting in contact, check whether your questions have already been answered anywhere on the Student Services Fees, Funding and money advice page. If not, then you can arrange a consultation with an Adviser through this Registration Form. Alternatively, they offer telephone appointments or drop-in sessions; you can find out more on their page. 

Funding Opportunities by KCL: 

King’s College London offers various scholarships and bursaries for students needing extra financial support. Here are some of the main ones: 

King’s Hardship Fund 
This bursary is open to all home-fee students – undergraduate, postgraduate, and those on an NHS-funded year. If you experience a sudden hardship or change in financial circumstances, you can apply for this fund to help with your daily living expenses. The amount you receive depends on the severity of your situation but can be up to £3,500. 

King’s Living Bursary 
This bursary, intended for alleviating day-to-day expenses for home students with a household income of £42,875 or less. The amount you receive will depend on your household income, and this information can be found in the link above. You don’t need to apply for this bursary – if you’re eligible, the King’s College Funding team will have already contacted you about it near the start of the academic year. Although, if you’re eligible for the Living Bursary but the Funding Team haven’t yet reached out to you, it’s worth checking in with them – you can find their page here. 

King’s Student Fund 
If you’re receiving the King’s Living Bursary but go through an unforeseen change in financial circumstance, you might be eligible for this bursary to further aid your rent, bills, or travel costs. Like the Hardship Fund, the amount is judged on a case-by-case basis but can be up to £3,500. 

International Hardship Fund 
This bursary is open to international students who have experienced a sudden unforeseen financial hardship. The maximum amount for this fund is £6,000, but like the others, it depends on the severity of your situation.  

Other potential source of funding 

These are just a few of the opportunities available – have a look at the King’s Funding Opportunities page for the full list of bursaries, scholarships, studentships, and their eligibility requirements. There are also some useful articles listed here: 

Hardship Funds 

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

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

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

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

External funding:  

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

You can check out the Blackbullion Funding Hub for a list of different scholarships and bursaries, or, if you’re an international student, the Study UK scholarships page.  

Beyond King’s 

We’ve covered where you can access support at King’s, but how about once you’ve graduated? There is financial support available from the government, if you find yourself in need. You can look at your options on the Benefits page of the UK Government website, which includes information on welfare benefits and eligibility requirements. You can also check out this article on Student Services: 

What welfare benefits can I claim when my course ends? 

There are a few charities that offer support for those experiencing financial hardship, some examples being Citizens Advice, Shelter, and Turn2us.  

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

Angel Damonsing 
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.