‘Effective Budgeting’ – National Student Money Week Testimonial

Photo by Kelly Sikkema on Unsplash

Before I started my first degree, I had heard nothing but financial horror stories about students who had spent all their maintenance loan in fresher’s week, or had basically ended up living on beans and rice for entire terms because nightly takeaways wiped out their overdraft. So, when I started university and received my first dose of student loan, I was determined to be as frugal as possible to make sure I never ended up in any of these situations. I always bought cheap, value-brand food, I cooked all my own meals and stored extra in the freezer, and I would walk everywhere.  

These were all positive steps I took towards keeping myself financially stable…until I started pinching too many pennies. Soon enough, I stopped going to social events (I only attended two during the entire fortnight of fresher’s events my university put on) because I was worried I would spend too much. I wouldn’t go out to eat with my new friends because I just thought it would wind up being too expensive. Sure, I was reassured by the fact I wasn’t going to run out of money, but I was no longer even enjoying my university experience. It’s always good to have an emergency fund that can keep you afloat during hard times, but penny-pinching can go too far if you can’t even enjoy the good times.  

Ultimately, I discovered that by developing a structured budget at the beginning of the year, with different spending pots allocated for emergencies, essentials and everything else, I could have a great time at university, while still being financially responsible. It feels amazing to have a fun night out AND wake up to a bank account that’s still in the green.   

My unexpected discovery was that, with the use of a budget, a little bit of planning and some smart financial tools, penny-pinching doesn’t have to be painful.  

Omoremi Williams
King’s Student Money Mentor

Part of Money & Housing Advice
Studying Medicine MBBS (UG)


Need to speak to a Money Adviser? Call the Student Advice Line, open daily. Please refer to the website for full details.

You can also click on this link for more information on budgeting!

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. 

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  1. I’m so excited to say that your article on student loans is one of the best on the internet. I’ve been scouring the internet for a good article on student loans and yours really resonated with me. Please keep up the good job.

  2. Hi,
    National Student Money Week was a game-changer for me. Learning about effective budgeting not only improved my financial situation but also enhanced my overall well-being. I highly recommend it to fellow students! Thanks!

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