(Credit – ‘Towfiqu Barbhuiya’ at Unsplash)
Hi again King’s! As a student at Kings College, London, you might be worried about how to manage your finances during a recession. A recession is a prolonged period of time where a country’s economy is in decline, and it can have multiple different economic causes. As students, I’d say to stay on top during a recession, it’s essential to have a plan. A great first step to doing this is to create a budget and stick to it. Money Mentors has a lot of content out about how to budget, and online budget calculators you can use, but the overall summary of how to budget is that you should figure out your total incomes over a period of time, find out what fixed costs you may have over that time (like rent, utilities, groceries etc.) and then decide how you want to spend (or save) the rest. By creating a budget and sticking to it, you can guarantee that you have enough money to cover your necessary expenses and avoid overspending.
Finding a part-time job to increase your income is another superb step you can take to survive a recession.There are many opportunities for part-time work, such as working in retail, hospitality, or customer service. I personally started working as a barista then moved on with a NHS pharmacy dispenser part time job over the weekend as it is more related to my life sciences course meaning that I could not only earn money but also get transferable skills that will be important for my career in the future. Consider applying for jobs in the relevant industries to help you make ends meet and also I’d say it’s good to think about jobs that help you gain work experience and build connections for your future career.
Discounts are key! As a student, you are entitled to a range of discounts from various retailers and service providers (for example by using Unidays or Student Beans). Take advantage of these discounts to save money on everything from food and transportation to entertainment and travel. It’s essential to learn how to be resourceful and make the most of every opportunity available to you.
Times can be hard for students during a recession, and sometimes student loans or parental support may not be enough. Another way to supplement your income during a recession is to apply for scholarships and bursaries like the Kings Living Bursary. KCL offers a big range of scholarships and bursaries to support students who are experiencing financial difficulties. Check with your academic department or the student services office to find out what options are available to you. One thing not to forget is that there are deadlines eligibility criteria for each scholarship and bursary, so please be aware of these.
During a recession, it’s important to be thrifty with your money. Look for ways to save money on everyday expenses, such as cooking at home (including the all-important *meal prep*) instead of eating out and taking public transportation instead of driving. By being mindful of your spending and finding ways to save money, you can stretch your budget further and weather the storm of a recession. It’s important to prioritize your spending and focus on the things that matter most to you.
In conclusion, while a recession can be scary, there are lots of steps you can take to survive as a Kings College London student. By creating a budget, looking for part-time jobs, taking advantage of student discounts, applying for scholarships and bursaries, and being thrifty with your money, you can navigate through these difficult times and come out on top. It’s essential to stay positive and focus on your goals, even when times are tough. Challenges like these are our opportunities for growth, and if you ever need any extra support, the King’s Student Money Mentors are always here for you!
Anmoyul Mohon
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.