Hi KCL! Now that we are past the halfway point in the academic year, we thought we’d remind you of some tips about how to get to grips with a student budget, especially in the current climate where costs are increasing.
Budgeting
Try to keep track of how much you’re spending from the start! It’s easy to overspend when you don’t actually know how much you’re spending. You could track your spending using a spreadsheet, or alternatively via a budgeting calculator such as this one on Blackbullion. Apps such as Monzo and Snoop are also useful for setting a monthly budget.
A bank account is essential for managing your funding and bills. We recommend having two separate bank accounts, one for your personal income from your job and your savings and one (preferably student) account for the money you receive from Student Finance England or your main sponsor/funder. This will prevent you splurging the money that should otherwise be going towards your rent and will assist you in budgeting each month.
Travel
We have a separate blog post dedicated to travel costs but one big tip would be to remember to link your Oyster card to your Railcard. Doing this will allow you to save one third on off-peak travel prices! Off-peak times are from 9:30am to 4pm and after 7pm. Travel between these times where possible as public transport will be less busy and travel costs will be lower.
Socialising
Socialising is such a big part of your university experience and no one wants to miss out on this. It can be easy to burn through your money during first year but there are so many ways to spend time with people without spending too much. If you’re planning on going clubbing for example, you can pre drink before going out. This is a great way to bond with your flatmates while avoiding the expensive drinks prices in central London. The Student Union (Guy’s bar and the Vault) also generally has cheaper prices compared to other bars and clubs.
In terms of clubs and societies at university, you can see what King’s has to offer during fresher’s fair. There is no obligation to stick with a society till the end of the year so we’d recommend joining quite a few at the beginning of the year and then cutting down. If you’re considering joining a sports society, many of these include access to BeActive in the membership. BeActive offers a variety of recreational activities every week, including climbing, swimming, tennis and more! In general, societies are a great way to meet other students and make friends, both within and outside of your course.
Shopping
Make sure to sign up to supermarket reward schemes such as a Tesco Clubcard and a Nectar card. It’s also worth trying to do a weekly shop at one of the bigger supermarkets, as most items from these are cheaper. All of this will help to save money on groceries, as you will probably be buying quite a lot now that you will be cooking for yourself!
It can be tempting to buy coffee and food on the go, but the costs add up quickly. Try and make your own coffee and packed lunches at home or buy some from the KCLSU cafeterias – they have some of the cheapest and best options you can find around here!
Discounts
Make sure to check out the student discount schemes that are offered by UNIDAYS, Student Beans and Totum as they can be very helpful to save money when shopping! Research and make a list of all the apps that offer good discounts for students before term starts.
Plan for emergencies
When figuring out your budget, remember to save some contingency money each month just in case an unexpected expense pops up! Savings accounts are essential for this. You can have one “easy access” for emergencies and another for large expenses that you’re saving towards, for example a housing deposit. If you have surplus money now, you may not in the future, so get into the habit of saving some in an easy access, or even an Individual Savings Account (ISA) to earn more interest tax free.
Funding
Finally, a note on funding. If you’re a home student, remember to claim all the funding you’re entitled to. This includes completing the means test for student loans in order to be eligible for the King’s Living Bursary. In addition, if you’re a home student parent or disabled student, check your eligibility for welfare benefits.
Being financially responsible for yourself can be a daunting experience, which is why the Money & Housing Advice Service is committed to students making the most of their time at King’s, whatever their budget. Contact the team if you have any queries about budgeting. In the meantime, we hope you enjoy your first year at King’s!
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.