Kings Student Money Mentors

‘Effective Budgeting’ – National Student Money Week Testimonial

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.

‘Help and Support With Expecting The Unexpected’ – National Student Money Week Testimonial

Finance. *crickets chirp*. Yes, I know, not the most exciting topic that you want to be scrolling through while you put off doing that lecture that you’ve been “meaning to get to” (you and me both). But student finance is an important topic to talk about, especially when you’re thrown into the unknown world of adulthood when you start university.

And the importance of the topic only greatens when we’re thrown a huge curveball like a pandemic. Like many, I found myself in a tricky situation with my finances and it gave me a wake-up call to take a hard look at how I was spending my money.

Starting to review my spending was the hardest part. I just imagined that I’d have to be doing complex calculations with a bunch of spreadsheets up on my screen, trying to figure it all out on my own. I didn’t know what to do or where to start. The process was simply daunting!

Eventually, I willed the power to take action and turned to my right-hand, Save the Student, my go-to whenever I have a question about money. I searched ‘How to manage student finances’, clicked on the first result, and my journey to becoming financially healthy began.

During those next few weeks, I learnt how to budget, how to start a savings account and actually did! I know it can be overwhelming trying to sift through all the resources that may or may not help. So if you’re like me, wrapping your head around what to do, I recommend Save the Student and Blackbullion as great places to get yourself started.

Blackbullion is free to King’s students, so long as you use your King’s email address! They have fantastic videos sharing steps on how to budget, how to save and have tools like the Budget Calculator to help you through the process.

If you want advice on your money situation, contact the Student Advice and Guidance Team by emailing advice@kcl.ac.uk.

Got any questions? We’re here to help too! Message us on Instagram at @kingsmoneymentors. And follow us to hear our latest money tips and tricks!

What have you learnt about managing your finances this past year? Let us know by tagging us on your Instagram post or story. We love hearing from you!

Stay safe and money savvy!

Yogietha Kirushnamoorthy
King’s Student Money Mentor
Part of Money & Housing Advice
Studying Chemistry with Biomedicine MSci

Need to speak to a Money Adviser? Call the Student Advice Line.

For more information on money management and budgeting, check out Financial Wellbeing Part 1 – Where does your money go?, and Financial Wellbeing Part 3 – How to budget!

‘Housing & Student Halls’ – National Student Money Week Testimonial

I’ve been a money mentor for three years and have become the money guru for my friends, but you can’t avoid dealing with the unexpected. Even the most careful plans can be turned on their heads and have you thinking on your feet. Being in control of your money gives you the freedom to adapt to changes and stops the panic from taking over.

I was choosing my placements for my final two years and decided I wanted to be placed out of London. As you will know, London rent is expensive and being placed out of London means accommodation is provided. I thought I’d be saving thousands over those two years and I could save my student loan for a holiday, future rent, or a new car. Then, I got my placements. October to May that year was all in London. It was a disappointment, but I knew I could afford it and I felt comfortable with living in London, amongst my friends.

The time came to apply to halls, and I decided it was a good back-up as I had lived there before and knew the process was simple and that King’s was a good landlord in terms of repairs and residential support. This year the process was different, and I struggled to get a room at one of the residences I wanted. The only ones available were out of my price range and I started to panic a little bit. Without a hall’s reservation in place, I felt worried I would be struggling to find a place. I investigated all the usual renting sites as well as Air BnB and considered posting on the social media groups for my course or asking friends about spare rooms. I was working out all the various combinations and permutations of how to make my money stretch furthest. Could I rent a room temporarily until the Christmas break and then rent a different place January until May? Or would I have to rent somewhere for 12 months?

It was late in September and I was running out of time but thankfully I was offered a place back in halls until the end of the academic year. Due to the pandemic, I haven’t had to pay for the Christmas break this year either, so it all worked out better than expected. After May I’ll be in hospital accommodation, famously shabby but no rent helps make that feel more shabby chic.

Most people are students for at least three years which is a long time, providing many chances for the unexpected to happen. They say to mend the roof while it’s not raining and so I would encourage any student to make an effort to save any spare student loan for an emergency fund. We all need that pot of money at some point, may it be in the final years of your degree or post-graduation. Do your future self a favour and save, save, save.

Bethany Ward
King’s Student Money Mentor
Part of Money & Housing Advice
Studying Medicine MBBS (UG)

Need to speak to a specialist Money Adviser? Call the Student Advice Line.

For more information on private sector housing, take a look at the following video workshops: Beginning your search, Viewing a Property, Signing a Contract 2020, Moving In!