Kings Student Money Mentors

National Student Money Week: Turn Surviving into Thriving

As university students, most of us have had to skimp and save at some point. And when we compare ourselves to influencers and crypto investors that are thriving, whilst we’re barely surviving, it can fill us with an overwhelming sense of doom and failure.

But the truth is, you don’t have to make it big to turn surviving into thriving. Small changes, looking for savings, and good habits can lead to big wins!

Daily caffeine kick

Sleep deprived, caffeine high uni students – like me – are well-known for splurging the cash on a daily caffeine kick, or for an aesthetic post. Whilst you could skip that coffee, let’s be realistic, that’s not likely- so you can follow my tips and save a bit of dough.

Bring your own cup for discounts and rewards: Starbucks will reduce their prices by 25p, and Costa give you two beans (that’s like buying two drinks!).

Ask for student discounts: Blacksheep have £2 hot drinks on Mondays and 20% off the rest of the week. And remember, it’s always better to ask and be refused, than not to ask and miss out on savings.

Cheat the system: If you download the Moves+ app and connect it to a fitness app like Strava or Google fit, it will convert your physical activity into points that you can exchange for coffee (or cake) at any King’s food outlet. To get points extra quick, you can record bus, tube, and plane journeys as a run, and these get added onto your account. I recorded my flight to Tenerife and now have the equivalent of 300 free coffees!

Fast Fashion

We’ve all bought that statement piece, only to regret it as soon as we get it home. Fast fashion is bad for your pockets and the planet, but try my little saving tips, and you’ll soon be able to thrive.

Avoid impulsive buying: instead of buying the item there and then, leave it for a few days, think about whether you really like it and if you have items that would go with it. If you still like it, then buy it.

Ask for student discounts: whether you’re online or in-person, student discount can save you a small fortune when it comes to fashion. For example, Hollister have a 10% student discount.

Shop second-hand: it’s even becoming trendy! Why not browse all the charity shops London has to offer or explore the wide variety of fashion on online platforms such as Vinted.

Cut the cost; nourish the body

Eating out, like our daily caffeine kick, can drain our bank accounts quickly, and the food we eat out isn’t always healthy. So, try and switch things up to make some healthy savings.

Meal prep and bulk batches: You could make your meals for the week on a Sunday or a Monday. Then you don’t need to worry about what to cook after a busy day at Uni and won’t end up eating out. Making these meals freezer friendly is good in case you over prep or end up eating out with friends.

Save food from waste: Using apps like Too Good to Go can give you some cheap treats and help combat food waste. So, not only are you saving money, you’re saving food!

You might like to put the money you save into (virtual) piggy-pots for bigger spends like a house deposit, holiday, or emergency fund.

These savings, however small do add up. The average Londoner spends £2,000 a year on coffee, so even dropping the caffeine kick every other day will save you £1,000. That doesn’t sound like surviving to me – that sounds like thriving!

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.

Side Hustles: Dropshipping

A concept often promoted by influencers, dropshipping has become more and more popular over the past years. We often hear about people becoming millionaires overnight from dropshipping, but is this actually true? Is dropshipping a side hustle worth investing your time in?

What exactly is dropshipping?

Dropshipping is the process of selling products without actually having to store or ship them yourself. How could this possibly work? It’s fairly simple; a consumer places an order through the dropshipper’s site, buying the product as per the dropshipper’s price. The dropshipper orders the product from the wholesaler, and any profit made from the difference between the dropshipper’s listed price and the wholesaler’s price is kept by the dropshipper.

“Side hustle: dropshipping” – Blackbullion

What can I dropship?

In theory, anything! However, it is best to be strategic when deciding which products you want to dropship. Some points to consider when selling products are:

Lightweight – Light or small products are easy and cheap to ship, so you can set flat rates for shipping costs.

Durable – Non-fragile products are less likely to break so returns, malfunctions or damage during shipping become far less common.

Timing – Products that coincide with seasonal or societal events usually have a burst of popularity, e.g. Santa costumes around Christmas.

Competition – Dropshipping is not an uncommon side hustle, so entering an oversaturated market can make sellers less likely to buy from you.

What are the ethical concerns of dropshipping?

Carbon emissions – shipping products from international locations can lead to long shipping distances, contributing to high carbon emissions.

So, sell from local suppliers!

Poor quality – if you cannot confirm the quality of the product, you may mislead your customers by selling a poor-quality product.

So, test the product in advance! Receive the product from the supplier so you know what you’re selling.

Overconsumption – dropshipping thrives off of hype, which may contribute to overconsumption.

So, cherry-pick what you sell! You can opt for sustainable, recyclable products.

Poor labour conditions – dropshipping products from regions with low labour regulations can result in exploitive wages and working conditions to ship your product.

So, research your supplier! Ensure that the working conditions and wages from your supplier are fair and ethical.

How can I get started?

Now’s the moment you’ve all been waiting for; how can I start dropshipping?

Pick an e-commerce platform you’d want to sell your product on, like Shopify or BigCommerce.

Make your product interesting. Take nice photos of your product, write a lovely description about it – anything to attract your prospective buyer.

You can then promote your product on social media, pay for ads online, or email people about your product. You can fund your marketing with the profit you obtain for your first few orders. Note that there are laws and taxes if you meet certain criteria. These can be checked here.

Warning: it is very important to do your research about the companies you partner with to avoid getting scammed. Criminals may deceive dropshippers to use them to resell stolen goods. You should do your research about any company you’re considering partnering with.

So, there you have it! A brief guide to how you can use dropshipping to earn an extra source of income, in a safe and ethical way. As always, feel free to contact us if you have any questions or concerns and we’ll see you in our next post!

Hirra Yasir
King’s Student Money Mentor
Part of Money & Housing Advice

National Student Money Week: Advertise to Monetise

As university students, especially in London, we’re always looking for ways to earn extra income, whether to offset travel costs or contribute to our savings. However, navigating the job market, dealing with multiple rejections, or simply not knowing where to start can be overwhelming and lead to financial stress.

Fortunately, there are numerous resources available to help you find side hustles or part-time jobs while studying!

King’s Talent Bank

King’s Talent Bank is a platform open to both King’s students and alumni where job opportunities on campus are posted. These include roles such as:

Research assistants

Librarians

Focus group attendees

Campus ambassadors

ECG model for med students

Fun fact: I became a Money Mentor by spotting a job posting on King’s Talent Bank! All you need to do is register on the site, upload proof of your right to work (if you’re an international student), and apply for jobs that suit you. Most jobs are fairly flexible, and you can earn up to £15 per hour!

King’s Careers & Employability

King’s Careers & Employability is a platform that helps students discover job opportunities and internships. Finding an internship to take on during the holidays can provide valuable experience and extra income to use during term. This way, you can focus on your studies without the stress of working during the semester whilst having financial security to fall back on.

Vinted, Depop and eBay

If you love shopping and have accumulated too many clothes or items, selling them on platforms like Vinted, Depop, and eBay can be an excellent way to generate extra income.

Sales aren’t just limited to clothes—you can also sell shoes, cosmetics, books, and home décor at prices you set. While individual sales may seem small, they quickly add up. The average Depop seller earns between £85-£850 a month—£85 alone could cover a food shop or a few weeks of TFL travel!

Beware of Scams

As job searching increases, so do recruitment scams. Scammers often take advantage of eager job seekers through:

Fake job listings: These often require candidates to pay a fee to complete an application or secure a role. Use platforms such as Glassdoor and AngelList to verify genuine listings.

Imposters: Scammers may pose as affiliates of hiring firms, asking for scanning fees or personal details.

Email offers: Be cautious of unsolicited job offers via email, especially those requesting sensitive information such as bank details.

While finding a job is exciting, always take the time to verify its legitimacy. Stay vigilant and protect yourself from fraudulent schemes.

Making extra money as a student doesn’t have to be stressful. Whether you take advantage of Kings’ resources, sell items online, or land a flexible part-time job, there are plenty of ways to earn money without compromising your studies. Explore your options, stay safe, and start monetising your time effectively!

Aderinsola Abudu
King’s Student Money Mentor
Part of Money & Housing Advice