Kings Student Money Mentors

‘Bills, Groceries, and Budgeting!’ – National Student Money Week Testimonial

Before university, life was simple. There were no bills to pay, no weekly shopping to do, and no money management needed at all! 

However, everything drastically changed after I moved out of my family home, into student accommodation in the centre of London. Also known as the most expensive student city in the UK!  

Having no experience of living alone or financial management, I really struggled! And the huge student loan payment in my bank account didn’t help! I wasn’t keeping track of where my money was going or how much I was spending because it just felt like I had so much money – until I didn’t! The feeling of not being in control of your own money is incredibly stressful, but I soon learnt it doesn’t have to be that way! 

Everything changed when I discovered budgeting! Creating a simple spreadsheet with information on my income and expenses allowed me to start budgeting and regain control over my finances. I was able to set weekly allowances which encouraged me to be more mindful of my spending habits. It also enabled me to discover areas in which I could potentially save a lot. Instead of always ordering takeaways I cooked my own meals, which was not only cheaper but a lot healthier. Instead of travelling around on the tube, I would walk around the city and really immerse myself in the beauty of London. There are so many small changes you can make, that can immensely improve your financial situation and better your life!  

Budgeting can change your life!

Anonymous Author
Studying Medicine MBBS (UG)

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

Interested in learning more about budgeting? Take a look at this video workshop for more information!

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.

‘Be Aware of Scams!’ – National Student Money Week Testimonial

So, I got scammed…

You know that gut feeling you get when something is too good to be true, you should probably listen to that! I had just moved houses and I was looking for a good hoover but all the Dysons and Sharks were way out of budget. I came across this site along the lines of vacuum.com, which sold vacuum cleaners at a discounted price. The website seemed legitimate, looked like any other proper website and it had decent reviews on Trustpilot. They were selling vacuum cleaners at warehouse prices for less than £100, which were being shipped from China. They even had an entire app to track shipping and the whole process was pretty easy. Two weeks later, my package arrived, but it was a small envelope… how could a vacuum cleaner fit in that? I opened it and found a silicone iPhone case that I had spent over £80 on. Of course, naturally, you’d go through a complaints procedure but after contacting the company they didn’t respond. This is when I realised, I got scammed!

So, what did I do? Thankfully, I purchased the item using my credit card, so I was able to report the scam to my credit card provider. They carried out an investigation and as a result, had refunded me for the ‘hoover’ purchase.

My tips from this experience:

Think twice about purchasing items that are heavily discounted from a non-reputable company. There may be strings attached; it might be a poor-quality product, or you might not receive anything at all
Do not transfer money from your current account
Do use your credit card as the bank protects you

Anonymous Author
Studying Psychology BSc (UG)

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

For more insight into scams, take a look at Part 1 and Part 2 of ‘Understanding & Avoiding Scams’!

‘Housing & Renting Emergencies ‘ – National Student Money Week Testimonial

Renting is difficult in the best of times, and with the onset of the Pandemic and the government’s restrictions, it’s become even trickier.

Last summer I was looking to move out in anticipation of starting university in September. With two other friends, I looked for housing in the private sector. Some of the websites I used to look were Spareroom, Zoopla, RightMove and PrimeLocation. When beginning my search, it was important to have a few key considerations in mind.

Firstly, what is your budget, and remember this must take account of the rent price, utilities, transport and food. Once these are accounted for you must have some disposable income (defined as the money left over after essentials are covered) otherwise you’ll be left struggling at the end of the month. Secondly, location matters. I needed to be close to uni, specifically the central line. Proximity to the right underground station or bus stop is very important. Thirdly, do you need the flat/house to be furnished or unfurnished (preferably the former since it saves you having to move your furniture in or buying anything). Finally, either through a virtual or physical tour, where permitted, make sure to see the property. Images can look different online and some websites may not have images or videos for every property listed. Visiting the flats weren’t always easy to get to and particular places were often disappointing in person.

In the end, this unexpected development prevented me from moving out. Due to the lockdown, one of my friends could not move to London. Sadly, this meant my other friend and I could not afford to live out with only two of us paying rent. Although we looked for cheaper two-bedroom places these are not necessarily easy to find, especially at short notice. In my situation, I was lucky to be able to live with my parents in London.

Zwan Mahmod
King’s Student Money Mentor
Part of Money & Housing Advice
Studying Modern History MA (PGT)

Need to speak to a 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!