What is Blackbullion and how can you make the most out of it?

(Credit – Austin Distel at Unsplash)

Hi KCL! Students have many expenses to think about ,and this can be even more daunting if you’re based in London. This is where Blackbullion comes in. Blackbullion.com is an online platform that provides students with financial confidence and knowledge, ultimately leading to better decision making skills. Luckily for us, with our KCL email address, we can register an account with Blackbullion for free!  There’s lots of features you have access to, including articles, videos and other tools. I’m going to share my thoughts on some tools which I found particularly useful and how you can make the most of them.

The first tool which helped me a lot was the spending snapshot. This tool is really easy to use, it involves you taking a couple of minutes to enter information about your income and expenses, and you can see how much money you’d be left with at the end of the academic year. Whenever I’ve tried to calculate my budget, I’ve always forgotten to include a particular expense however this tool takes pretty much any type of expense and source of income into account. You can input any income from student loans, bursaries, part-time work and more. In terms of expenses, you can input rent, bills, food shopping, going out (events, clubs etc), insurance and subscriptions – it’s very thorough!. My tip would be to use this tool before you begin the next academic year so that you can see whether your loans and/or part-time jobs cover your planned expenses. If not, you can try thinking of ways to cut down on some of your expenses (perhaps by taking a look at Blackbullion’s budgeting module). They also have a great budgeting calculator. This is very similar to the spending snapshot tool but includes more subcategories of expenses so may take slightly longer to use.

Another tool which I found really useful was the student loan repayment estimator. This tool provides you with a list of careers to choose from e.g. doctor, teacher, lawyer etc. Once you have selected your most likely career, the calculator will estimate your annual salary (based on the national average), your monthly student loan repayment and your resulting monthly take home pay. You can see how your salary will progress up to 30 years and the corresponding increase in monthly student loan repayments. If your ideal career does not appear on the list, or if you are not sure which career you’d like to follow, you can select the custom feature! This allows you enter any starting salary and you can see how much your student loan repayment would be each month. Although this is an estimate, it can give you a rough idea of how much of your salary goes towards student loan repayments when you graduate and the number isn’t usually as high as people think!

I hope this has helped you learn more about Blackbullion and how you can use this platform to further develop your financial skills!

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. 

National Student Money Week – Becoming financially fit as a Student:

(Credit – ‘Alexander Grey’ at Unsplash)

For many students like me, starting university comes with a feeling of being lost in a  money maze – how much do I need to budget each week? What am I going to be spending money on? Is my student loan going to be enough to live off? These are common questions that most students find themselves asking at one point or another Let’s break it down together! 

Financial fitness isn’t only about keeping a count on what you have and what you spend. It’s about being confident in managing your personal finances and achieving long-term stability and security. I’ve broken down what financial fitness is to me into three key concepts to help keep you on track. 

Budgeting  

Crafting a realistic budget that suits your style and preferences is the first step. It might be difficult if you are just heading off to uni, as you might not have a full grasp of everything you’ll be spending money on just yet. KCL Student support services [insert link here] have some great articles on things you’ll probably be spending money on, such as food and transport (and bills if you’re living somewhere without them being included!). 

There’s no one size fits all way to budget your money, everybody is different and there are a bunch of different tools to show your ingoing and outgoing spending! I like to use an excel sheet (there are loads of set templates out on the internet!) but have been increasingly using smart online banking apps such as Monzo to give me a quick breakdown of where the money I’m spending is going, for example, ‘social’, ‘food’, ‘bills’ and ‘transport’. 

Blackbullion has been a fantastic website for me to learn how to budget, they have courses and articles on a ton of different relevant ways to budget, save and invest your money! 

Saving  

Spending money is great fun, but when it runs out and you start going into your overdraft it can start to become really stressful. Making sure you have enough money for essentials such as food and rent and then knowing how much you have left over to save/ spend is a crucial part of managing your money.  

The way I save a lot of my money is by going to cheaper supermarkets such as Lidl or Aldi instead of fancier (and more expensive!) shops like Marks&Spencer. I also like to buy in bulk where you can make big savings, especially for proteins which are already very expensive. This of course, all depends on what shops are available to you nearby – it might be worth taking the bus or walking down to a larger/cheaper supermarket compared to going to your local cornershop, as these smaller shops actually tend to have higher prices and less choice available in comparison. 

Financial Literacy  

    I try to stay up to date on the important money related news. This doesn’t mean I have 5 screens in front of me always displaying stock markets and the FTSE 100 or anything, I just occasionally browse the news to see if there’s anything key I’ve missed out on. Having a grasp on financial world events might not seem that useful right now, but when you start  earning and want to properly invest your money for long-term growth, having an idea of historic financial trends will be really useful. 

    When I think about financial literacy as a student, I look more towards funding opportunities (bursaries, grants etc.), student discounts (Unidays, Blue Light Card) and other ways to make the most out of my money.  

    Being financially fit is a journey, not an end goal, and it doesn’t necessarily happen straightaway. Being in the mindset of constant learning and growth is one way in which you can help to create the best opportunities in your future. It’s all about discipline and commitment  

    All the links below are things I’ve used when starting my journey for financial literacy, and I really recommend checking them out. If you’re short on time, Blackbullion offers quick courses that are only a few minutes of the really key parts of managing your money! 

    Top tips on managing your money during your studies 

    Top tips on shopping as a student 

    What are the fees and funding options available for undergraduate study? 

    Samuel Landells
    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. 

    https://www.blackbullion.com/library/categories/budgeting
    https://www.savethestudent.org/save-money
    https://www.savethestudent.org/student-finance

    National Student Money Week – Extra Support from King’s!

    (Credit – ‘Vasily Koloda’ at Unsplash)

    Hi there! I know that being a student at this time with the current cost-of-living crisis can be really difficult. There can be a lot of anxiety regarding how you might manage at university. At King’s College London, we are committed to supporting you through this and you’re not alone in this journey.  

    Whether you’re facing unexpected hardships or just need a little extra help to get by, KCL has got your back with a range of financial aid options. 

    What funding is available? 

    King’s Living Bursary:  

    This bursary is specifically for home fee students with a household income of £42,975 or less. This bursary aims to alleviate the day-to-day financial pressures of university life. The level of bursary you receive depends on your household income. You don’t need to apply for this bursary as eligible students will be automatically contacted by the King’s College Funding Team. 

    King’s Student Fund 

    Students receiving the King’s Living Bursary may also be eligible for the King’s Student Fund to provide further support. If you experience a sudden financial hardship or change in circumstances, you can apply for this fund to help pay your rent, bills or travel. King’s Student Fund is open to Home Students and you can receive up to £3,500.  

    King’s Hardship Fund: If you’re not receiving the King’s Living Bursary then this one’s for you. This fund is open to all home-fee students, including undergraduates, postgraduates, and those on an NHS funded year. Similarly to the King’s Student Fund, if you experience a sudden financial hardship or change in circumstances, you can apply for this. Make sure to get in touch and apply for this as soon as possible. If you’re successful, you could receive up to £3,500. 

    International Hardship Fund:  

    What about international students? This fund is available for any international or EU students experiencing financial hardship. You could receive up to £6,000 to support your finances. Note that to apply for this fund, students must have made provision for their studies but have experienced an unforeseen change of circumstances.  

     Kings Medical and Dental Fund: 

    The King’s Medical and Dental Fund provides financial support for undergraduate students in need of financial support who are Home, EU or international and on a Medical or Dental programme. If successful, you could receive anywhere from £250 to £5,000.  

    MBBS Conference Scheme:  

    Presenting any research you have undertaken is a great way to boost your portfolio. The drawback is that conferences are expensive. The MBBS Conference Scheme provides funding for medical students who wish to present their research at a conference. Students can receive funding ranging from £150 (for online conferences), to up to £1,300 (for worldwide conferences). Funding can be used to cover registration, travel and/or accommodation. Make sure to check the eligibility criteria on Keats before applying. 

    Broadening Horizons Award: 

    This funding opportunity is aimed at increasing the number of ‘widening participation students’ who can access mobility opportunities. Mobility opportunities can include term-time study abroad, work placements, summer exchange programmes and elective experiences all over the world. Applicants must be home-fee-paying undergraduate students who meet at least one of the eligibility criteria and who are completing an eligible activity. Click on the link for more information about the eligibility criteria.  

    External Opportunities: 

    Beyond the internal support here at King’s, there are also many external funding opportunities available. These cover everything from general financial support to specific placement funding or education grants.  

    Have a look at the funding hub on Blackbullion which has a list of several funding options for your course, just a click away! Scholarship hub is also a great rescource for checking for external opportunities.   

    Remember, you’re not alone 

    At King’s College London, we believe that financial barriers should not prevent anyone from achieving their goals. The links below explain funding in more detail. As always, King’s Money and Housing team is available for support and further advice if needed.  

    What loans, grants or scholarships can I get from King’s? 

    I’m having money difficulties, where can I find support? 

    Hardship Funds 

    I’m an International student, what financial support can I access? 

    What are the fees and funding options available for undergraduate study? 

    What funding is available for students on a work placement? 

    What education grants are available to help me? 

    What funding is available for postgraduate studies? 

    What funding opportunities are available to me? 

    If you have any more questions, please don’t hesitate to contact the Money Mentors or the Specialist Advisors in the Money & Housing Advice team.

    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.