How can MyMoneyWeek benefit you?

Juggling both academic and financial education isn’t always smooth sailing. In this blog, I’ll be talking about how to manage money as a student. ​

University isn’t just about learning in a classroom or lecture theatre, but also the important adulting life skills which will set you up for independence in the future.

Outgoings
​Moving out of university halls into private accommodation made me truly realise how expense it is to live. Paying money for a roof over your head and a bed *weep*. Whilst rent takes up the majority of living expenses (this including bills and wifi), there are also other basics to think about. Food, primarily, being one of them. There are ways to save on this, such as bulk buying and cooking leftovers for lunch. It’s also important to sometimes take a carpe diem approach, because, after all, you’re only a student once. This isn’t a get out of jail free card to splurge on pints everynight, but being aware of what you’d like to spend money. What kinds of experiences or unique opportunities do you want from your university experience? Nights out? Trips? Books? Clothes? The choice is yours.

Income
Student finance is usually the most useful when it comes to paying for tuition fees (the loans do include an interest fee, but this is paid back after you get a job which pays over a certain threshold). This loan often doesn’t cover the majority of living expenses which we have to deal with. To make up this gap, most students get a part time job, use their savings or beg (puppy eyed) their parents/ guardians. There are also bursaries, scholarships and other types of financial support which academic institutions offer. There are all sorts of things universities can give you money for (including, in my uni, an ultimate frisbie bursary) so it’s well worth checking out eligibility and deadlines for these in advance. 

And fun?
I know managing money can be incredibly stressful at times, and varies depending on individual situations. Whilst you’re probably not buying properties and going on mega holidays, not working full time means it is quite difficult to fit student income with your lifestyle. It’s worth being mindful of your spending habits and budgeting accordingly. If you’re curious about the more specific amounts students spend on, and how to save more, take a look at some useful resources on Save the Student website.  

​Young Enterprise run MyMoneyWeek and they have some fantastic resources to help you start budgeting (and, talking about money, it’s completely free!)

Author

Anisha Jaya Minocha is studying English and Spanish at the University of St Andrews, where she is School President for English. She worked in Andalucía, teaching. She is a writer and poet whose work has been showcased in winning competitions, readings and anthologies. She co-edits SINK Magazine, which gives a platform to Northern creatives, and founded the "Roots"" project with Friends of the Earth, developed during her writing residency with environmental charity Green and Away, exploring intersections between South Asian identity and ecology. Twitter: @anisha_jaya