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Smart Money Management

by Agata Gruszecka,
14 November 2016

How about money?

Money isn't everything, but to get everything you need, money is essential. Everybody agrees, no matter where you are, money is important. Moreover, your future financial success depends on you increasing your spending awareness and cutting bad habits. However, as a student, is it actually possible to earn and save some cash? Yes, it is! What’s more, based on my own experience, I know that during your studies it is possible to manage by yourself, without the financial support of your parents. Read on for a few of my useful tips for you to consider.

Budget

First of all, you're at university not only to gain knowledge, but also to develop your personal and financial independence too, aren't you? Having the Maintenance Loan from Student Finance can help. However, some students end up getting a little lazy having one, because of the financial comfort zone – it's easy to spend a lot of money on things you don't actually need. Not setting yourself spending limits is the reason why most people overspend. My advice is to work out how much you can spend each week, and if you find in your budget you'll have money left over from your student loan, you could put the rest into a high-interest savings account. Here, it will generate you more money than just sitting in your current account waiting to be spent.

Extra Cash

Needless to say, a part-time job is the best option for a student to earn some additional cash. Working part time, (20-25h hours/week) you can earn up to £800 per month. Instead of scrolling Facebook, Twitter or Instagram, go to the CV builder on your Roehampton Careers Portal profile and create a professional CV. Everyone has different expectations of what job they would like to do, but nevertheless finding a job in a restaurant or coffee shop is pretty easy and won't take you long, especially in London. It's worth popping into Unitemps and checking regularly the offers at the Roehampton JobShop. If you're working part-time already, make sure you get your tax back. Most students won't earn more than the personal allowance each year, so you shouldn't be taxed on any of it. This can take a while through the government website, but it can be well-worth the tax rebate at the end of it!

Organise

Finally, what and where do you eat? A well-balanced diet should be a priority of course, because our level of energy depends on it. Start to prepare your meals at home and start to think about the ingredients you buy. You can eat cheaper AND more healthily this way. My top tip to help you is to use a shopping list. Try to be a shopping pro, stick to your list, and plan your meals in advance. Do the shopping for 3-4 days, otherwise, you'll be forced to throw away expired food every week. What is more, by collecting your weekly receipts and doing a quick financial analysis, you can find out what kind of products you can save on.

All in all, isn't it better to save money for a that time when your favourite band is having a concert, or so that you can make that dream holiday a reality, than to spend it on three nights out? Needless to say, being entrepreneurial and smart about spending is a crucial skill in life, and now is the time to get practising! Spending should be all about spending on quality things you really love!

Holiday

#WeAreUR - Discover Roehampton
Undergraduate open day
Saturday 18 November 2017
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