Breaking the Broke Student Stereotype
Money, money, money… must be not-so-funny in a student’s world. A broke student hustling their way through university is a common stereotype. Being a couple dozen pounds into unarranged overdraft can even be an unbeatable ice breaker!
In university you are met with a range of new responsibilities including independent budgeting. Juggling necessities, home maintenance, an exciting social life, and an occasional holiday is undoubtedly hard. This blog will guide you through some tips and tricks to make your student life feel like a million dollars!
1. Budgeting and Discipline
Keeping tabs on what you earn and spend monthly is crucial to regularly assess your financial affordances and liabilities. It can help you stay afloat and even allow yourself a few pleasures, plan a nice post-exam holiday or know when to tighten the belt. Write out your sources of income and main expenses, making sure to highlight the priorities, such as rent, groceries, maintenance, and travel. Here is what my budget spreadsheet roughly looks like:
Getting support from student finance, doing a part-time job, or enjoying the luxury of a family allowance? Add it to your income section. Try to save some of it just in case you bump into your favorite collection piece or a meal you’ve been craving for ages. Make sure the expenses don’t outweigh the income – I know it’s hard, but your graduate job will be a great pay-off after all your take-out sacrifices.
2. Student Bank Accounts
And yet, take your budget plan with a grain of salt, as the balance does not always stay as levelled as you would expect. You might need an extra buffer – what if your laptop breaks days before submission, your best friend has a sudden promotion at the local pub, or your guinea pig is giving birth back home? For this I advise setting up a student bank account, which grants you an arranged overdraft of up to £1000 – no credit score or immediate pay-outs required! HSBC offers popular options for students, but more avid bankers might want to look into American Express.
3. Financial education
If you still find yourself struggling, take advantage of free financial advice services and courses for students, such as Blackbullion, which you get full exclusive access to as a Goldsmiths student. On their website, you can get professionally trained to be money-smart with Earning, Investing, Budgeting and Saving courses or hit the Funding Hub to look for Goldsmiths’ bursaries, and financial support offers. Goldsmiths also has a Financial Support page on their website and a professional service for crisis support. While I’m sure you’ve got this, having an extra helping hand can be a lifesaver and give you crucial transferrable skills and knowledge for your professional and personal future.
4. Student Freebies
As a university student, you often get extra discounts for food, entertainment, and shopping! Student Beans and UniDays will guide you through hundreds of seasonal and permanent offers, such as 10% off ASOS shopping and a free burger at Shake Shack. Always have your student ID handy on a day out, as most stores and restaurants will have student offers without app registration. Do use and abuse your student privileges, as they can significantly alleviate the ‘expense’ section in your budget.
5. Part-time Employment and Leadership
In Goldsmiths, most courses require a major chunk of independent learning, which means students get quite a lot of time away from campus. Make sure to put it to use with part-time jobs, gigs, or leadership opportunities. Even if it takes just a couple of hours per week, an additional source of income can never hurt – get a fancy cocktail, grab a summer hat you never knew you needed (because you probably don’t, but with all this extra cash…), apply and watch your student life become a treat!
Expand your search on websites like Employment4Students, visit one of Goldsmiths’ Job fairs in the Great Hall, or speak to one of our hard-working Careers consultants in the RHB. While customer service is usually the absolute university go-to, Goldsmiths also offers a range of competitive student roles. From content creation and blogging to ambassadorship and admin assistance, student leadership will pay well enough to maintain your lavish London lifestyle and work flexibly around your studies.