Money, Money, Money! – Managing your Finances at UCL

UCL Spanish & Latin American Studies BA second year student Molly Taylor shares her tips on managing your finances while at university. 

I’m Molly, a first-year Spanish & Latin American Studies student at UCL. The prospect of moving to a city renowned for being expensive can be scary. However, here are some ideas to help you manage your finances effectively so you can make the most of UCL and London. 

Picture this: you’ve just arrived in London, buzzing with excitement for your new academic adventure. Amidst the thrill, however, there’s the inevitable question of finances – tuition fees, accommodation costs, daily expenses, you name it. It can feel daunting, but fear not; with strategic planning, you’ll soon find that there are many ways to budget as a student. 

First things first, get a grip on your expenses. If you can, accessing a student loan is a great way to take the pressure off tuition fees. Other costs will probably include rent, travel, food, study materials, and, of course, social life. In my experience, taking the time to understand these expenses upfront has been key to crafting a budget that works for me. 

Budgeting is your new best friend. Assess your income and expenses, ensuring you allocate funds for essentials while leaving room for a bit of fun or an unexpected expense. Currently, I find that setting aside a specific portion of my income, after rent, for groceries and transport, keeps me on track without sacrificing the occasional treat or night out with friends. I’d recommend using a spreadsheet or budgeting app to keep things organised and simple. 

Meal planning and cooking at home can work wonders for your food budget. Also, using student discount platforms like UniDays and Student Beans can save you a lot when shopping. Top tip – get a Student Oyster photocard for discounted travel on public transport. In addition, exploring part-time job opportunities can provide you with extra income to support your studies and lifestyle. Last year, I found that working just a few shifts a week helped alleviate some of the financial pressures of university life. 

Living and learning in London may throw some financial hurdles your way, but it’s also a chance for personal growth and adventure. Embrace the experience, and remember, there’s a whole network of resources here to back you up. UCL offers financial support for students who need it, so make sure to reach out for assistance if you are struggling. 

Understanding university finances isn’t just about crunching numbers – it’s about taking charge of your financial journey and making informed decisions along the way. By cultivating good habits and reaching out for help when needed, you’ll thrive both academically and personally during your time at UCL.