Uni/Career

How to budget at uni?

By Tina Kumar

When I was at uni, not too long ago now; I always found my friends telling me about how they didn’t have enough money or they couldn’t do something because it was too expensive. I understood where they were coming from but to me I always had spare and was left in a wonderment of what I should do with the extra money I have.

At first I thought, perhaps I just have more money than my friends and so maybe it might not be possible for spend the way I do. However, I quickly realised that, that wasn’t always the case. Yes a lot of the time, others had a limited budget. As was the case for all of us, including me. I soon realised that even my friends who had around the same budget as me were also telling me they didn’t have enough money. Confused, with my curious nature I would ask them; so what do you spend your money? Why do you run out so quickly?

I came to know that no matter how much money my friends had they would be left with none of it because they spent it so quickly. Their spending habits and mismanagement of finances were the reason for them not having enough money. It took my a while to really understand this. So I realised that, actually, when it came to money I was really good at managing my finances as well as being able to spend in the way I wanted to rather than needed to. Therefore, below are my tips on how to budget at uni?

I understand that in any case, some of us might have more or less than each other but at uni because the costs are quite high all of us end up being in the same boat and having a lot of similarities. We all have to cover expenses like pay rent, pay for food, travel, going out, clothes out and more. I know it can be difficult to budget but if you start or at least try to change your spending habits you will find it makes things much easier for you.

Here goes:

When you receive money from student loans, parents, work or whatever source it may be. The moment you get your money don’t think to spend it instantly. Before you touch the money, work out your expenses for the month, or weekly necessary expense and multiply that by 4 (weekly x4). Everything from rent, food, internet/bills, going out, gym membership, car etc. Including, visits to home, or any other travel and add that up.
Set that aside, withdraw it in cash if you have to, so that you don’t spend it from your card. Then whatever you have left, use that how you like for other things like clothes, going out etc.
It’s important you don’t spend on coffee, drinks or more and then realise you needed that money for other important things.

Give yourself an allowance, work out the essential costs and think of ways you could reduce them, the reduce the amount you are spending on these things. I know this is easier said than done but if you can reduce you absolute essential costs then you will have more money left to o other things with.
Don’t get too excited when you know you have a lump sum coming because this is dangerous. You’ll get excited, spend it too quickly on unnecessary things; instead, if you are come you can limit your spending.
Have some god damn will power! Buying that coffee might give you joy, but will it still be fun later down the line?
Spending too much money on alcohol/drinks is money you will never get back! Maybe keep a limited amount of money in your account for when you go on a night out. Transfer £20-£30 into your current account, only take that card with you and put the rest in your savings account or something till the next day.
Keeping limited amount of money with you £10/ £20 say- whether cash or in your card will mean you won’t end up spending money you didn’t want to spend in the first place
Going out for dinner/food is one of the biggest expenses at uni provided when you go out with your friends you will be inclined to spend on food and drinks. You don’t have to limit the times you go out for a meal but you could at least not spend money on drinks when out. Tap water is free, so you could just have water. Or buy a fizzy/soft drink which is usually no more than £2/£3. When compared with alcoholic drinks which could go up to £8 - £15 depending on where you go to uni/where you go for dinner. Then when you are in a club or a very nice bar where you want buy a really cool drink you can. You wouldn’t have wasted at place where you didn’t really want that drink anyways.
Pre drink! This is a trick many of you already know but it’s important that you even budget on your pre drinks because again, spending excess money won’t help you if you are planning on buying drinks at the clubs too. Know how much you want to drink before going out and pace yourself, like I said before; put a limit on the amount you are spending each nigh nigh out. That way you won’t run over.
Train tickets can be super expensive!!! Either reduce the amount of times you go home or book your ticket way in advance. I knew this early on at uni but any train tickets you don’t use, you can always get a refund for. So don’t miss out on getting your money back if you didn’t make a trip. Also, if you experience extensive delays you can usually request or claim a refund so make sure you know your options if you face such difficulty on your journey. Bad weather won’t do it but other acceptable reasons would.

Cook! Cooking often will really help you save money and it will also make you are eating in a healthy way.
Don’t spend all your month’s money in a week and have to suffer for the remaining 3 weeks. This never ever works and is not effective in any kind of money management at uni. Spending money like this will never help you.
If you find you are left with spare money just save it because money is something you can always use, so don’t be in a rush to spend it just because it’s there.

I hope some of this tips help but I know budgeting is a skill that takes time and consistency. Try to improve your money management skills, save where you can and the secret to money management is reducing your costs first before anything else. Any time you can reduce your expenses, do it! Ask your friends for help if you need and share budgeting tips with your friends; learning from each other is the best way to motivate your self when it comes to finances.

Internships

By Tina Kumar

Internships at university and after are always a challenge I feel. You might here friends talk about the summer internship that they got or the work experience they’ve landed. Whereas, you haven’t even thought about anything as such just yet.

Internships are something you need to apply fro through the individual company career websites. If you type in Google, ‘HSBC summer internship’ you will usually be directed to the opportunities for students and graduates. You might have to do some form of numerical/verbal reasoning tests and then interviews, until you get to assessment centre and so son and so forth. You will find all this information when applying.

I would advise you to apply to a wide range but to also apply in industries you normally wouldn’t consider just to see how it is there. Who knows you might like it better than what you thought you wanted? Banks, law firms and businesses who offer such schemes and graduate jobs often want to recruit people out of university and so the whole application process is based on when will you be graduation. So don’t leave it till after university to focus on getting an internship. Remember, the time is now. Whatever you want to do and achieve you should be focussing on right here and right now. The time is now for achievement doesn’t wait. Once you’ve started, that’s a major step in itself and you’ll notice time working for you rather than against you in whichever situation you find yourself in. The businesses recruit by age and out of university so take advantage of opportunities that are open to you.

It’s not always easy to get on of these internships but applying fro them, preparing and interviewing all help. Bright network website offers a lot of useful information and opportunities. You can often also email people who work at Bright network, email details on their website; in order to find out more on how to secure an internship or job role. They will usually help you with CV, interview skills and more.

You don’t have to be aiming to get an internship, your career path might be completely different but even then getting experience through internships can really help you to decide what you want to do in the future. And they are a good way of testing what you might be getting yourself into!

Nothing about uni or life is easy right now but all we can try to do is to use our time to learn, grow and seek new opportunities. That will hopefully bring about change for the better. Enjoy finding yourself new and creative opportunities.

How to decide what you want to do as a career?

By Tina Kumar

Even after graduation and being in a good job. How is it that you really decide what you want to do in life?

You may be having a good job which is great but what if you aren’t happy in your current situation. What now? Should you stay and continue what you are doing?

Well, if there is opportunity for career progression then obviously yes. However, what if you wished you were doing completely different or were in an entirely new industry. Now that’s a challenge. Evidently the way forward would be to sort of start over or to simply put all your efforts in to getting the job you really want.

Staying might be the easy option and it’s not to say it’s a bad choice but how do you decide what you want to do in your career? Career meaning your work over a lifetime.

Here are a few things you could start to think about:

- What are your ultimate goals?

- How are you going to achieve them

- What’s your strategy for achieving success?

- If you were to quit your job tomorrow, would it make you sad?

- What do you see yourself doing in 5 years?

- What are you good at?

- Do you have contacts or people in your network who can lead you to your next job?

-Do you have contacts or people you can talk to this about?

-What are you passionate about and can you make money from it?

- What are the things you want to achieve everyday?

- Can you pursue your interests whilst holding your current job?

- Are you in your comfort zone?

- Are you willing to go all in?

- Are you prepared to go all in?

- Are you bored?

- Have you achieved all the things you’ve wanted to so far?

The many questions I highlighted above all are interesting, informing and get you to reflect on all the things you should think about before making a big decision in your career. However, at the end of the day it’s up to you to decide.

What’s your next move?

Building a life in an uncertain economy

By Tina Kumar

With Covid-19 and a pandemic in place it’s not just me who is frightful of what might be a possibly unstable economical future. With the economy brought to halt and travel clearly limited. For example, I’d like to think that would have a positive economy in the UK. Where perhaps situations like an increase in stay cations would increase spending in the UK. Since Brits can’t go abroad so they will be spending their extra cash in the UK. Making us hopeful of a more stable economic situation.

As young people we might not yet have the responsibility that consumes the adult population but undoubtedly; we are getting a slow start to life. Building a life in any economy comes with its challenges and struggles but building a life in an uncertain economy. Now that’s a higher steep to climb.

You might still be at university so I would advise that you start preparing for your future with that extra time you have now. You might have recently finished your year at university and are headed home for a long summer. Why not get a summer job? Or start a business to keep you occupied in the summer months. Building a life usually requires a stable financial situation and so generating a personal income should be an aim of yours even before you’ve left university. Why wait till after graduation to make money?

Time is money. Isn’t that what someone once said before?

Better yet, perhaps you’ve already graduated and are a young professional, whether you are in a job or looking for that first job. For you, as soon as you’ve started working you should be thinking about buying that first house or apartment- whatever style property you fancy! Then comes saving or finding new ways to invest your income. Your 20s are made for you to learn how to get this whole working and responsibility thing in check so don’t panic. You will eventually have it all figured out. Use this time to learn more about yourself, your abilities and to keep a fresh, open minded attitude to all things good and bad in your work life.

Now, I don’t think any of us ever thought we would stop going to work, physically, everyday. Life before covid meant going to the office everyday. That was normal. The last thing on our minds before we were hit with a global pandemic was that we’d ever have to stop going into the office.

Even though covid is horrendous it’s given us an opportunity. The ability to pause, take a step back, reflect and plan for the future. Whether or not you’d like to admit it but lockdown and the pandemic must have affected or changed you in some way or shape. It’s an unprecedented thing to have to go through and a unique challenge to face so of course it the influence it can have on you can be quite strong and powerful. So, even though we find ourselves in this unusual situation I don’t think worrying about a financially stable future is what we should occupy our time with.

Summer is here and the weather has been quite delightful so I would say just make the most of this ‘paused’ life and abnormally slow paced lifestyle. Go out, meet friends, see new places, if you can’t travel abroad or simply don’t want to; try to venture out to more local attractions. Explore, learn and take pride spending time exercising and working on your physical appearance. Maybe you always wanted to hit the gym or get exercising before covid but work and your personal life were too busy to make the time for a fitness regime. Take the chance now.

Exercising really helps you in so many ways that you don’t even know about. Add in a summer touch and this can really spice things up - walking/running outdoors or using t he summer as motivation to get that summer body! Exercising and doing physical activity not only enhances your mood but it also sharpens and focusses your mind. For example, working outdoor is hugely beneficial; running or walking in a local park are extremely good for you, can be rewarding and super enjoyable.

Covid has also not been helpful for some in terms of the financial front. Maybe your not currently in the best financial situation right now. Struggling financially during this time because of lack of jobs, or being made redundant or might have just left your job because you now want a change.

I would say don’t be put off by a pandemic to question your abilities or how good you are.

We are in an unusual situation and employers it can be argued are certainly not going out of their way to hire a lot of new people or to even keep the people they already employ. There’s already enough pressure on businesses to try to stay afloat so I would encouraging getting a part time job that will keep you busy for now if you are out of work. Your time will remain occupied but even a small job will help you financially whilst the economic situation stabilises.

Also, it’s not your fault or any business’ fault that we are in a pandemic so instead of waiting around for someone to give you a job. Meanwhile, try new things to generate an income. Usual online platforms and social media avenues can be used to engage in entrepreneurial activities. I really believe that as young people we can do anything we put our mind to. So get thinking outside of the box, start experimenting, taking actions and staying positive.

Nothing about the world we live in right now is normal so why should we be expecting anything normal from our lives?