Wise up on how to spend and save your money - hosts Nesta and Alex welcome student Juliette and Student Support and Experience Practitioner, Rachel, to talk about the tips and tricks they use for managing their finances.
Wise up on how to spend and save your money - hosts Nesta and Alex welcome student Juliette and Student Support and Experience Practitioner, Rachel, to talk about the tips and tricks they use for managing their finances.
Hello, and welcome to the Student Connect Podcast, a podcast to share our experiences of university that helped to shape us. This podcast is created in association with Staffordshire University and hosted by our student communications Ambassador team, a student led podcast which shares the experiences of students progressing through university education and inviting experts from a variety of life topics. Along the way, we will endeavor to share our honest stories, sometimes too honest, to help educate and support those who may also be going through similar experiences. We're your host, Alex and Nestor, we're gonna get started here with episode four. Don't break the bank.
So this episode will be all about money management, finances, learn something, hopefully, yeah, I feel like we could all we could all learn a little something. Yeah.
But yeah, hopefully, by the end of the episode, we'll all be a little wiser on how we spend and save our money.
So, since the last episode, what have you been up to finish my thesis, as submitted everything, I'm completely finished. And part of me thinks that I have flopped.
Bombed because I got one grade back recently, and it was 58. And I get mixed reviews when I speak to people about this, because to me, anything below 60, even though it's like two marks, I think I should be doing better. I should be doing more, I should be punching higher. But then some people like oh, no, that's no good and whatever. But no, so that was bad omen for me. And I don't think I'm gonna get my first book. With all the other stuff. I've been juggling around side. I don't think I don't think at 211 b two. But yeah, I feel like I'm not the best person to ask about that. Because our grading system in the state is so different. And like,
it's like being here and like having the grading system. And I think just the mental attitude as well, because it's like, you have like the ABC D system in in the States. And it's like, basically, anything below A B is sort of like a bad grade. Okay, yeah. But when in fact, like, when, in fact, it kind of is just supposed to be average. So it's like this whole, like, vicious cycle of like, if you get a C or below, you're like, that's a bad grade. And like, so everyone's striving for an A and A, B, or, you know, A's and B's. And so it's just like, I don't know, it's been kind of nice. Like, and I don't know, it's a slightly different system for my master's program as well. But to have just sort of, like, if you get anywhere in between here, it's like a pass. And that's like, you know, you're still passing like, you're still gonna get your master's degree. Yeah. And so and then it's like, there's, there's two, there's two more levels. And I, for the life of me, I can't remember the middle one. But then there's like distinction, which is like the top Yeah, like top marks, but
I think marriage. That's what it is. Yeah. So it's like, you know, whether you get a pass or a merit or distinction, like you still are getting your degree. Yeah, yeah. And like, I mean, honestly, no one's really going to look at what exact grades everybody I know, that's like graduated. The Allstate's like the employees look at it, like a binary system. You got the degree, but you don't have the degree. Exactly what level? Yeah, so it's, it's been a bit like, freeing almost, because you're kind of just like, you know, you just do what you can and then, you know, because I got, I think, like, merits for both of my last modules. And it was, like, my first instinct was to be like, Oh, that's, like, the the, like, number
in that I got in the states would have been like, a bad grade. Like, I wouldn't. Yeah, I would have been like, no, no, this isn't right. Okay. But America's pretty good. But man, it's good. Yeah. So it's kind of like, you know, you just have to, like, take it in the in context. Yeah. And it's like, you know, I mean, that's the whole point is like, not everyone's gonna get top marks like you have.
You know, but and at the end of the day, you know, if you passed again, you're getting a master's. Well, for me, you're getting a master's degree. So like, yeah, you know, it's, yeah, I suppose that's, that's one thing that I'm definitely guilty of. It's like, I am holding myself to higher standards, rather than enjoying and developing through the process. I always just sort of look at criteria and brief and then just try to address it the best I can versus sort of actually scoping through the information probing fine
Didn't developing the idea. And like, just taking the time with it. I think that is a bit of a dichotomy. But yeah, yeah. If I was to do it again, I'd probably approach it differently. Yeah, I mean, that's the thing as well, like, you learn, I learned so much from my first two presentations that came into my like, next presentation. So it's just kind of building and building on like, all those skills. Yeah. Have you been? Have you? Because you got you till September? Yeah. So I don't, I'm not gonna have like a summer break, we have one, we have a summer term. So it's like the big one, the big Master's project.
So yeah, I thought I thought I was going to have these two weeks that we are in right now, as like filler weeks where I can basically just do my own thing, experiment a little figure out what I wanted to do. But instead, I am finding,
painting the live drawing room in Dwight white, and trying to work like we're trying to set up for our degree show. And then also, like, we have this big sustainability project with Wedgwood, like at the Wedgwood collection. So it's like I have these two weeks are just packed full of extra things to do instead. So it's a bit like, oh, man, yeah. Because you think you got a little bit of black plain sailing? And it's like,
just getting wrapped up so quick. Yeah. So I'm, I'm trying to sort of, they're both like group efforts. So that's the thing to remember is like, you're not responsible for everything, you just have to focus on the parts that you have to do, because that's, yeah, it's like one of the like, you can't look at everything. Yeah, because you'll just get overwhelmed, you just have to focus in on what you have to do. And like, that is the nice thing about a group project is that you can kind of be like, Okay, this person's working on this bit. I can just work on my part. And, you know, everyone does what they're, yeah, theoretically, is there, like, a poster project manager, or anybody that's overseeing, um, kind of, we do have, like, one of our tutors for the
Yeah, horse is sort of technically overseeing, but they're sort of part time. So it's a bit. It's just, yeah, we're on our own for a lot of it. And it's, um, there's quite a few sort of manager type personalities in the group. So it's, it's very much like I'm an I'm sort of, like, I'll step up if I have to. No one else. Like, I can tell like, no one else is gonna do anything. I'll be like, Okay, guys, let's figure out what we got to do get the you know, but because everyone else is very much like, okay, here we go. We got to do this, this list you are you doing this, you're we're in charge. So like, you have like those personalities in the group. So I've kind of just taken a step back and been like, I'm gonna work on this one piece that I was told. And I'm just gonna let you guys the rest. Because it's kind of it does have a bit of a too many cooks in the kitchen. Yeah, yeah. And, you know, so you got to take a step back and kind of know when to be like, you know, what, you guys have got this covered. I'm gonna leave my because my two cents is worthless at this point. Because yeah, like, it's just gonna confuse money. Yeah. So, which I mean, I don't mind honestly, in a group project to kind of,
like, not step back and let other people do the work. But yeah, but some people love managing people, like some people love to like,
like, get in there and assign jobs and make sure everyone has something to do. And that's like, where they thrive. And like, more power to you. Like, that's great. Because that, I mean, like I said, if I have to step up and do it, because like, at the end of the day, it's your it is your, like, work on the line. So, but I'm more than happy to like, take a step back and be like, just give me work to do. Just give me a list, and I will do so. Or
it's difficult, though. I don't like it when everybody's at the same level. And some people just decide that they're above and then start to talk down to stuff you'd ever see Lord of the Flies. Yeah, I know.
You lose a little bit of the structure, and then all of a sudden, everybody Yeah, I feel like that there's like that fine line between a manager who's also helping and like a dictator who's just like, do it now. Yeah, it's just like, I'm in charge. You're all gonna do it. You're and then somehow they don't have any work to do. Yeah, you're like, yeah.
So, but yeah, luckily, there's that's not the case in any of them.
groups so it's very much
you know, we're all working together, but it is. Yeah. I've seen seeing that in action in other group projects and it's definitely not fun. No, no, I agree. But I'm so so break. You, obviously not really having a break. I'm going to take my chance to rub it in your face a little bit. Oh, yeah, please tell me your summer plans. Are you ready? Are you ready? Yeah. Okay, so LinkedIn learning and he got more qualifications.
Me CV needs to be doing led specialize it for different industries. The portfolio needs to be well.
And so for summer, it's work. It's just work. Yeah, yeah. Happy. So I might come away with the better summer break break plans because I'm just gonna play with clay all summer.
Yeah, yeah. So I'm just gonna be here for the summer term. I am kind of looking forward to like, the ghost town campus and having like, nobody around. Just like, I hate that. I hit the mic. I'm sorry.
I hate that. I do with the ghost town. It feels weird. It feels weird. I feel repopulated. Yeah, I feel like it it will wear the like, excitement will wear off after a while. And I'm like, wonder people bad. Yeah, but I am kind of looking forward to it to sort of just to see what it will what it will be like, but um,
Squeezebox tastes open. Yeah, definitely. Yeah, I'll be spending so much time on this conference. So FX, good morning.
So have you heard any responses about any of the last few episodes? No, no, because I actually, I didn't get around to posting them through my social media. And that's usually when I get the feedback. So I'll probably do that this episode.
Yeah, no, I am actually saying that. I spoke to a few people that already know the work that university so that they get certain updates.
Yeah, a few compliments may mainly mostly just been positive. Like I really liked it, you know? So.
Yeah, I don't think I've done anything specific. So
I'll have to ask maybe more specific questions of people that I know have listened to it. Yeah. Probe probe, get that information. Yeah. And then just a reminder that we are still looking for a jingle. If there's a student out there that wants to submit one. You can do that on our social medias. We need a jingle thing. We need something specific and bespoke. And I think if it comes from comes from a student, build their portfolio, get their name out there. And definitely, definitely, because I think even with sort of you leaving, at the end was that
my contract is still September, but yeah, yeah. And then and then me, I think, even with both of us, kind of going to be on the way out of the podcast, I think it's still a fun thing to do and keep around. And it's definitely like, if maybe you're a little bit nervous about the video, part of the student comes in
saying it's,
you know, a different avenue. Yeah, if you're interested in that. So that's always fun as well.
Gosh, who's going to be our successors to reckon? I think Juliet to do good job? I think so. Yeah. Yeah, I don't know. I don't know. It'll be interesting to see. It will be it would be nice if we could sort of have a like, you know, if you like if you're leaving first, and then I sort of like break in the new house. Yeah. And then like, and then I'll step in, and then they can break. So it's sort of like a instead of both first leaving, yeah. Yeah. That could be that could be fun. This episode, we'll be chatting with an expert on money management, and we're welcoming, welcoming back student Juliet, who has had some great techniques of keeping her money in check. Without further ado, we're excited to welcome our guest for this episode. Hi, my name is Juliet. I'm a first year gay Mark student also a student comes ambassador. I'm Rachel Thompson. I'm the money and guidance practitioner. And we're so happy to have you guys on the podcast. Juliet, you are back because we were so impressed with your like, just quick rundown of how you manage your money.
We just wanted to get you back and ask you more. So have you always been good with money? Or is that like, when you came to uni? You were like determined to you know, get it, get it together. I've always been good with money.
Luckily, I've been raised up by both of my amazing parents who have always shown me that money isn't just given to you, you've got to earn it. You know, it's worth time and effort. So, for me when I look at
90 pounds on top in a store? I don't see it as 20 pounds I see is that's two and a half hours of my time. Is it worth two and a half hours of my time for this one shirt? So I've always grown up with that mindset, which is quite fortunate sometimes it can be a bit of a pain because my friends like, Oh, it's just 20 pounds. Why don't you just buy it and let yourself go once in a while, but, ya know, I've I've always been good with money.
That's a good skill to show. Yeah, for sure. Every time in the past where I've been like, like doing that same thing where like, equate it to what me hourly races. I just end up just being like, Oh, well, I spent two hours doing like, I don't know, watching something. For example, I'd be like, I've wasted that time doing much worse than before. So I might as well just like by
that sort of just my way of justifying, like, whatever type of impulse impulse purchase it was. Yeah, yeah. Shoes.
Right. So can you tell us a bit about what you do and how you became a money expert? Yeah. I've worked for the University for a very long time longer than I want to admit on here.
But I've mostly been in student support. So my role was student guidance advisor. Then I got promoted to student guidance officer. And then recently through restructure, we went to money and guidance.
We've always advised on money, particularly student finance.
So yes, that's kind of my background for the university. But yeah, it has been over 20 years. Wow, not too bad. I don't remember when I was hosting the awards. I don't remember giving you the badge. You got about? Yeah, I've got the badge. But that was a few years ago. Okay.
This was the 20s one. Okay. Yeah. Okay. Yeah. I think it has been 24 years. So there we go. Okay. That's not too
good. That's like, like, yeah, yeah, that's worth well,
I was wondering, what's your typical advice that you give to students?
Planning is the best thing in budgeting.
Because for some students, it's the most amount of money they've ever had in the bank account, when they first come to us, they got that first installment of the Maintenance Loan.
But the seat just as what it is, and then they think, right, do I plan? Or do I just blow it. So what we've been trying to do is encourage students to budget as much as possible. And then when you do that, then you've got, hopefully a bit of money leftover that you can treat yourself. But it's about using your money wisely. Thinking about what you're spending, but like what Juliette said, you know, when you're working, you see a top and you think, actually, that's two and a half hours that have worked. So it's just about planning and budgeting, and just being really careful with your money.
That's yeah, that's, it is, it is difficult when you especially feel like in sort of the stress when you add in the stress of uni. Yeah, and like, you come home and you like, I remember kind of like coming home and washing my dishes. And then I'm like, I, I don't want to cook now. And like, having like a breakdown in my kitchen
and ending up either you end up having like, just a really sort of sad meal, or, like,
I deserve it, I'm gonna treat myself I'm gonna get a take away. And it's like, you know, so you do have that sort of, like, when you add in the stress of uni, there's a lot more like, because I'm I mean, I've never been the best at budgeting. And, and at the best of times, but like, stress a stressors, definitely, you get that sort of like, I deserve it, you're working. So
I deserve that top.
I think particularly around assessment time as well, when stress even higher than normal.
That can be difficult. But what what we found is with the students success Support Fund, which is the hardship form that the university offers to students.
A lot of students that apply might spend quite a bit of money on takeaways.
And, you know, when you add that all up over the month, it's a lot. So one of the areas that we were looking at was cooking and getting students to think a bit more about food per, you know, cooking for themselves rather than spending a fortune on takeaways.
You know, you do need a takeaway now. And again, I think this is a tough one.
Yeah, sometimes Yeah.
But I think it can be difficult when people are living in like communal spaces. And like if housemates, or whatever, aren't always tidy, or whatever, dishes building up and all of this and then you can't even you don't want start cleaning up everyone else's mess when you're hungry. And so you have that sort of
back and forth, I suppose. And then the other thing is that, like, takeaways, you actually don't really have any nutrients in them whatsoever. So then you eat and use some traction or even fall or maybe then you're awful, but then you don't feel any better in any turn up for the next day's study in the field, a bit groggy, and then he got into like, a downward cycle, don't use cooking, it's, it's more important than just preserving your money. It's like, obviously, it's much better for you, if you can choose what and what nutrients are actually go in into the food. One it, especially like, if you can cook or you are like decent at cooking, when you think about what's in the takeaway, and what like how much it would cost to go to the shop and get the ingredients versus what you're paying for that takeaway. You know, it's a bit, you know, the be some hands on, like, you know, you could get like, a Chinese but you already have most of the ingredients, it could make something that will, you know, taste just as good, if not better, but it's just that it's just that effort. And you know, it's it is one of those things you just have to
Yeah.
Yeah. Yeah. A little bit hard on the outside, I suppose. Sometimes when I'm cooking what I ought to do, it's like saying, like fried mushrooms, and then I'm gonna do what some something else like maybe like,
egg or whatever. Just use the same pun.
On washing up. Yeah, I will use a pan if it doesn't have that mantra, and I'm just doing the same thing. Again. I'm like, No.
I don't know. Yeah, because you wash it halfway through, get another one out. I'm gonna
put some extra quotes around that or something.
I was just gonna say Juliet. Or ask Julia how you go about planning your finances and like sort of your, you know, well, you know, the Maintenance Loan, you get them in three installments. I split up between. So say, for example, you got your first Maintenance Loan in September, and then that last you through till January. And that's about I don't know, September, October, November, December, about 16 weeks, if that's what yeah, that's 16 weeks. Yeah. So I then divide the amount that I've got for that 16 weeks by 16. That it kind of worked out. I had about 100 pounds a week. And then I literally on my phone, I have a notepad and I write down every week, what I spend everything on, and how much I've spent that week in total. And if I've gone over, I can see what things have cost me the most. I'll be like, I've spent I went bowling that week. And it was like 20 pound because we bought some food as well. And that's why it's gone up so I can kind of justify why I've gone over. And one thing I realized is, although it's a very nice treat, is just getting a cup of coffee. There was one point when I was getting a cup of coffee and about maybe three or four times a week, and that's 12 pounds on coffee. So I went and bought a reusable coffee bottles thing, but like 10 pounds, and then even like those you can get like the ready sachets for like pound and you get like eight of them. It works out so much cheaper, because the sachet is only about 15 P So I'm saving so much and I do that now. It's funny you should say that because in the office they're all big coffee fans.
But I refuse to spend all that money on coffees even though they're lovely. So I do the coffee stick thing like Yeah, yeah, but yeah, they will take the mick out on me
why I will say that if you're getting your depends on where you're getting your coffee from? Yeah, because Squeezebox Squeezebox all the way Yeah, because I feel like that I keep like, every weekday I go in, I will get at least one coffee
and then they also have the stamp card so every once in a while you get a free coffee.
But it's it's for I think for even a large it's only like 195 So that's pretty good. about 10 pounds. I mean it still is that's 10 pounds a week.
Yeah, yeah. And you know, so it's one of those things where it's like, I think sometimes you just have to, is it worth it for you see, I always just have a black mark on
food. And then that way, I mean, there's no milk. There's no, there's no sprinkles and things like ATP.
I mean, yeah, there's definitely you can have a cheaper Yeah, for you know, you take your own cup as well. A little bit more of a discount. Yeah, you do get a discount. I keep forgetting mine. And then it grows. Mold. And then I have a
cleaner. And then I have the Yeah, anyway, I
feel like I'm revealing too much. Nobody
happens sometimes I left one of my friend's car and I think ended up being like, three weeks. And by the time I was like, I even touched
in, in the Milo building on the third floor. There's like on top hot water. Yeah. And so I just keep like a bunch of tea bugs in there. And then yeah, just yeah, let's keep one save a bit of money. Yeah, we have, we do have a kettle in our studio. So I really should bring in some like,
coffee, and then I can at least, you know, maybe for my second Coffee of the day. Yeah, everywhere money. Usually these things get revealed to you like, right at the end of the term, or the year or whatever. Now I've already lost so.
Yeah, it's, it's, I feel like I'll try to like hide things from myself. I'm like, No, I don't want to know, like, because I have an online bank. And I like it'll give me that like, Oh, you're spending,
you're spending has increased and I'm just like, No.
Notification. But it's, it is one of those things where you have to you do have to, like become accountable for you can't just put your head in the sand and be like, yeah, so you end up with like, 60 grand debts? And, yeah, I think online banking is really good. I mean, years and years and years ago, I'm very older now. But we used to just have to wait every month for a statement to come through your door through the post. Whereas now it's a lot easier to manage your money, because you can keep an eye on your online banking.
So you know, I'd encourage students to do that. Yeah, and just, I know, it's annoying, because you just want to spend, but, you know, just keep tabs on everything. And just keep budgeting as much as you can. Just like Juliette said, See, my issue is like discipline, I think, because like I'll do the budgets, and I'll make the plans, and then they'll just disappear somewhere.
And then all of a sudden, the money's gone. So anybody got some extra hours? For me?
I think I mentioned before about the Student Success Support Fund. So that's a hardship from that the universities got. So for any students that are really struggling.
And some reason, you know, they've got no money left, then they can apply for that fund. The will, the university do have to look at every single bank statement. Because obviously, we've got to make sure that student hasn't got 1000 pounds sitting in the bank account.
But you know, it's a really good fund, and it's there for students that are struggling. So I can't push that enough. If you just search for it on the on our website, you'll find some information. Definitely, that's a good resource.
Because I think especially sort of in the current, you know, current climate situation.
A lot of students I think are put off of the idea of university, because it sort of blood but yeah, it just seems like there's a lot of it's a lot on the line. And and I think too, there's a lot of information about like, you know, interest rates, and all of that is increasing, which is can be a bit scary. But
yeah, I think
it's it is a bit scary. Well, I'm I'm
not a total brain meltdown.
But I'm also coming from the States, it's a totally different system. So I don't really even know that much about like, any of the like systems that you guys have or like the help or resources, which is why we have Rachel
on the podcast today. Yeah, I think because we my team covers a lot of the open days and we do finance talks to any applicants that are thinking of coming to university. It's really important that you do your research. Look at the area, look at the cost of living in terms of rent.
Way up with your course because obviously you want to be on the best course. But online student finance have quiet an online calculator so you can put figures in that and
I'll tell you roughly how much you'll be entitled to in terms of your Maintenance Loan. And from that, then that's when you can look at budgeting. I know I keep saying budgeting, but it's just so important because you need to figure out your ran your other living costs, and see if you can manage.