Budgeting at university, last minute problems, and three types of decision.
😊 Welcome
After last week’s introduction to fees, loans and grants, this week we look at how to budget and how to manage your money while at university.
We consider one very good reason why you should never, ever leave applications of any type to the last minute.
And we learn about hats, haircuts and tattoos, and what they can teach you about decision making.
✍️ Student Finance Part 2: Setting and managing your budget
Last week we looked at the basics of student finance; tuition fees, student loans, and other sources of funding. This week we look at the other side of finance; what will you be spending your money on, and how to manage it.
Just like last week, this is not an exciting subject, but few matters are as important as finance when it comes to your studies and your wellbeing. You’ll know from my previous writing, that I don’t believe that money in itself can bring you happiness.
However, a lack of money, or the mismanagement of money, can definitely bring misery. And with the amount of money that you are likely to be living on as a student, this is a major risk.
So… today we talk about financial planning. Firstly, how to work out what you need, how much funding you will receive, and how you will make up the shortfall. And secondly, how to manage your money over the course of the year.
💡 Did You Know?
IT systems have a nasty habit of going down on exactly the day you are trying to submit something important.
So, whether it's submitting your UCAS application, completing your Student Finance forms, uploading your portfolio, booking an admissions test, or choosing an interview slot…
Never, ever, leave submitting something important to the last day.
📢 Quote of the week
“I think about decisions in three ways: hats, haircuts, and tattoos.
Most decisions are like hats. Try one and if you don’t like it, put it back and try another. The cost of a mistake is low, so move quickly and try a bunch of hats.
Some decisions are like haircuts. You can fix a bad one, but it won’t be quick and you might feel foolish for a while. That said, don't be scared of a bad haircut. Trying something new is usually a risk worth taking. If it doesn't work out, by this time next year you will have moved on and so will everyone else.
A few decisions are like tattoos. Once you make them, you have to live with them. Some mistakes are irreversible. Maybe you'll move on for a moment, but then you'll glance in the mirror and be reminded of that choice all over again. Even years later, the decision leaves a mark. When you're dealing with an irreversible choice, move slowly and think carefully.”
James Clear
Author of Atomic Habits
On balance, I'd say that for most people, choosing a course at university is closer to having a tattoo than having a haircut.
Sure, getting it wrong won't ruin your life, and many graduates go on to careers that have nothing to do with the subject they studied at university.
But on the other hand, most of you won't get a second chance to choose your degree or your university.
So take James Clear's advice; when it comes to your university choices, move slowly and think carefully.
Thanks for reading!
Jonathan
🎯 In case you missed it
📅 Next week
Coming up next week: Applying for student accommodation
