Weekly Money Diary – International undergraduate student with a part-time job
Hi, I’m Amir, a 23-year-old student from India studying BA Business Management at the University of Huddersfield. I live in a student accommodation with six flatmates. I work part time as a warehouse operative. Join me as I explore the challenges and triumphs of maintaining a balanced financial life while focusing on my studies and enjoying my time as a university student.
When I began my journey as a university student, my parents generously took on the responsibility of covering my tuition fees. However, I wanted to take charge of managing my monthly expenses. It was a way for me to develop a sense of independence and financial maturity. I wanted to learn first-hand the value of every penny I earned and spent.
Key Info
Monthly Expenses
Let's dive into the breakdown of my monthly expenses, a vital aspect of maintaining financial stability and keeping a close eye on my spending habits.
Accommodation: My rent is £305, including bills. Among all of my expenses, the largest portion of my budget is allocated to rent. To ease my financial concerns, I always opt for accommodation where bills are included. This helps me to plan my budget more effectively and avoid any surprises that might strain my financial resources.
Transportation: This ranges from £4 to £10 per day depending on my commuting needs. I try to use cost effective transportation options such as Day-Saver tickets to keep this expense within a reasonable range.
Phone: Staying connected is essential in today's world, and I allocate a portion of my budget, ranging from £10 to £20, for my phone bill.
Groceries: I allocate £50 to £80 for groceries each month. By carefully planning my meals, making shopping lists, and seeking affordable options, I can ensure both my nutritional needs and budgetary constraints are met.
Given my current focus on academics, my primary goal is to meet my monthly expenses comfortably without undue financial stress. Although I am not actively saving at the moment, I recognize the importance of developing healthy financial habits for the future. I find solace in knowing that I can cover my expenses with the earnings from my part-time job, allowing me to enjoy my university experience without constant worry about finances.
Weekly money diary
Day One – Day at Uni
Coffee - £2
Total: £2
Day Two – Day at Uni
Coffee - £2
Food - £1.80
Total: £3.80
Day Three – Shopping
Groceries - £17
Shirt - £9
Shoes - £33
Total: £59
Day Four – Day at Uni
Coffee - £2
Total - £2
Day Five – Assignment
Cigarettes - £13
Soft Drink - £0.85
Total: £13.85
Day Six – Work
Transport - £2 T
Total: £2
Day Seven – Work
Transport - £2
Total: £2
I have a spent a total of £84.65 on this week which is a bit more than usual because of the new shirt and shoes I got for myself, apart from that the rest is what I spend on an average.
Do you save money?
My parents taught me the importance of saving, budgeting, and making thoughtful spending decisions. My main focus is on my studies, and I am aware that pursuing part-time work alongside my academic commitments can be challenging. However, I firmly believe that striking a balance between work and study is essential for personal growth and future financial stability. I understand the significance of building a financial safety net. Once I secure a full-time job after completing my studies, I plan to prioritize saving a portion of my income for future goals and emergencies. This mindset reflects the lessons I learned from my parents and their emphasis on long-term financial planning.
How would you describe your money-mindset?
I do feel a sense of comfort with my current spending habits, I am also well aware of the growing need for improvement in this area. Especially when it comes to impulsive purchases, there is always room for progress and better decision-making.
I actively seek out cost-saving measures and student discounts whenever possible. This includes utilizing university resources and exploring affordable entertainment options. Through my careful approach to finances, I am able to be resourceful and make the most out of every penny while still prioritising my well-being.
In today's fast-paced world, managing finances can be a daunting task. However, with technological advancements, it has become more streamlined and easier to keep track of one's expenses. I rely on a tool called Notion to ensure complete financial accountability and maintain an accurate record of my expenses.
As I reflect upon my personal journey of managing student finances, I realize that it has been a challenging yet enlightening experience. Balancing work, study, and personal expenses can be an overwhelming task for anyone, but with careful planning and discipline, it is possible to navigate through the complexities of student finances. It also presents an opportunity to develop key life skills such as budgeting, saving and investing. By keeping track of your income and expenses on a regular basis you can make informed decisions that will help you achieve your financial goals in the long run. I hope that by sharing my journey, fellow students can gain inspiration and practical tips for managing their own finances.
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