Wellbeing Week Money blog day 3 – Learn

You’re here to learn – to gain knowledge, experience and a qualification in your chosen subject area. This could also be an opportune time to learn some important life skills or rethink and change old habits….

Many of us have heard the term ‘financial wellbeing’ – but what is it and why is it important?

Financial wellbeing is a sense of security and feeling as though you have enough money to meet your needs.

Research suggests that a poor financial situation will have a direct detrimental effect on an individual’s mental health, producing physical and psychological symptoms such as loss of sleep, poor concentration and reduced motivation.

Although it may seem unachievable, you can learn to take control of your finances, whatever your situation. For some it may be a longer road than for others but small changes and positive action can really make a difference.

Learn more about your relationship with money:

Consider your spending habits – a useful exercise is to study your last three months bank statements. Reflect on when you tend to spend money, on what and why (is it emotionally led?).

Are there aspects of money that makes you feel anxious? (talking about money with other people? opening your bills? Facing up to the reality?)

Have you, or others, made poor decisions in the past that you can learn from? Try this Relate quiz for further insight

Learn to budget

A budget is a money plan and necessary (especially as a student!). A life skill that will benefit you for life….yes, really…..and taking just a couple of hours to complete.

Settle down with a cuppa, pen and paper (do we still do that?) or appropriate device, details of all your income and outgoings and a useful resource from Money Saving Expert or Save the Student

At the end of your session, you should know how much you have to spend freely (after essentials) each week or month. You may not always stay within budget but at least you’ll be aware and can look to make savings elsewhere.

Learn to get (financially) organised:

Keep all your important documents (bank statements, bills, etc.) in one accessible place, but try to use  different passwords to keep your information safe.

Develop a habit of checking your bank statements/balance regularly – not only do you keep track of your spending, you also become less anxious when you do check it because it has become part of your routine!

Set up a separate bank account just for spending.

Plan ahead – hard though it may be, set aside a small amount for upcoming costs (deposit on accommodation/birthdays, train ticket home etc).

Learn for free

There are a lot of learning opportunities online and in the community for those who want to learn new skills or an explore a passion

• Free learning from the Open University
• Release your inner creative with a free online arts course
• Volunteer – learn new skills, be active in your community and upgrade your CV with our very own Volunteering scheme here at Brighton (more about this on Friday 26th November)

Learn to seek help

If you feel overwhelmed by your finances or don’t know where to start, speak to someone – friends, family, tutor, a specialist advice service such as Citizen’s Advice or the Student Advice Team here at Brighton. We’re a friendly bunch, a confidential service and we don’t judge – we’ll just tell you what your options are.

Student Advice Service