Welcome to our Money Diaries series. Here, you can step into the shoes of students from all walks of life at UCL and uncover an intimate glimpse into their weekly spending habits. Now more than ever, we believe it's important to open up the conversation about finance while working to support you through the use of our Union services. Interested in taking part? Start by submitting your information here. We're always looking for a range of different people to take part and we are interested in understanding a wide range of financial experiences. If you're selected to feature, we'll get in contact with you and ask you to log your spending over 7 days. Remember, all Money Diaries we publish are anonymous.
Fred (name has been changed) is a 21-year-old undergrad. He's passionate about his degree and is enjoying the course. He feels like he's in a dangerous and harsh cycle with money, trying to balance enjoying his 20’s, while saving money. He often feels guilty about wanting to eat out and spend money for personal enjoyment on things like video games and movies. Last year he did an internship which helped a little with his financial problems but that didn’t last very long. The cost-of-living crisis is also making him want to spend more, since everything feels tough. His long-term goal is to become financially independent and to get a girlfriend and live in a penthouse. Establishing financial security and getting a career with a stable, sufficient income is the top priority.
Age: 21.
Pronouns: He/Him.
Location: Kensington, London.
Living costs: I live in Central London, by myself, in private accommodation. It's extremely expensive - rent is £1,730 per month - with no signs of becoming cheaper anytime soon. My landlord has also raised the rent this year.
Monthly expenses: £4.49 amazon prime membership, £10 sim card plan, £0.99 Apple iCloud plan. I can’t make any contributions to savings since all my income is spent on living costs. Inflation has skyrocketed, meaning grocery prices are at ridiculous levels.
I've been trying very hard to limit my spending but this has come at a cost to my mental health, with my productivity deteriorating proportionally with time.
How is your higher education being funded? Student loans by SLC.
Do you receive any loans, bursaries, or grants? Yes, London Opportunity Scholarship and UCL Bursary - £4000 and £3000.
Do you have any debt? Only for student loans, which is £48,000.
Do you have a job? Not yet but after graduating I hope to work in a job with a salary ranging from £30k to £50k.
Growing up, what kind of conversations did you have about money? We didn't really talk extensively about money, but when I was about 11 or 12 I learnt the basics of money like compound interest and savings. I did get somewhat of an allowance and piggy bank, but it wasn’t anything major. My parents taught me the importance of saving and spending carefully. Through work experience and Economics A-Level I learnt all the ways of money from monetary policy, quantitative easing, macro/microeconomics and much more.
Do you worry about money? Yes, I am worried about money. The cost-of-living crisis means basic necessities have risen drastically. It's becoming harder to keep up with others who have more money and do the things I would like to. While I always worry, I know I have to give myself a break sometimes as I also want to enjoy life. I feel so privileged to be able to study at university at this level, although it comes at a huge cost. I’m finding small wins along the way by reducing my spending here and there, although I’ve not been able to build any savings.
Does anyone cover any aspects of your financial life? My parents supported me throughout my undergrad degree since my maintenance grant/bursary/scholarship didn’t even cover my rent. I lived off £175 a month, which I found really difficult and practically impossible without losing money. Last year I secured an internship which helped a little with my financial problems, but it didn’t last long. Since I’m studying full-time I don’t have time or energy for a part time job.
Day 1:
09:00 I wake up and eat breakfast (pizza).
10:00: I spend £2.50 with an oyster card, and I get on the District line. It’s surprisingly not packed, so I’m able to get a seat.
10:30: I arrive at uni. I surf Twitter until it’s time to start work.
11:00 I head in for project work. I start building circuits while performing testing and measurements.
14:00: Lunch. I’m hungry for a sandwich or a quick snack. I hang out with my teammates. I usually order McDonald’s since it’s the cheapest, and thus end up with a £5 Cheeseburger meal.
15:00: I go to my next lecture and start to feel the dread. The aftermath of eating a cheeseburger makes me more productive but also sleepy, and I need a Monster energy drink. I decide to not spend anymore until I get home.
18:00: I take the Circle line home. £2.50 spent.
21:00: I play some games and watch Loki, while eating popcorn.
23:00: I take a shower, head to bed, and listen to ASMR until I fall asleep.
Total: £10
Day 2:
09:00: I wake up and eat breakfast (beans on toast with ketchup) while watching the Late Night Show with Jimmy Kimmel and Stephen Colbert.
09:30: Time to check Outlook for emails from my supervisor. I have meetings with my supervisor every Tuesday to discuss project work.
10:00: I spend £2.50 with an Oyster card, and get on the District line.
10:30: I arrive at Uni and go to meet my supervisor alongside my teammates.
14:00: Spend some time working in the project lab and start to do what my supervisor recommended.
17:00 I head home by tube. Another £2.50 spent.
19:00: On Tuesdays and Fridays I usually order groceries for the week from Sainsbury’s or Iceland which includes meat/bakery/toiletries/dairy and drinks such as Fanta. I then make dinner by cooking steak/rice/pizza or other foods for the night. £30 spent.
04:00: Time to shower and get ready to relax in bed. I light some incense sticks to make it easier to relax and produce a nice aroma.
Total: £35
Day 3:
09:00: I wake up and eat breakfast - Monster Energy with Donuts and milk - while watching lectures from MIT.
10:00: I spend £2.50 with an oyster card, and I get on the District line. It’s always either early or late.
10:30: I arrive at university and head to the lecture room in the main building.
14:00: Work in the project lab and start acquiring data for plots and analysis. I’m not wanting to buy any food as I need to save money after shopping for groceries yesterday.
17:00: I head home by tube. £2.50 spent.
18:00: I make spaghetti for dinner.
21:00: Spend some time watching shows like Ahsoka and playing games for some R&R. I’m waiting for Christmas so I can get the highly acclaimed Spider-Man 2 for a well-earned gaming session for a whole week straight during the holidays.
03:00: Shower and get ready to sleep in bed. I play some rain or snow sounds in the background on my laptop for a good night’s sleep.
Total: £5
Day 4:
9:00: I wake up and eat breakfast while watching the news (water and coffee with leftovers from last night).
10:00: I spend £2.50 with an oyster card and get on the District line.
10:30: I arrive at uni and attend my morning lectures.
14:00: No work in the project lab today - instead I attend a workshop for my project.
15:00: I head home early as there are no lectures in the afternoon. H&C line. £2.50 spent.
18:00: I arrive home and make dinner… pork loin steak and sausages. I also do a little bit of vaping and smoking.
21:00: Watch anime and do some R&R. Lift a few dumbbells for exercise.
05:00: Shower and get ready to sleep. It’s late but I don’t need to wake up early tomorrow.
Total: £5
Day 5:
14:00: I wake up and eat breakfast while watching Hasan maybe (KitKat with milk, plus toast with butter and cheese).
16:00: No lectures or work today so essentially a day-off. I spend some time talking with my relatives every Friday on Skype.
17:00: I order groceries for this week. £30.
18:30: Videocall my parents on Imo.
08:00: Sleep.
Total: £30
Day 6:
20:00: I wake up after a nice long rest and eat dinner while watching some interesting YouTube video (Chicken).
21:00: Lots to do on Saturday in terms of chores. I start cleaning and doing laundry after cooking.
23:00: Vape while getting ready to shower.
03:00: Start some late-night gaming and then continuing watching new anime episodes.
09:00: Time for sleep as I conserve energy on Saturday’s and mostly like to sleep.
Total: £0
Day 7:
16:00: I wake up and eat dinner (whatever is in the fridge), while watching a cool documentary.
21:00: Take a walk in the park and enjoy the night sky glistening with moonshine.
00:00: I watch some YouTube videos from creators I like.
02:00: Gaming and movies.
04:00: I enjoy some R&R by eating snacks like Doritos (with dip) while preparing for Monday.
04:30: I sleep early as I have to wake up early on Monday’s.
Total: £0
Total Weekly Expenditure: £85
Budgeting tips for Fred:
- Check if you are eligible for any TFL discounts or when using your oyster card regularly check if a travel card is cheaper.
- A cheaper option for eating out and to help tackle food waste try the Too Good to Go App.
- Finding filling, nutritious and affordable food options whilst on campus can be difficult especially when you have a busy schedule. For help check our article on cheap eats. A free lunch option is the Hare Krishna stall outside SOAS, which offers fresh vegetarian food on weekdays.
Here to help
Our trained and experienced money advice team can offer free, confidential and independent financial support and budgeting advice, including money management and accessing hardship funds. You can get in touch with the Advice Service by using this contact form to submit a query or request an appointment.