Money Diary: A 22-Year-Old Student in Scotland on 4.1k

This week: "I am a 22-year-old student reading English Literature at university. This is my final semester of my undergrad, and I’m definitely feeling the academic pressure and the need to make the most of every day here before graduation. I’m really going to miss living right next to the sea in this pretty little town! I live in a private rented property with four friends, and because it’s a really central flat the rent is extortionate. I budget according to my student loan allowance and transfer a weekly budget into a Monzo account so that I can closely follow my finances."

Occupation: Student 
Industry: Education 
Age: 22
Location: St. Andrews, Scotland
Salary: £4,111
Paycheque Amount: I receive student finance payments of £1,356.63 in September and January, and one payment of £1,397.43 in April. 
Number of housemates: Four
Pronouns: She/her 

Housing costs: £725. I am very lucky that my parents help me out with rent, although I want to pay for a couple of months this semester. 
Loan payments: £37,000 student loan for my undergrad (Scottish universities do four-year courses) and £16,622 maintenance loan (also split across four years). I haven’t started paying this back yet, although I always feel anxious when I think about how high these figures are. 
Pension?: No, I don’t think so. 
Savings?: £8,271 in a Help to Buy ISA (this is money that I was able to save while working in my local supermarket during my gap year and the pandemic). £2,200 in Santander 123, £50.83 in an Everyday Saver (leftover birthday money I’ve been keeping to spend on a nice meal or day out). £45.60 in a Monzo ‘Leftover pot’, which was leftover from last week’s budget.
Utilities: £5.99 WiFi, £25 Gas, £15 Electricity. As students we don’t need to pay Council Tax, and as we’re in Scotland we don’t need to pay for water either.
All other monthly payments: My dad is very kind and pays for my phone contract on the family plan. Subscriptions: £5.99 Spotify Student + Headspace, £3.99 Amazon Prime Student (which my parents and sister also use), £0.79 Apple Cloud Storage, 100 GB Google Photos Storage £1.79, £20 Pret Coffee, £7.99 Disney+. 

Yes. My school always presented university as the only viable option which would lead to employment. Thankfully, I always enjoyed learning and really wanted to go on to higher education. I’ve always loved literature, so I also feel super lucky to study a subject that I find genuinely interesting and enjoyable. I’ve taken out both a tuition loan, and a maintenance loan to support me through university. 

My parents began teaching me about budgeting before I came to uni and explained how it was important to save where possible or live within my means. They’re careful with their finances, which is an attitude that I am trying to emulate with my own money. 

I haven’t fully moved out, as while I do live away during the semester I always return home during the holidays. 

I’m not yet financially responsible for myself. While I do recognise how fortunate I am, in that my parents pay for my phone contract, car insurance, and rent. Although I pay for everything else, I feel like a little financial leech.
 
What was your first job and why did you get it?

At a local restaurant when I was 18. I was paid £6 an hour, cash in hand, and wasn’t allowed to keep tips. A little dodgy for sure, but I really enjoyed having my own spending money, plus they still give my family discounts when we get takeouts.

Yes. I am probably more of a spender than a saver, which is something that I consciously try to change. I also worry about being a financial burden on my parents, as my university is very academic and as a final year student, I don’t have the time for a part-time job. During the pandemic I found it difficult to get a job, as most of my work experience has been in the hospitality industry. I also spent much of last summer doing work experience, which was a fantastic opportunity, but unpaid. The pandemic made me so much more aware of how tentative financial situations can be, and how important it is to save. 

No.