Thursday 27-06-2024 - 00:28

As part of our Co-President Huma Hasan's Financial Campaign, students got an online presentation from the Money and Housing team about Financial Literacy. 

The presentation explains the basic principles of effective money management i.e. draw up a budget, increase income and reduce expenditure. The presentation then covers how to create a budget – ways of doing this, tools to help you do this, key points to bear in mind when creating your budget. Then, it explores ways to increase income (e.g. employment, hardship funds), ways to reduce expenditure (e.g. student discounts, ways to save money when shopping, ways to save energy, council tax exemption). Finally, the presentation covers how to avoid getting scammed and sources of information about savings and investments.

You can check out the presentation here: https://studentsunion.law.ac.uk/resources/financial-literacy-campaign

You can also explore other materials promoted during the Financial Campaign below.

• "Money: A User’s Guide" by Laura Whateley
  A practical guide to managing money, covering everything from budgeting and saving to dealing with debt and investing. It explains how to navigate the UK banking system, the basics of taxes, and how to make informed financial decisions. Whateley also addresses the emotional side of money and offers tips for dealing with financial stress.
• "The Meaningful Money Handbook" by Pete Matthew
  This book provides straightforward advice on managing personal finances. It covers essential topics such as budgeting, debt management, saving, and investing, with an emphasis on setting clear financial goals and building a sustainable financial future. Matthew's practical tips help students develop a comprehensive understanding of personal finance.
• "The Richest Man in Babylon" by George S. Clason 
  Offers timeless wisdom on wealth-building principles such as saving, budgeting, investing, and avoiding debt. Through engaging stories set in ancient Babylon, Clason teaches the importance of saving a portion of their income, investing wisely, and distinguishing between wants and needs.
• "Your Money or Your Life" by Joe Dominguez and Vicki Robin
  It focuses on transforming your relationship with money and achieving financial independence. The book guides readers through steps to track their expenses, reduce wasteful spending, and align their financial habits with their personal values.
• "How to Own the World: A Plain English Guide to Thinking Globally and Investing Wisely" by Andrew Craig
  This book offers a comprehensive guide to understanding and participating in global financial markets from a UK perspective. It covers the importance of diversifying investments across different asset classes and geographies, and provides practical advice on how to start investing with limited funds. Craig's focus on financial education makes complex concepts accessible to beginners.

Financial Terms Explained

• Credit Score: A numerical representation of an individual's creditworthiness, based on credit history, debt levels, and repayment behaviour. It impacts the ability to obtain loans and the interest rates on those loans.
• Emergency Fund: Savings set aside to cover unexpected expenses or financial emergencies, typically recommended to cover three to six months of living expenses.
• Compound Interest: The process of earning interest on both the original amount of money (the principal) and on the interest previously earned. It causes investments to grow at an accelerated rate over time.
• Diversification: The practice of spreading investments across various assets to reduce exposure to risk from any single asset.
• Index Fund: A type of mutual fund or exchange-traded fund (ETF) designed to replicate the performance of a specific index, such as the S&P 500, by holding a portfolio of the same securities.

You can check out the below websites that offer discounts for students. 

• https://next.toogoodtogo.com/app - an app that gives discounted restaurant food at the end of the day
• https://totum.com/ - for student discounts
• www.moneysavingexpert.com  – one of the best independent money management sites. Check out budget templates here: https://www.moneysavingexpert.com/students/student-budgeting-planner/ 
• www.savethestudent.org  – one of the best student-specific sites
• www.stepchange.org  – one of the best debt management sites. This is a free debt advice charity
• www.nationaldebtline.org  – another free debt advice charity 
• www.moneyhelper.org.uk  – a really good money advice site set up by the UK government 
• www.blackbullion.com  – lots of money management resources

For Support from the university, contact the Money and Housing team: moneyandhousingadvice@law.ac.uk