Meet Marjaana: Head of the Personal Finance Society

What made you want to get involved in the Personal Finance Society?

I’ve been quite interested in things like savings and investment ever since I was able to start earning money and had been wanting to take on a committee position for a while.

When I saw on Facebook last year that the old committee were stepping down due to lack of interest in the Society, I took the chance to be part of rebuilding it, as it sounded like an inspiring opportunity to raise awareness and learn more myself.

The Personal Finance Society used to be called ‘The Broke Society’ – what made you change the name?

Mainly because the word ‘broke’ has negative connotations, and as the Society had been inactive we figured it would be best to start anew. This way we were also able to rethink the scope of the Society. We wanted to introduce skill building and advice sessions instead of only focusing on free social events.

Not everyone is comfortable with being associated with the word ‘broke’, but everyone for sure needs to manage their personal finances.

What is your own personal relationship with money like?

It may not be as good as you’d expect from the president of the Personal Finance Society! I’ve always wanted to save money, so whenever I was able to work I did. However, in my gap year before university I did not save money at all! Now that I am living on my own, thinking back to that is scary to me. I wish I had saved up back then like I’m doing now. To be honest, nowadays I might be countering that by being very paranoid about the money I’m spending. It’s only lately that I’ve somewhat started to find a balance between the two.

So while researching the content for our society events I am also educating myself, in a sense. That makes it all the more exciting.

What money issues do you think students most commonly face?

It’s difficult to generalise since there are students with so many different financial situations here.

I’ve encountered students who have to give up study time for long work hours to be able to afford their education. And there are others who have everything paid for and don’t even have to think about it, but might be stressed about how to start earning their own money and gain independence. This contrast can be quite apparent sometimes.

So in that sense a common issue would be social situations. It can create divides, and to some extent talking about money is still very taboo. As London is so expensive, sometimes planning activities in groups needs a bit of tact. Some people wish to experience extravagant things with their friends, whereas others try their best to have fun for free. In a friend group it wouldn't be right to judge either perspective, so balance is needed.

What good money habits do you see your fellow students using?

Cooking at home for friends and inviting people over instead of going out are things which many seem to be doing. I find it really wholesome. A lot of people are very conscious about avoiding fast fashion and single use items. Nearly everyone I know has a reusable bottle. Many use apps such as Too Good To Go to find cheap food. I wish there was  more awareness of these things though. 

There are a lot more sustainable initiatives in London which could help people save a lot of money, such as dishwashing liquid and shampoo refill stations, and ODDBOX.

What have you learned about money since starting Uni, that you wish you’d known sooner?

Firstly, it takes seconds to spend what you’ve often spent hours earning! I also think I’ve learnt what I like spending the most money on (food), now it’s just about setting up a budget which allows for that in sensible amounts. I’m also currently doing a year-long challenge to not buy any new clothes. It’s an attempt to better identify what clothes I actually need in the long term.

If you could give your fellow students some advice around personal finances, what would it be?

Having a desire to manage your finances better and having long term goals are the two most important things.

Setting up a monthly (or even weekly) budget is the best way to really track what you should be spending on and what isn’t beneficial for you. If you are really clear on why you are trying to build savings or just spend less, sticking to the budget becomes a lot easier.

I don’t think anyone should restrict themselves in their daily life more than necessary though. It can be good to buy things that make you happy (like daily coffee), as long as it fits within your long-term plan.

Book tickets for the Personal Finance Society's next event Student Budgeting Essentials: UCL Student Funding Interactive Workshop is on Tuesday 17 March, 6-7.30pm at the IOE here. 

The Personal Finance Society's Facebook page can be found here