I’m sorry I have been M.I.A. for these past couple of months; last semester was brutal on me, but don’t worry I will begin regularly updating you again on all my current adventures. A lot has changed since the conclusion of last semester but more on that in a bit. I have so much to share regarding what I have been up to but I guess I should talk about something finance related in honor of Financial February.

As previously mentioned a big change has occurred since last semester. I am spending this semester studying abroad in London, England. Living in New York has did very little to prepare me for London finically. Not only is it generally more expensive, the current exchange rate between the Dollar and the British Pound Sterling (aka a quid) is $1.5 = £1. Then the nature of my student visa means I cannot get a job here in the U.K. so the only money I have is the money I arrived with. Because my funds are so limited I have found myself budgeting my money much more carefully than I have in previous semesters.

When I go to the grocery store I try to purchase things in bulk or the cheapest option available as well as forgoing certain luxury items such as junk food and candy. I purchase a significant number of fresh fruits and vegetables, avoiding the processed pre-packaged ones. In an effort to not waste any of it, I cook it all up as soon as I get home and freeze it to then be eaten at my leisure. So far I have made things like eggplant parmesan, veggie burritos, and risotto. I also try to avoid going out to eat as much as possible. This is aided by the fact I only have classes 2.5 days a week so I’m only regularly eating two meals out. Having frozen meals ready also helps because I don’t see the hassle of cooking for one as an incentive to eat out.

Another one of my tricks to attempt to save money is to always use cash never my card, this way I can physically see myself spending money rather then handing over my card. The ATMs here don’t usually charge a fee for withdrawing money and my bank in Colorado doesn’t apply a fee for using an ATM that isn’t theirs. The only fee on my card is a 1% international fee Visa takes every time I use it. Plus using cash makes it slightly easier to set myself a weekly budget because I can take out money and tell myself that is all the money I get for the week. usually £100 or less is plenty to get me through the week.

I have found that the main money sink is alcohol, which is legal for me to purchase here as the drinking age is 18. I have found pubs/clubs will charge anywhere from £2.80 ($4.40) to £11 ($17.26) for a drink. Because of this, I a) rarely go clubbing as that is where they charge the larger sums for drinks and b) set myself a drink budget of £10 (~$16) at most places and £8 (~$13) at the University run pub. This usually translates to between 2-4 drinks (depending on what I’m drinking and what the deal of the day is). 2-4 drinks for me is a good amount, it gives me a nice medium buzz that I am happy with.

Another way I have been saving money is by avoiding a lot of the touristy areas/attractions. It helps that I have previously been to London and seen a lot of the touristy things but by avoiding touristy areas like Piccadilily Circus, I avoid a lot of the outrageous touristy prices. When I do partake in touristy things its almost exclusively through NYU because it means they are paying for it. Example, last night I went on a Jack the Ripper walking tour and on Saturday I am attending a rugby game, all paid for by NYU.

I’ve been here nearly a month and I have a feeling I am spending under what NYU said we would be likely to spend in a month. When this weekend is over I plan on going back through my bank statements and adding up how much I have actually spent on day to day living to see if my current course is sustainable. I have a feeling it will be but only time will tell.

Financially, this semester will be a good one because it will get me in the habit of actually looking at how much money I have been spending, where I can cut costs, and where I can afford to make small sacrifices.

I leave you with these words of wisdom; ‘Its amazing how much less money you spend when you aren’t constantly buying junk food or a daily grande latte at Starbucks.’