The wealth gap, friendship and university life

As students, we’re constantly trying to balance our budgets to make sure we can pay rent, buy essentials and make the most of our university experience. For many, the student loan can’t cover both rent and the essentials. This in itself is problematic. The decision between ‘making the most of it’ and not dipping into your overdraft is an unfair one to have to make, especially if those around you are constantly splashing out to have the best time possible. One of the greatest things about university is having the opportunity to meet people from different backgrounds, but at the same time, it can mean that you and your friends have completely different budgets.

Not only do these financial issues impact your daily life, but they can also influence your relationships. Yes, I want to go to that new restaurant in town. No, I won’t be able to afford anything else this week. Even though it seems like a simple decision to make, the thought of missing out can often encourage us to spend the money anyway and consider the consequences later. Social media can also make it seem as though your friends are always going out for meals, to balls and on weekends away. Despite the fact that this might not be the reality, it can make you feel as though your own financial constraints are causing you to miss out on the ‘true’ university experience.

A very popular solution people will suggest is getting a job to supplement everyday spending. Many degrees don’t necessarily offer the time for students to also have a part-time job. In fact, Oxford University has specific guidelines to try and dissuade students from working part-time for more than eight hours a week on the premise that the degree itself should involve over 40 hours of work per week.

It can feel extremely daunting and awkward to bring up with friends, but more often than not you won’t be the only one in that situation

Whilst finances have always been considered a taboo subject to talk about, it is often much easier to discuss as a student than it is later on in life. It can feel extremely daunting and awkward to bring up with friends, but more often than not you won’t be the only one in that situation, especially as you get closer to graduation. Most people will have some kind of budgetary constraint, and it is definitely worth being honest with friends if you can’t afford to do something. Even though you might feel guilty for saying no to an activity, it can be beneficial in the long run.

One of the best things my friends and I started doing when budgets were tight was movie nights. Between Netflix, Amazon and NowTV, there were so many film choices that we could watch something new every week and not feel guilty about spending any extra money. Game nights also became a popular outlet for a budget friendly night in. As a fiercely competitive bunch, spending time trying out different games is always such an exciting experience – especially if you haven’t played more intense games like Spoons before!

The main thing is that you are comfortable with how much you are spending, and you are doing what makes you happy

Even though it seems like almost all the free activities involve being holed up inside, there are some wallet-friendly options that are outside. One of my most memorable university experiences to date has been roaming around in Newbold Comyn with friends, simply exploring the different parts of local life we might not always experience as students. Not only was this a great way to see a hidden side to Leamington, but we were also able to really appreciate a part of university life that not everyone will get to see.

Although you might feel embarrassed to admit budget constraints, it will help in the long-term – not just your wallet, but also your relationships with money! Part of the university experience is understanding how to maximise your budget to suit what you want to get out of your time on campus. Whether this means getting a job to supplement your budget or going into your overdraft and hoping for the best, the main thing is that you are comfortable with how much you are spending, and you are doing what makes you happy.