Money on your mind: a Money Mentor’s tips for financial wellbeing

Money worries can easily weigh on your mind, especially when juggling studies and daily life in a bustling city like London. Research by organisations such as Mind and the Money & Mental Health Policy Institute shows that nearly 1 in 5 people with mental health problems in the UK also experience problem debt. Yet there are ways to stay on top of your finances — and you don’t have to figure it out alone.

I recently caught up with Sam, one of the King’s Student Money Mentors, to learn how money issues can affect our wellbeing and what practical steps might help. Sam’s role is all about offering peer-to-peer support: ‘We bridge the gap between students and staff, sharing personal experiences and tips. It’s more relaxed than a formal consultation, and we might spot small tweaks that make a big difference.'

Financial pressures can creep into every corner of life. As Sam explains: 'Even things like eating healthily become a matter of what I can afford rather than what’s actually good for my body.' Socialising can also take a hit, since nights out and travel often involve extra expense. Worries about money can affect your mental health and your mental health can affect how you manage your money.

One red flag is actively avoiding your bank balance or bills. Sam says that feeling embarrassed or overwhelmed can isolate you, especially if you’re not sure where to seek help. ‘We’re all humans,’ Sam notes. ‘It happens more often than we think’.

We’ve all been there: that big chunk of loan money or allowance arrives and it feels like more than enough — until reality sets in. Part-time jobs help but it’s easy to come up short during exam season or deadlines. International students, who may not qualify for certain loans, face added challenges.

Sam admits that budgeting can feel intimidating if you’ve never done it before. But even simple expense tracking — say, jotting numbers in a notebook or using built-in budgeting features on neo-bank apps like Monzo  — removes guesswork. ‘You don’t have to be perfect at it, just aware of where your money’s going,’ Sam says.

• Start with small shifts: Set clear weekly spending limits. Sam recommends dividing your total loan (or income) by how many weeks remain until your next payment. 'Put a little aside for essentials, socialising, and an emergency buffer—even if it’s tiny.’

• Leverage technology: Use smart banking or budgeting apps to categorise your spending — food, rent, travel — so you can tweak habits early. Sam points out, ‘A few unexpected Uber rides can really add up.’

• Rethink your routine: Bulk cooking and meal planning might sound clichéd, but buying in larger quantities ‘can seriously cut costs if you can overcome that initial outlay.’ Sam says. Planning meals also lightens the mental load when you’re busy.

• Seek emotional support: ‘Just venting to a friend with a funny one-liner about your landlord raising the rent can help,’ Sam suggests. Feeling less alone reduces anxiety — reach out to a Money Mentor before stress escalates.

Working summers or part-time during term was how Sam built savings. On-campus roles offer flexibility and bursaries might help create a financial cushion, preventing hasty decisions that can harm both finances and mental wellbeing. 

And if problems do crop up, remember there’s support and it's better to access this early.

• Money Advice Service: One-to-one budgeting help, advice on student finance and emergency hardship funds.

• Money Mentors: Trained students who understand the reality of student living and share practical, judgment-free guidance.

• Counselling & Mental Health Support Service: For anxiety, depression, or other emotional challenges linked to money stress.

• Student Services Online articles: Top tips on managing your money during your studies and Money issues are affective my mental health provide further guidance.

Financial stress can feel overwhelming but combining mental health strategies with clear budgeting and early support can break the cycle. As Sam puts it, 'Being open makes you realise you’re not alone. Once you take that first step, everything else feels easier.'