BruKent Society: INFO PACK 02 BUDGETING & MANAGING MONEY

Budgeting and Managing your Money

Those who are on government scholarship, you will receive three months worth of allowance (September – December) in advance prior to your departure. Here’s our opinion on keeping your money safe:

(1) Keep around £100 to £500 cash-in-hand for spendings in the UK whilst you don’t have a UK Bank account. The cash you bring with you depends how much you will spend in general. You may only be able to set up your UK Bank Account from 30^th September onwards so if you’re going to be in UK early you may need more cash.

(2) Budgeting is crucial. Being exposed to the wide range of shopping in the UK, there are high chances of splurging. It is important that you train yourself to spend on only the essentials during the first few months before allowance starts coming in monthly.

The remaining amount should go to:

(3) Preferably your Brunei Bank account that can be accessed internationally (e.g HSBC). Once you’re in the UK, you can use your ATM / Debit Card to withdraw the preferred amount so that you can transfer it to your new UK Bank Account. Cash machines will charge you with each withdrawal and varies in cost depending on the bank used.

(4) Turn it into a Bank Overdraft and withdraw it once you’re in the UK.

Check the exchange rates (Usually banks don’t give profitable rates) in Brunei and UK. You can convert BND dollars to GBP pounds at Foreign Exchange offices around Paddington Station, it is best to survey around to get the best exchange rates first.