The MSc in Digital Marketing Management was developed to deliver the technical, strategic and organisation skills for this industry. As such the course includes a substantial project with an external client and this work is credited as part of the award. Carrying out a project at the height of the pandemic was even more challenging than usual with everything needing to be done remotely and ongoing changes to adapt to the new situation – so Congratulations to the students below for these excellent projects.
Eerik Beeton carried out a project for The Waterfront Gallery, in Milford Haven, West Wales. This has involved developing the ecommerce offer on the website, creating social media channels Facebook, Instagram and helping to recruit volunteers for the gallery.
Eerik Beeton who carried out a project at the Waterfront Gallery in Milford Haven, Pembrokeshire
Charlotte has a new marketing job with the Aston Care group in Stone
Craig Holdcroft carried out a project for the Donna Louise Trust developing the website and social media. He has also started his own marketing business, Holdcroft Digital Marketing while at Staffordshire University, completing projects for a number of Micro and SME’s.
Craig Holdcroft is running his own agency and part-time lecturing for business and marketing.
Grace Thomson started a student peer blog for the Staffordshire University Careers Studio and this has now been incorporated into the main careers website for the University. The project included providing guidance and training for students across the different faculties in blog writing and social media. The blog has already achieved 23,000 reads in the short time it has been up.
The book explores how entrepreneruship education can be embedded throughout the learner’s lifetime.
Silver workers (entrepreneurs over 50) represent between 26 – 34% of new start ups in developed countries. This chapter discusses the specific barriers they face when considering or setting up a new business venture. The chapter also identifies policy interventions that may help to reduce some of these barriers.
Chapter reference – Squire H (2020) Understanding the barriers faced by older entrepreneurs: A case study of a ‘Silver Workers’ project pp 123 – 144 in Entrepreneurship Education: A lifelong Learning Approach (ed Sawang). Springer
The Ostrava Declaration was signed by governments and commits them to a series of actions including:
“to consider equity, social inclusion and gender equality in our policies on the environment and health, also with respect to access to natural resources and to the benefits of ecosystems”;
“improving indoor and outdoor air quality for all, as one of the most important environmental risk factors in the Region, through actions to meet the values of the WHO air quality guidelines in a continuous process of improvement”;
“to actively support open, transparent and relevant research on established and emerging environment and health risks in order to strengthen the evidence-base to guide policy-making and preventative action.”
As such the WHO has co-ordinated a range of experts to meet and support the above commitments.
Environmental Health Inequalities in Europe: Second Assessment Report
Systematic Reviews
Teams of international experts were asked to carry out systematic reviews on a number of themes. Working with a team of colleagues in Germany we looked at air quality and social inequalities in the region.
Main findings of the systematic review into air quality
There is good evidence from ecological studies that higher deprivation indices and low economic position are usually linked with higher levels of pollutants such as particulate matter (particulate matter under 2.5 and 10 microns in diameter, PM2.5, PM10) and oxides of nitrogen (e.g., NO2, and NOx). There is also evidence that ethnic minorities experience a mixed exposure in comparison to the majority population being sometimes higher and sometimes lower depending on the ethnic minority under consideration. The studies using data at the individual level in this review are mainly focused on pregnant women or new mothers, in these studies deprivation and ethnicity are more likely to be linked to higher exposures of poor air quality. Therefore, there is evidence in this review that the burden of higher pollutants falls disproportionally on different social groups.
Here is a short film about the paper
References – open access and free
Fairburn, J.; Schüle, S.A.; Dreger, S.; Karla Hilz, L.; Bolte, G. Social Inequalities in Exposure to Ambient Air Pollution: A Systematic Review in the WHO European Region. Int. J. Environ. Res. Public Health2019, 16, 3127. htt://mdpi.com/1660-4601/16/17/3127
Other systematic reviews in the series
The other four systematic reviews in the series are available open access:
The resource package explains key concepts and terms associated with the concept of environmental health inequalities and aims to support actions against disparities in exposure to environmental risk at the national and subnational level. The document presents methods for monitoring and assessment and suggests ways to use this evidence for action. It also provides information on a range of tools and guidance documents for those tackling environmental inequalities and striving to improve health and health equity.
About the author
I have been working in the area of environmental inequalities/environmental justice for over 20 years. If you are interested in this subject you can also follow me on twitter @ProfJonFairburn where I also maintain a specific air quality list. You can find my other publications in this area on our eprints system and on my google scholar profile.
Paul Dobson, Senior Lecturer, Staffordshire Business School
At Staffordshire Business School we support businesses as part of our courses and I’m aware that some takeaways are doing really well, especially as their customers do not want to go to the shops, queue up, be too close to other people, etc. But we’ve been told to expect a recession, possible depression, plus we have Brexit and there are concerned about the environment, so the way ahead is going to be tough. My last blog to help hotels and bed & breakfasts post lockdown received a lot of positive feedback but the restaurants and takeaways I support requested that I could do a blog for them so, I’ve written some top tips.
1.Reduce costs
Look throughout your organisation where you can reduce running costs, for example I’ve helped takeaways reduce their online ordering costs by over 50% by looking around for better and cheaper systems, enabling ordering direct and not through other platforms, Facebook now has a free online ordering system, other e-commerce systems including a website has substantially reduce their cost and are now just a small one-off price. See if you can reduce your supply costs for example: a local restaurant and takeaway to me has reduced their electricity costs by 15%.
2. Watch and learn what’s happening abroad and in retail
Keep an eye on what is happening with restaurants in countries ahead of the curve and how they are adapting. Retail shops are opening but in a post-Covid-19 more spaced and structured way. There are some good learning points being shown but also what issues/blockages they have and how they’ve got over it. Look at how the best are using their social media such as YouTube to raise their profile and showing how they’re safe. Trust is becoming a key area of importance in many areas ahead of this pandemic curve, use your social media to help gain this trust.
If you haven’t already; go online properly. Don’t rely on third-party platforms who take a percentage of your money and don’t think that a PDF document showing your menu is enough. It’s going to get even more competitive. There are some I’ve already seen that are burying their head in the sand…don’t do this or you could be one of those closing.
4. Do not suddenly re-appear post lockdown
There are great examples out there how restaurants and takeaways are continuing to market their restaurant on social media in areas that are important to customers, for example takeaways showing disinfecting their insulated food delivery bags, extensive cleaning in their kitchens, personal protection equipment, how they’re developing their customer protection and so on. Social media videos are working really well at the moment so you need to enhance your marketing.
5. Mobile is king
One of the takeaways I support has over 70% of their orders via smartphones. It is no longer the case their customers look on their mobile and order via a laptop or computer, they do the whole lot on their mobile. If your website isn’t mobile friendly, you can lose at least 53% of your online clients and your website needs to load in less than 3 seconds because around an additional 27% drop off if it’s too slow. Your website speed can be easily tested at http://testmysite.withgoogle.com/
6. Try and develop your entrepreneurial spirit
Look to
develop other products and services. Some
restaurants I work with have:
setup subscription boxes where they include cooking instructions or paid membership sites with videos and food deliveries
some have developed frozen versions to be cooked at home
a pizza takeaway has developed a separate salad takeaway business
some have developed drop off points for their meals
I’m working with one restaurant to develop and sell aprons, baseball caps and t-shirts with their brand on. What can you do?
7. Learn from the best
Domino’s marketing is really good, they know my last order, they email me a prompt at the same day and time as my ordering time from the previous week offering me an easy click option to re-order plus they have what looks like great offers for my customer type (family with adult kids). They don’t make the best pizzas in my area, but they do a good prompt at the right time and make it very easy to order. Other local takeaways know my details and order preferences as I’ve signed into their website giving my contact details…and yet they don’t prompt me. I don’t even get emails or offers from most of them. Have a look around at what others are doing and learn from the best. As a minimum you should be capturing your customer contact details and keeping in touch.
In addition, look to develop and improve your marketing in all areas not just online, the graphics, the text, the menus, what your offering, and so on. Look for what the best organisations are doing, for example in the US and how can you adapt this to improve your marketing.
Your customers are concerned about hygiene and avoiding contact, use technology to be better and cheaper. Your customers should not have to touch a pen or receipts or have their card taken away to be put in a card machine. Everything should be contact free. They should be able to go totally contactless using their mobile phone and their receipts should be emailed to them.
9. Look at the numbers
If you have
a website, you should be getting weekly statistics including what your
customers are doing and where the blockages are. This is important information, in just 10
minutes I enabled a 100% increase in takeaway orders just by pointing out where
the barriers are for customers and how to get over them.
Do a user
test, find someone who’s not seen your website before, give them a task, for
example buy a vegetarian or meat feast pizza for delivery, and watch how they
use your site. Do not prompt or guide
them and see if you can learn from this to improve the customer journey to
increase sales.
The websites analytics should also give you the keywords customers are using to find your website. Are they looking for meals or services that you don’t currently provide, and you could? – If customers are looking for these meals you know your onto a winner.
10. Create a Wow factor
As a family of four we take turns to order one takeaway per week so we like to try different meals. In our town the pizzerias all offer the same types of pizzas, there’s virtually no difference between them and none of them have tried to educate and sell Roman, Sicilian or Detroit style pizzas. None have talked about milling their own flour onsite or getting their flour from a local stone mill and therefore they have a low carbon footprint. I’m not aware of any of them demonstrating their special techniques or trying to raise their personal brand. Have a look around and see what you can use to develop a wow factor in your restaurant and takeaway.
Angela Lawrence, Associate Dean, Staffordshire Business School
There
are lots of things that make me happy, but not many of them are material
things. My “thing” is more profound, more enduring and gives me a far greater
sense of purpose and contentment. Over the years, my thing has changed, adapted
and moved in different directions, but it comes down to this – seeing things
grow and develop into beautiful entities that I appreciate and am proud of yields
more happiness than anything tactile you could gift to me.
So, watching my children grow into independent, hard-working adults that I am so proud of makes me happy. Seeing them enjoy the delights of parenthood themselves brings me great delight. Watching their children, my grandchildren, blossom and thrive in a world full of confusion and mixed messages, knowing that they love me unconditionally, is priceless.
Greeting students on their first day at university, nurturing them through the highs and lows of academic life, watching them mature and grow over years of study, applauding proudly at their graduation and then following the development of their careers on LinkedIn or Twitter gives me a huge sense of pride and hope for the future. Over my career, few jobs have ever made me as happy as I feel on graduation day.
I must make mention of the gift of nature and the delights of watching seedlings emerge from warm soil in the springtime, cultivating and raising those seedlings at my allotment to be strong independent plants that delight me and provide sustenance, both for my dinner table and to share with others – never forget the delights of sharing. The pleasures I gain from growing at the allotment are more profound and not only make me happy but provide head space for me to escape from the complications of modern life. I am in my absolute element when rummaging in the soil and watering my crops. Thinking time is so good and fresh air so invigorating.
I never would have thought 40 years ago that I would say studying makes me happy, but it does. Who would have known that I would still be studying? Yet here I am, halfway through my Doctorate in Education and thriving on it. Pondering why this should be so, I believe it is about being able to express myself, able to share with others what fascinates and challenges me, in the knowledge that I will bring something fresh and new to my field of study. At times I forget how much this matters to me, when deadlines are looming and time is precious, but it is always worth the effort and undoubtedly will be so when I cross that platform to receive the title of Doctor.
In all
of this there is a theme of nurturing, be it people, plants, thoughts or words.
Incredibly we don’t need money or objects to nurture, we just need to be
ourselves and to learn to derive happiness from the small things that we can
control in our lives. It’s true what they say – all the money in the world
cannot buy you happiness. Find your “thing” and create your own – smile and be
happy!
Paul Dobson, Senior LEcturer,Staffordshire Business School
It’s been a challenging, confusing and worrying time for
most industries during this current Coronavirus Crisis. But the hospitality
sector in particular stands to be one of the hardest hit as it struggles to
contemplate how it can continue to trade successfully keeping social distancing
in mind, coupled with a rapidly shrinking economy. As part of Staffordshire Business School’s
support to organisations I’ve been supporting the local and international hospitality
sector and as the French businesses are ahead of us in coming out of lockdown
I’ve noted some points to help prepare UK organisations.
After 2 months enduring some of the strictest lockdown
controls in Europe, France is slowly opening up its economy and society. And
the vast, hugely varied accommodation sector, which historically welcomes
visitors across the world, is undergoing a rapid and radical revolution to
ensure it can continue to attract customers in these unprecedented times.
The newly forced need to keep distance and natural sense of
personal safety has fallen well into the hands of some of the self-catering
sector. Private homes and villas, especially those that can offer generous
outside space as well as little or no contact with others, have seen a huge
demand since the 11th of May when the French Prime Minister
officially declared that travel up to 100km was now permitted. The public, who
have been largely “imprisoned” with massively limited scope to be outside their
own homes since the middle of March inevitably have an overwhelming desire for
a change of scenery. However, this is not a universal permission and policy,
and restricted zones still exist across France, and indeed many local
governments, even in the less-infected “green regions” are enforcing the
continuation of heavy trading restrictions and forced closures of accommodation
providers. But where these rules do not apply, the flood gates have opened and
demand, all from customers within the 100km radius, has been significant. Also
worthy of note is that the average length of stay has seen a dramatic increase
for this time of year.
That’s not to say that this is return to normal times for these accommodation owners. French hospitality organisations have had a massive increase in questions about sanitation, personal responsibility and uniform industry standards on cleanliness and contact that the UK accommodation businesses will need to be prepared for when lockdown restrictions are relaxed. As of today, these restrictions haven’t been totally clarified in France, and only “best practice” guides from local tourism authorities exist online. Some of the leading booking platforms and websites for this sub sector are advising “safety gaps” between customers of, for example, 24 hours to allow any surfaces to become less likely to cross contaminate in the future. What is apparent from discussions with French hospitality businesses is that there is an increased desire for customers to have “direct online contact” with the service rather than through online booking platforms. This could be a welcome shift in attitude as this not only allows peace of mind for the customer, but also less commissions for the business owner to pay to the booking platforms which have come under much public criticism and scrutiny of late because of their high charges. One of the French businesses I’ve talked to has had an 800% increase in Facebook messages, their analytics has shown an increase in both mobile and desktop visitors to their website and the number of emails has increased by over 200% compared to last year.
The B&B (Chambres d’hote) and Hotel sector have reported
an uphill challenge. With a mix of different guests under their roofs, all with
potentially varying attitudes to respecting the new government guidelines, this
poses a significant threat to their short- and medium-term existence. However, those
that can offer genuine space, especially outside, have a clear advantage over
those that cannot. Going from one restrictive box to another isn’t likely to be
a great draw for the new discerning needs of the Covid-19 era traveller. Forced confinement has brought about a new
desire to be out and about in nature, and burn off all those excessive calories
consumed since March.
But with the high season fast approaching during which these
businesses would traditionally run at maximum occupancy, the reality is that
these organisations will be forced to not only give “buffers” in between guests
checking out and the next ones checking in, but also run at a lower occupancy
to ensure that interaction between different customers is minimized. Therefore
“Making Hay whilst the sun shines” will this year inevitably bring about a
lower yield, and reduce the vital cashflow which sustains many of these
businesses during the quieter months.
An example of changes implemented is the hotelier Tim Bell and Ingrid Boyer in the Auvergne region of Central France. Tim has developed their website to include a link to their Covid-19 guidance on their home page (see https://chabanettes.com/). This is updated on a regular basis and outlines their commitment to client’s safety. He implements rapid alterations to its usual offerings and has created the foundations for business continuity and customer confidence. He has also set up a Facebook forum for like minded accommodation owners in Europe seeking support and advice. Tim collates industry data, statistics and best practice ideas from all over the accommodation sector and share his opinions and advice with the group.
The sector in which he operates is having to rethink more
radically about its traditional services to ensure competitivity and customer
confidence. This ranges from the provision of catering which is leaning
initially more towards a “Room Service” culture to a complete overhaul of the
check-in/check-out customer touch points, looking to technology and globally
recognised physical safety barriers to reduce risk of viral spread. For an
industry which relies heavily on close, personal contact for their reputation
and overall experience, keeping a balance between customer satisfaction and
safety is proving challenging, but not impossible. Clients now expect a more
sterile and distanced world, with supermarkets leading the way in some innovation
and rethinking of the customer journey that the hotels are learning from, such
as one-way corridors.
Until the world is safely vaccinated against the virus, the accommodation industry will have to adapt quickly and radically to guidelines, legislation and customer fears. History has told us that businesses that do this will have the best chance of survival, and those that don’t not only fear a downturn in business, but also a very visible online reputation for ignoring what is now the number one priority for the 2020 traveller – Safety.
Chatbots are the cost-effective way for a business to stay engaged with their customer 24/7, this blog will discuss why businesses should be including them in their next marketing implementation.
On a very simple level, a bot is just a bit of software that can carry out pre-determined actions on its own without being actively controlled. This is discussed in further detail by Neil Patel who describes it as a “wind up toy”, you build it to carry out what you want it to, you wind it up, and then you let it perform the action it was designed for.
The Customer comes first
The first advantage that a business will notice when introducing chatbots to their marketing is the speed in which the bots reply to customer support messages. This is extremely important as its very common for customers to get very frustrated when made to wait for a human over the phone on through a chat. There is no way to accommodate enough human customer support workers for every customer with a query which results in long wait times. TheModernFirm did a study on customers who have had to call in order to reach customer support, these numbers were found:
“67%
of customers hang up out of frustration when they can’t reach a real person.
75%
of customers think that it takes too long to reach a human being.
72%
of callers who reach an automated/recorded phone line will hang up.”
These problems
will result in lower customer loyalty and eventually a loss of profits.
Implementation of a chatbot would eradicate these problems, A chatbots response is immediate and a customer can have their query solved in a matter of seconds. Customers are also more likely to reach out for support if they see a ‘Live Chat’ button.
More information
Businesses today put a lot of emphasis on knowing everything about their customer, this is normally done through primary research. Information such as what a customer is buying is available as a company can just look at sales statistics, however, products that a customer is choosing not to buy is harder to work out as there are far more variables involved. The best way to gain this information is straight from the customers their selves, this is made possible by the mighty chatbot. Email doesn’t result in as accurate information due to the back and forth nature, a live chat allows the customer to reply naturally which leads to more accurate information.
Modern Evolution
LearningHub stats show that Chatbots will power 85% of customer service by 2020 and by 2022, chatbots will help businesses save over $8 billion per annum. If these stats stay true, which information is leaning towards, companies who HAVEN’T introduced chatbots into their marketing strategy will be left behind. Customers will simply stop doing business with company’s that require extra steps to get what they want. Together with the cost efficiency of the chatbot, It makes less and less sense to continue to pay a human to do an AI’s job. Speaking of humans, its very common for somebody working customer support to make a ‘human’ error, this could be something as simple as interpreting the meaning of a question slightly wrong which can lead to frustration or a loss of sales from the customer.
They’re taking our jobs!
While the AI in a chatbot can usually accommodate for most requests from a customer, it’s very easy for a chatbot to get stuck if a customer’s query is slightly different to its base algorithms that its been taught. Also, as a chatbot learns from the responses it receives from a customer, it can sometimes make the wrong decision internally due not being able to actually choose which decision it wants to make, it is just following the code. An example of this is a Microsoft chatbot used on Twitter being taught racist and misogynistic responses by customers in less than 24 hours, to avoid this, the chatbot must be optimised properly.
Conclusion
There is an endless supply of advantages when it comes to assessing chatbots, they can save your company money and time, improve your customer relations and customer loyalty and ultimately create a better brand image. Although, an influx of AI and bots makes the whole customer service process very impersonal and cold as suggested by Neil Patel. Neil also suggests that chatbots should most definitely be used in their marketing strategies but the businesses should also be careful as to not “water down” their marketing.
Paul Dobson, Senior Lecturer, Staffordshire Business School
Over the past three years, as part of our Digital Marketing courses, we’ve worked with one person per year and enabled them to be influencers earning over £3,000 per month working part-time so I know that there is a proven and systematic way of doing this. See our undergraduate BA (Hons) Marketing Management and Post Graduate MSc Customer and Data Analytics. As part of this, there are some top tips that I’ve learnt.
It doesn’t matter if you’re shy and not out-going.
Some of the best people in my area of Digital Marketing, such as Michael Stelzner and Pat Flynn, have admitted that they’re not extroverts. This helps make them more authentic and real in-front of the mic and camera. Remember as well that when you record your audio or video that no one is listening / watching, you have control and people only see this when you post on social media etc. So you can do this, even if you have uncertainty and fear.
It doesn’t matter if there is competition.
This helps prove that there is a market for your area and they have already set the ground work. You can also be different from them or even compliment them, so that you become partners with them.
Right now, is the best time to start.
When people are in lockdown and a potential
recession may be around the corner this isn’t a barrier. Some of the best
businesses out there such as Disney, Google, Facebook and FedEx started during
a recession. The start-up costs are very
low and the potential is high… There is no reason to delay.
Choose a niche that you love.
You need to treat this as a part-time
business that you need to develop to earn money. It needs working on, so choose
a hobby, past-time, area that you can learn (yes, you can learn a new area and
do this) that you enjoy… I hear people all the time saying I don’t have a
hobby or I don’t do anything and every single person after a chat
has had a good potential area. There are
interesting ways in all areas for example there is someone with over 1.5M
subscribers who cooks with their dog watching (see https://www.youtube.com/cookingwithdog
), so the world really is your oyster.
You do not need complicated equipment.
Some of the influencers we’ve worked with just use their mobile phone but ensured that the sound and video looked OK, e.g. enough light and not a lot of background noise. You can get cheap mobile stands or stands with light fairly cheap online, for example one of the influencers we’re working with at the moment has bought a basic one for less than £4, and a more comprehensive one with a stand etc for less that £13.
Yes, you do need to make time.
As noted above this does need treating like
a job, i.e. don’t put it off, and you do need discipline to keep developing
your materials etc for your niche on a timely regular basis that your audience
can listen to / watch. You will need to develop and post this material at least
once per week but the potential reward is fantastic.
It will need research and keeping an eye on.
You will need to research and consider your
audience and competitors. What areas are people interesting in, need help with,
want to learn, have problems or issues with that you can discuss? What areas are the competitors covering, how
and can you be different or complimentary?
When you start your journey what areas
work, what doesn’t and why? Use these as
learning points to develop your podcasts and videos etc. Always keep an eye on what your audience is
saying, sharing, and listening to / watching for a long time, so that you can
use to improve what you do.
Stay Safe
Paul Dobson MSc, MA, MBA, PGCHPE, Senior Fellow HEA, MIPM, FCMI, MAM Senior Lecturer in Digital and Strategic Marketing uk.linkedin.com/in/paulmddobson/
Fang Zhao, Professor of Innovation and Strategy & Associate Dean Research and Enterprise, Staffordshire Business School
Covid-19 outbreak is not only a global
health crisis but also an imminent economic shock. According to the Office for
Budget Responsibility (OBR), the UK economy could shrink by a record 35% by
June 2020 with over 2 million job losses. The International Monetary Fund
warned Covid-19 would push the UK into its deepest recession for a century.
For businesses, it is estimated that the
government’s lockdowns may cost 800,000 to 1 million business closures in the
UK. The sector that is affected the most and is also the most vulnerable is
small businesses which account for 96% of all businesses in the UK (Business
Statistics, 2019). To prevent the catastrophic structural economic damage and
mitigate the huge spike in unemployment, sound economic policy responses are
urgently needed, which goes far beyond government handouts.
Economic restructuring is already happening.
Cloud computing, e-commerce, online entertainment and delivery business are booming,
being inflated by a huge surge in demand while retail (e.g. shops, pubs and
restaurants) and entertainment industries (e.g. cinemas, theatres, and theme
parks) and many others are suffering from heavy losses. Policy makers are
confronting with the unprecedented daunting tasks to make strategic decisions
on how to deal with the pandemic economic restructuring and crisis.
The pandemic outbreak has fuelled disproportionately
the so-called ‘stay-at-home economy’. Working from home is becoming a new norm.
For many this is the beginning of a new life and a new way of work for years to
come. The implication for business is that it is time to rethink and reposition
existing business models, processes, and target markets because consumer
behaviours are changing fast and life will never be the same again.
Although small businesses are the hardest
hit, they are also the most agile ones. Some small businesses have already responded
and adapted quickly to market changes. For examples, some have moved their
businesses entirely online and some shifted their target market from
restaurants and hotels to individual consumers or new markets. New businesses
are also emerging surrounding the stay-at-home economy, such as virtual hair salons
and online gym classes. Over the longer term, Covid-19 has irrevocably changed
the way businesses will run and compete over the next decade.
Researchers at Staffordshire Business School are working hard to help better understand the impacts of Covid-19 on the economy and society and help policy makers develop strategies to tackle the economic fallout and revive the economy. Our staff are also conducting research on the changing behaviours of consumers due to Covid-19. For more information on our research and partnerships, please contact Professor Fang Zhao, Associate Dean – Research and Enterprise at fang.zhao@staffs.ac.uk.
Karl McCormack, Senior Lecturer, School of Justice, security and Sustainability
Being a student is a great time in your life, but living off
a budget can create stress and anxiety. We start university often with limited
skill in budgeting and managing our finances. Students frequently mention
spending mistakes that eat up chunks of their bank balances.
The key is to develop good spending habits starts with
budgeting. Yes, it is time consuming and a real pain, but it enables us to
track money coming in and going out.
By learning to budget well, you will be able to:
Understand your spending and adjust bad spending
habits
Spend less on useless items
Save more money
Keep out of debt
Have money for emergencies or important future
expenses
Learn and prevent future spending mistakes
Learning how to budget will save you a lot of hassle and you
will be learning skills for life.
Biggest mistakes:
Not having a budget!
Sounds crazy doesn’t it? But failing to have a visual budget instead relying on memory for what you have to spend and what you have spent, often leads to thinking you have more money than you really do. It becomes difficult to gauge if something is over your budget and impossible to not overspend as you start to socialise more.
Using your debit card when you pay for something.
Everyone uses their card right? Using cash
is old fashioned? But there are many more pros than cons in using cash rather
than your card. Putting everything on a card creates the illusion of having
more money than you think, that you aren’t actually spending. The realisation
that you do not have unlimited funds, that you are a student living on a budget
(now with no money) will soon kick in.
Students often say they have no idea what
they were spending money on. Tapping a card and not even registering the amount you are
tapping for. This along with not looking at a bank statements or just being confused by the
names you see on it.
So stop using your card, use cash for daily
expenses. Yes you still need a card (online purchases, transport, larger
expenses) for necessities. But for fun expenses, things you don’t really need,
pay by cash. You will notice as the cash disappears and this will give you
greater knowledge of where you are spending your money.
Don’t buy textbooks before attending your first classes.
Every course has a list of recommended
texts and required reading. There are certain benefits to being organised and
preparing. But wait. Internet searching can often reveal the information you
are after.
But what if the book is compulsory? In some lectures the tutor may refer to a core book each week and the questions can only be found in them. You may need to get your hands on a specific book then. You could try:
The university library
Classmates and friends (may have copies they are happy to share)
Social media chats and groups (may get a battered old copy cheap)
Online marketplaces
Online, traditional and second-hand bookstores
Lazyness! Not packing your own lunch.
Ask any student they will say a lot of money
is spent on buying lunch on the days you are in uni. Often prices are not too
high, but they are higher than making your own. You may start with good
intentions, but as time passes the laziness creeps in and you stop packing your
own lunch. Purchasing a lunch can cost £7 or £8 then a drink etc… multiply this
by the number of days you are in uni and the weeks and suddenly you are talking
about a large sum of money.
By knowing what you spend your money on, learning from those
mistakes means you can take steps to ix it. Develop good spending habits, don’t
buy things that you do not need and learn from others.
What are your own spending mistakes? What are your tips?
