Hi guys, happy Monday. I’m not 100% if this is the right place to be asking this, but I’m a little bit lost on where to start with this question so thought this might be a good place to begin. Please let me know if it’s in the wrong place or if I should post elsewhere.
Essentially, I’ll be studying my masters for a year in London, and I was hoping for either generalised or very specific advice on how to manage my money most effectively. I will have in the bank £9000-£10,000 based on my current estimates. How should I manage this money most effectively? As it will be going down over the course of the year as I pay for rent/living etc, is there any credit accounts which might give me a little bit of money back over the year?
I currently use my Monzo for day to day spending (pretty bad because there’s no interest), and have the majority of my savings in a pretty low yield high street bank’s online saving account. I’m going to create a budget etc, of course, but I was hoping for suggestions on anything which might help me to use this pile of cash over the year, even though it will be depleting, to be as efficient as possible.
As I said, apologies if i’m posting this in the wrong place, and any advice you can offer with different types of bank accounts, credit cards (?), etc would be really appreciated.