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Abrie Greeff
Dec 02, 2022
In Questions & Answers
Fear not! Whilst the term ‘Open Banking’ may raise eyebrows to those new to it, it’s important for you to know that there are many, many steps taken by business like fumopay to ensure your transactions are secure and your data remains protected; it is actually far more secure than traditional payment solutions such as sharing bank data with friends of businesses. Let me explain…. Crucially, there are two key factors that should provide you with confidence. The first is that Open Banking - and any regulated organisation - must comply with a standard security protocol known as PSD2 (Payment Services Directive Two). This is a legislation that forces providers of payment services to improve customer authentication processes and bring in new regulations around third-party involvement. In short, this law defines how each organisation must put in place the security protocols to access banking systems and, in turn, tightens how customers can access payments or services. Part of PSD2 is Strong Customer Authentication (SCA), a two factor authentication protocol - which most customers will be familiar with - as they are promoted to one time passcodes (OPT) and an additional step to authenticate the person is truly that person. At fumo, the only person that can authorise a payment via their bank account is the person that can authenticate against their own personal banking app; a fumopay open banking based payment offers a great deal more security than traditional payment solutions such as sharing bank details / entering card data. Every fumopay payment is a direct account-to-account payment, meaning the money only moves from the payer to the payee. fumopay never accesses or holds customer’s funds when making social payments. fumo would only ever need to hold customer’s money on behalf of a merchant if the merchant was following a two-step authorise and settle process such as securing the money to ensure the customer can afford to pay for the item / service whilst the merchant has time to process and confirm they can complete the order.
How secure is fumopay? content media
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Abrie Greeff
Dec 02, 2022
In General chat
Start Up Awards content media
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Abrie Greeff
Dec 02, 2022
In General chat
For the first time in a couple of years, we are finally able to look forward to vacays / staycays, music festivals, picnics in the park, beer gardens, sporting events - and all the other fun stuff summer brings - and frankly, not a moment too soon. We’ve all been there, our desperation for, say, going on holiday, has motivated us to buy all the tickets for our friends to make sure that you all get in / are all sitting together etc. But then what? Our flakey mates ‘forget’ to pay us back / will pay us back when they get a job / get their paychecks etc etc – URGH we’ve heard all the excuses from the sublime to the ridiculous. Aggravating doesn’t even begin to cover it. Why should I be punished for my nice gesture in making sure we all enjoy this together?!?! fumo can not only save you money, it can also save your relationships with said flakey mates because, as aggravated as we might be, we’re still not up for having THAT awks conversation, so 9 times out of 10 we go out of pocket and accept a £5 cocktail in exchange for the £50 ticket…..we are British after all. So how can we, at fumo, help you deal with all this? Well, helping people with their ‘Social Money’ logistics is exactly why fumo exists, so let us take care of this for you. Creating a Group on fumo is super easy (see ‘how to’ video here ) This function breaks down the individual costs, splits all the bills and gives all parties transparency on the group transactions as a whole ie who owes what, how they will repay and when; in turn, taking away those awkward convos and allowing you to enjoy the moment without any resentment. So, go and enjoy the longer days, fun in the sun and hanging out with your mates, you deserve it after what has been a lengthy Covid jail sentence – we’ll take care of the financial logistics. Follow us here for all our latest updates
Sharing Summer content media
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Abrie Greeff
Dec 02, 2022
In General chat
Calling all Clubs and Societies! Of course, we would all love our hobbies and favourite pastimes to become our jobs but no one wants our hobbies become a duty - aka a major drag….. Being part of a club / society at uni is fun, social and gives us some welcome head space from our studies, but spare a moment for the Treasurers of these groups who end up fronting the stress of managing all the associated finances - chasing every single member of the team for their individual share of subs, petrol, snacks etc… Our Treasurers are tasked with splitting the costs of endless expenses, having to have awkward convos around unpaid fees, chasing bank details and - more often than not - having to use their own money to meet payment deadlines….in short, being a treasurer can be a fairly thankless task. But don’t worry Treasurers! All is not in vain - fumo has your back. At fumo we aim to solve most of these issues via our app, which can either connect to the current Student Union system, or, if they don’t have a system in place, can work on its own. Forget card readers for club night subs, you can simply collect subs via the fumo app QR code. Not only is it 50% cheaper to collect money than taking card payments, all funds go directly into the chosen bank account for the club and all payments are instant, saving the Treasurer and / or society member being left out of pocket. Ultimately it’s the track /trace visability that really helps. By using the fumo app the Treasurers can create their group and sub groups, track all member payments via their device and can request payments, split fees and nudge any member that hasn't paid – all in one place. In short, fumo is a polite, non-intrusive approach to more efficiently managing the club / society financial logistics – finally! So no more Google Sheets or XLS files, it’s time to take control and free up your time. Whether you’re a club / society Treasurer or member, or just someone that wants to better your own personal money management, click {here} to download fumo and let us help you SHARE, TRACK AND MANAGE your group. For additional advice on all your student money matters, register here for our upcoming – and free – webinar on 22nd February in association with The Money Charity #borrow #pay #share #track #save #fumoit
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Abrie Greeff
Dec 02, 2022
In Starting University
Starting university is an exciting and nerve racking experience. Like many other new students, I gladly signed up for a Santander student account, being drawn in by the free railcard and the interest free £2000 arranged overdraft. That was now 5 years ago and throughout my studies I have rarely managed to get out of that overdraft even when undertaking a paid work placement in my 4th year. For a growing number of students in their final year at university, graduate jobs are becoming harder to come by, making the overdraft incurred throughout their studies extremely difficult to pay off. As with any young professional after university study, their minds quickly turn to thinking about their future career, buying a house and ‘settling down’. Due to the increasing housing costs and high deposits required to get on the property ladder, already having a £2000 overdraft debt can make saving for a deposit an unachievable target for many young people. Being from the student cohort who has studied throughout the Covid-19 pandemic, there has also been many financial challenges bought upon us. Personally, having a private landlord who has been dismissive of refunding any part of our rent whilst the house has been sitting empty, has been extremely frustrating. Although, the landlord is within their legal right to continue rent payments, a constant £300 payment every month for an accommodation we cannot stay in has certainty kept me well within my arranged overdraft. An important tip that can help with financing university is keeping up to date with support that is given from the university itself. For example, I received an email into my ‘unimportant’ email folder around 4 weeks ago that I didn’t acknowledge and ignored. It was only 2 weeks later when a friend notified me that we could apply and were eligible for the ‘Covid support fund’. From the application, I have received a lump sum of £300 to support my ongoing rent payments. If I had not been aware of this, I would have missed the deadline and wouldn’t have known I was eligible. So for new students, make sure to constantly check emails and communications from your institution as there are various different support funds available, it just takes a bit of time to research which ones are applicable. Another tip that I would recommend is, if possible, taking the highest maintenance loan possible. Due to the structure of student finance, you will only pay this back if you earn over a certain amount post-graduation, which can lower reliance on overdrafts which can negatively affect your future credit score if not payed back on time. Also, there are government savings schemes such as a ‘lifetime ISA’ which will give you a guaranteed 25% on all money saved for a future house and the earlier you start saving, the more money you are eligible for. I am also aware, that most students will not have the funds to be saving throughout uni but if this is possible, a lifetime ISA is a good investment. Nick G Newcastle University
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Abrie Greeff
Dec 02, 2022
In Starting University
As a student, especially in your first one or two years it is really hard to miss out on things because of worries around money, especially when you have the safety of an overdraft, especially when some banks allow you to go over by such large sums up to £2000. In the short term it’s so easy to think that you will just work and pay it back when summer comes around, but then when it does there’s so many things you want to do other than work in summer. From personal experience having this safety net made me spend too much money I didn’t actually have which has now left me with a fear of checking my bank account and regular texts from my bank telling me I’ve gone over my overdraft which isn’t ideal. Someone I knew who recently graduated said to me once that being a student is the only time in your life you can be broke and get away with it so I think as long as you don’t go too overboard you shouldn’t worry too much about spending too much money as a student. Even if you did have a job on the side you wouldn’t be saving that much in the long run. Also most banks allow you a long period to pay off your overdraft so once you graduate it will probably be quite easy to pay back within the time frame. I would definitely say make the most of university and try not to miss out on too much purely for financial reasons if you can, as they will probably be the most fun years of your life. A good money saving tip I would say is to get a Monzo account where they round up what you’ve spent to the nearest pound and then puts the spare change into a savings account. Also you can track where you have spent the most money for example on travel or food to help you see where you can cut spending. Victoria HT Chester
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Abrie Greeff
Dec 02, 2022
In Questions & Answers
The best money saving tip that works for me is transferring a certain amount of money over from my main current account to my monzo account every week. This money is the weekly balance I give myself to spend on food shopping, bus fares and other essentials for the week. This allows me to keep track of what I’m spending and where my money is going. Ultimately, it helps me spend less as I can visually see if I’m having an expensive week and should cut down on spending, or if I haven’t spent much and am on the right track. I think the main piece of advice I’ve been given is just to keep an eye on your finances and make sure that wherever possible, you’re doing the most to spend as little as possible. There are so many student deals out there, from railcard discounts to cinema tickets and these kinds of money saving techniques can really benefit you! Eva T University of Sussex Surprisingly I wasn’t really given lots of advice on how to save money or tips on how to budget. However, naturally I’ve never liked to spend lots of my money all at once and spent smaller amounts every now and then. I do believe this is a good way to reduce expenditure and can be beneficial. One thing that I have learnt whilst being at uni was shopping in lower charging shops like Lidl and avoiding places like M&S and even Tesco as it can add up really quickly. I’ve also found taking advantage of your student discount is useful when trying to save a few pounds. A student bank account is also useful, this can be used to deposit some money into which can be saved and can prevent you from spending it recklessly. These may also have some incentives, like discounts on travel etc. Ella G Nottingham Trent University When I first started Uni I wasn’t the best at handling money in that I would spend as I pleased and did little to monitor or manage my spending effectively. I then had the quick realisation that this was not going to work in the long run. Following this I developed a system in which I transferred myself a weekly budget and split this into different groups such as food, transport and leisure. I used the Monzo banking app in which you can organise your money into separate pots to split my money for different purposes. This allowed me to minimise my overspending and also to keep track of where my money was going and how much I was spending in each area. This technique was a great help for me as I was still able to have fun and treat myself sometimes but I was more cautious and was able to monitor if I had the capacity to do so. Overall, I think the best money saving advice I could give is just to keep an eye on things and make sure you’re aware of where your money is going. This doesn’t mean restricting yourself too much but maybe just ask yourself twice if you really need something before you buy another plant for your room! Yelena Z University of Sussex The best piece of advice I received was from my mum during first year, as she suggested I create a money management plan. After paying rent at the start of each term, I would be left with whatever amount I had from my maintenance loan, this would then be divided into a weekly salary and to provide for my outgoings for each week. She helped me to highlight the main outgoings I had, which were food, travel and uni resources. Then we also highlighted some secondary outgoings like takeaways, going out and clothes. I then added the main and secondary outgoings together which gave me a rough indication of how much I’d be spending each week. It helped so much as if I went below or over this amount, I’d then at least know that the following week I needed to hold back on purchases a bit to make up for the overspending, or I could spend a bit extra if I didn’t go over my weekly budget. Also I’d definitely recommend opening an ISA account as well as having a current account. This allows you to easily transfer money between both accounts, but I would keep the majority of my money in my ISA and then just transfer my weekly budget to my current account at the start of each week. Having all your money in one account even if you have a weekly budget in mind, makes it too easy to just overspend, especially on nights out when you’re feeling extra generous. I’m in third year now and this technique has helped me to save throughout uni, luckily I’ve never had to go into overdraft and when I had a job during second year, I was able to use that money for whatever I wanted as I already had my financial priorities in place. Khai O Manchester Met It really depends how you want to live at university, I always try and do as many things as possible and will say yes to everything. This is of course costly and if you want to make the most out of your time at uni then all I can really say is get a job. You have to make money to spend it and getting a job is the easiest way to do this. There are so many jobs out there for students even if you do a demanding degree. Studying mechanical engineering myself I know there is not much free time between assignments, sports and nights out so getting the right job that allows you to work whenever you want is key. Personally I work delivering packages for Amazon but previous jobs I have done are Deliveroo, agency work and working with student estate agents. These are all jobs that allow you to more or less work whenever you want to and mean you can pick up work when you don’t have a lot of work on. Tim A Liverpool University I took a year out before uni and spent my time working in bars. This basically funded my first year. My advice for students would be to get a summer job if you can and seek part time employment whilst at uni. I waited until after Christmas as I wanted to get settled and have free time to spend with new friends. After that I got another job and found that I had more fun with my work colleagues than the friends I had met on my course. Food wise you want to make sure you’re eating right so if I was struggling I’d attempt to learn at least 2 meals that you can make quickly, because if going to take over an hour you’re not going to want to do it frequently and with ingredients that you’ll consistently have in the house i.e. onions and garlic. For this I would recommend, spaghetti bolognese and burritos, both are very simple, quick and cheap to make. Miles W Leeds beckett
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Abrie Greeff
Dec 02, 2022
In Questions & Answers
My main concern with money as a student is rent and deposits for a house. I’m very lucky in that my student maintenance loan does cover my rent, which I know is not the case for a lot of students. I also receive a bursary due to the financial position of my parents, which is there to assist with rent and buying of necessities. Despite this, I do still find that thinking about money can negatively affect my mental wellbeing and causes quite a bit of stress when thinking about whether I will have enough money to live on. Additionally, there is the worry that my financial position will mean that I may miss out on opportunities that other students get to enjoy. For example, there are a number of university societies such as the snow society that host ski trips each year. Part of university is the experience and having access to a whole range of opportunities you’ve never had before and for me, money worries can sometimes get in the way of this. Personally, I think more should be done to give everyone equal access to such experiences provided by the university, regardless of financial position. Eva T University of Sussex My biggest worry/concern that I had was initially not having enough money to spend on nights out or events. It can be surprising that many bars or events that take place do charge for entry and this can take a toll on your money. Additionally, as you get used to uni life there are a few more concerns which can arise, such as concerns on lack of money for food shops, paying to get your washing done and paying for taxis/Ubers. A big concern for me was when I was further into my first year and had to start looking for our second year houses, it can be a shock with the amount of money that is asked for the deposit or any other expenses when finding your new house. Although in some cases, the deposit may only be around £100 this can still cause damage to your bank account and affect your budgeting. Ella G Nottingham Trent University I think undoubtedly my biggest concern, as a student living in privately rented accommodation, would be keeping up with the rent payments. I am very fortunate that due to my financial situation at home I am entitled to the higher amount of student finance and this just about covers my rent, however it then leaves little money for other essential expenses. I have been actively searching for a job for a while now but due to the effects of the pandemic, I have been unsuccessful. This does worry me massively as especially next year when bars and restaurants open up, I am aware that without the money from a part time job, I may not be able to enjoy the university experience as much as possible and I will have to opt out of certain activities so as not to run out of money. This is not to say I’m struggling at a dangerous level as I am acutely aware that many people are in a worse situation and I know that I am very fortunate to have the support of my family along with a larger student finance loan. However, as a student currently unable to get another job, money concerns are at the forefront of my mind. Yelena Z University of Sussex When I was going into first year at university, money management was a big concern for me, as it was going to be my first time completely providing for myself in terms of food, rent, clothes, travel and university resources. Having qualified for the maximum loan due to my parents income and living in a single parent home, I needed guidance on how to manage such a large amount of income having previously never had that much money in my bank account. I was already concerned with the amount of debt I’d be accumulating from the loan as well as the fees for my course, so I was pretty set on never having to go into an overdraft. However, having such sudden and easy access to a large sum of money with no real education on money management, I was worried that I could end up overspending, not necessarily on any big purchases but the small and seemingly harmless purchases that end up denting your account before you know it. Khai O Manchester Met As a student you try not to go into your overdraft as much as possible at the start of uni but at the end of the day it’s ‘free money’ and once you’ve gone into it a couple of times it’s a slippery slope to being over a grand in debt. One of my biggest concerns is about getting out of being in my overdraft and staying out of it. I always try to work over the summer but with holidays, festivals and other events this is very difficult as money is needed for all of these things and I prioritise having a good time over being financially stable. Tim A Liverpool University Balancing substantial meal costs with a social life is an ongoing struggle as a uni student. Most first year accommodations are excessively expensive, the first payment alone can leave next to no money left. Combined with freshers and trying to develop new friendships you’re quickly thrown into financial disarray. Knowing what to cook is vital. Consistently eating full meals can be expensive if you don’t know what you’re doing. Some students arrive at university with minimal cooking knowledge so either don’t cook at all, which can get very expensive, or students find themselves eating meals with little – no nutritional value, like pot noodles. Being in a new city wanting to make friends can also prove financially challenging as you don’t want to miss out on nights out or be excluded from friend groups. Many students opt to dip into their overdraft rather than dipping on nights out, working part time can often solve this but especially at beginning, with managing a new time schedule and budding relationships this option is often less appealing Miles W Leeds Beckett
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Abrie Greeff
Dec 02, 2022
In Starting University
As a student that goes to Sheffield Hallam university, one of my main problems is looking after money and concerned if I will have enough by the end of the week. As a student you have to look after yourself, meaning pay for food and drinks, washing, any spare utensils, going out and any memberships such as gym. Having all this to look after with no help before coming to university is a struggle, because sometimes you may not be able to afford socialise or certain food or drinks as you may have limited funds. This is a problem including memberships as I like to keep fit by going to the gym, however if I am barely affording food, I will not be able to afford a membership to the gym meaning I will not get in exercise and lose motivation. Also with Santander, a popular student account, they increased my overdraft from £250 to £1500, having this for a student is a concern as it can influence you more to go into your savings. I have not touched my savings and I hope in the future I don't need to but for many other students, I have heard they have, and this can affect credit score and worries them as, due to the pandemic, we can't really get any jobs. A saving tip which has helped me balance my money, is learn to cook, as cooking from fresh, you can purchase fresh food for really cheap and make 2/4 meals with it, for only costing less than £10. Doing this means you will have money for alcohol, memberships and to go out. If you also limit the amount you spend on takeaways, it will also save your money. Another tip is, to not touch your savings as I see it as not your money.
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Abrie Greeff
Dec 02, 2022
In Starting University
As a mature student who has previously been in long-term full-time employment prior to beginning my university course, I feel like I have had a number of good years’ experience in learning how to manage money independently and juggling the high costs of living in London alongside personal and leisure expenditure. Throughout my degree I have continued to work on a part-time basis, and despite the drop in salary, being financially supported by the student maintenance loan and having much of the course materials provided for free online has meant that my financial situation has not differed substantially from when I was working full-time. Despite this, my decision to return to education, partly motivated by my desire to live and build a career in London, has led to concerns around taking on a substantial amount of debt to study for a degree as well as the difficulties I have found in saving money to put towards a future deposit on a property in London. Although I have found that there are ample resources and workshops available through my university which aim at helping students to manage money throughout their degree, I have felt that there is less assistance aimed at students who are concerned about their post-university prospects of getting on the housing ladder in London’s increasingly expensive and competitive housing market. I feel fortunate to have not needed to rely on an overdraft or any other kind of loan arrangements apart from my maintenance loan throughout my studies, but looking further than my immediate financial expenditures such as rent, travel and course expenses has proven difficult. Perhaps the best advice I have received whilst at university was to set up a secondary bank account, paying in a set monthly figure from my primary debit account via standing order to begin saving money to plan for the near future where I hope to enter the housing market. Prior to this I’ve always allotted a rough ballpark sum of my debit account as money to save towards the future, but this money has been often eaten into by unexpected expenditures or last-minute social events or holidays. Having a monthly minimum amount automatically set aside has allowed me to more easily allocate and budget my spending money and also has allowed me to see the progress I’m making towards my savings goals which has been a great motivation. Dan K Kings College London
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Abrie Greeff
Dec 02, 2022
In Starting University
The costly lifestyle at university which means I am paying for things I have never paid for before such as washing means that I am heavily reliant on the money I had saved before I arrived. I am therefore worried that once I finish university I will have no savings to rely on when I want to buy a house or car or anything else. Of course I could get a job to gain money that I can put back into my savings but this will equally worry me because it will leave me with less time to spend working on my degree. I am also worried about organising my money efficiently in order to be afford necessities such as printing, textbooks, food and also social things such as alcohol, Uber’s, and club fees (before corona virus of course. In order to overcome these worries I have been given quite a few good pieces of advice. First of all this is to have two bank accounts, one for necessities and one for luxuries such as paying for my social life and buying clothes that I want. This enables me to ensure that I proportion my monthly money and don’t have to compromise in one area. In order to solve my worry regarding savings, I was advised to create a savings account and at the end of each month before I am given my next monthly amount of money from my parents, to transfer any remaining money into the savings account. This means that I can gradually build up some kind of savings although the amount that I transfer varies depending on how much I have spent in the month. Combining these two tips means that my worries have become manageable and do not materialise into real life issues. Saffron S
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Abrie Greeff

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