OK, I'm back! Warning: epic post.
I didn't go to Oxford (where I went we had courts and supervisors, not quads and tutors...) but you are at exactly the time in life when I wish someone had sat me down and told me all this stuff. You have enough freedom now to run your own life and enough maturity to start making sensible decisions about it, but also not enough experience to do well without some guidance.
The Academic Side of Oxford
The thing you need to realise about going to university, and especially to somewhere like Oxford, is that everyone struggles at first. Your whole first year is spent figuring out a new way of thinking and a new way of writing that no one really prepared you for or explained about. And suddenly you're not the cleverest person in the class any more. That can be hard if you self-worth is tied up in your intelligence. However, there is a LOT of help available if you ask for it. You do have to ask for it, though, because no one will magically know how you're doing and reach out to offer it to you. If you're finding the course hard in general, talk to your tutor/director of studies. Explain that it's a lot of reading and you feel like you're falling behind. Is there something they would recommend prioritising? Ask your paper tutors for help too, when they give you reading lists. Ask them what the most important thing on the reading list is, because you want to make sure you focus on the right things. Is there a particular chapter of a book that is most important?
Do yourself a favour and figure out a routine for your work. I ended up having one essay and a few lectures a week. I went to the library five days a week from ten til five.
Day one:
10am-1pm: Read set text (most of my papers were based around set texts and commentaries) a few times. Make notes on important themes/issues to cover.
2pm-5pm: Read first book from reading list.
Days two and three:
10am-1pm: Read book from reading list.
2pm-5pm: Read book from reading list.
Day four:
10am-1pm: Read book from reading list.
2pm-5pm: Collate notes and plan essay.
Day five:
10am-5pm: Write essay.
Supervision on day six (straight to the library to get the books out for the next one!), rest on day seven, rinse and repeat. So I got through one set text and six books on the subject per week. I always had two essays left over to do during the holidays, so I stayed for week 9 and came up in week 0 to get them done, or sometimes took books home.
Bear in mind that when I say "read book", I didn't read every word. I looked at the title of the essay and the themes/issues I noted on day one and cherry picked chapters that fitted that. Also look at the subject index for clusters of pages that deal with what you're looking at. I had a few good tutors who would just set chapters, not throw a whole book at you. The goal is not to read everything - it is to extract the maximum amount of useful information from the book and then move on. Yes, this is journalism rather than scholarship. But if you can master this, you will be marvellously efficient for the rest of your life.
You may notice no lectures in there. I went to the faculty library so could easily pop downstairs for a lecture and then back up to carry on. However, I went to the first lecture of every paper and then only went back to the ones that were worth it (well planned, relevant to the set texts, good handouts...) Good lecturers are like gold and can summarise a week's worth of reading, but some are just a waste of time.
I don't know what the pattern of work is like for Economics, but I would strongly suggest trying to work out what is most important and doing that. IT WILL GET BETTER WITH PRACTICE AND YOU ARE NOT THE ONLY ONE WHO FEELS THIS WAY. If you feel overwhelmed, reach out. To your DOS, your tutor, the university counselling service, your college nurse, your friends... Your college nurse is particularly important because they are paid to have 'surgery hours'. You might as well pitch up and use them! Mine was so lovely and for a few terms I popped down once a week for a cup of tea and a fifteen minute chat. She was just really nice and nothing to do with my academic work. It's better to ask for help NOW, before you are totally mired in awfulness, than to wait until you have dug yourself a huge hole. If it really gets that bad, consider degrading for a year. I know a few people that did it. I'd recommend not doing it unless absolutely necessary because it's hard to come back to a new year group after taking a year away from work, but it's an option and no one will ever know after you graduate. It won't scar you for life!
One thing that you need to know is that it's worth putting effort in to get a 2.i because a lot of employers use that as a filter. However, you don't need to be the best any more! You did it! You won the game! It's not worth the extra effort to try to get a first unless you want to be an academic. Prioritise your degree so that you get a 2.i but after that, don't worry. Also, if you're getting a 2.i/2.ii in your first year you'll be fine. You will get better at this. Also also, I got 60.25 and my husband got 69.75 and we both get to put 2.i on our CV. As long as you cross that boundary, you're set.
I'd recommend reading Cal Newport's books/blog over Christmas while you have time to think a bit about optimising your work efficiency. All of his ideas are available on the blog somewhere, but I would recommend getting the books for a clear, efficient layout. The two I enjoyed most were "How to Win at College" and "How to be a High School Superstar" but they're all worth a look. He drills down to the core of what is important in academic work and what is important in seeming impressive in life, and encourages you to ditch all the busywork and fuss. They really changed the way I looked at my degree and helped me to relax about it.
The Non-Academic Side of Oxford
Oxford has so many opportunities but also a few pitfalls. There is a lot of drinking around, and I'd really urge you to moderate your alcohol intake. It is bad for your health, your studies and your motivation. It's also bad for your bank balance. You can have just as much fun sober as drunk. However, it is important to make friends! Buy some natty mugs, some nice teabags and a pack of biscuits. Let people know they can drop in. (You're working in the library, right, so if you're in you're fair game!)
We actually had pretty good kitchens (real hobs! and an oven!) but I'd still recommend you eat most meals in hall. Maybe not breakfast, and maybe not lunch if you're out at the library, but most hall meals are a decent enough nutritious meal for a good price and take up no prep time for you beyond two minutes in the queue. It's a nice fixture in the day too, ensuring you get a break and some time to socialise. Dinner is also usually early (6pm? 6.30pm?) so you can take it as a natural divider of the day - no work after dinner.
Let me tell you a big secret: May Balls suck. Unless you are a massive extravert who loves popular music and doesn't get cold, they suck. Don't bother. June Events are a bit better value for money but they kind of suck too.
Be wise with societies. Totally join one (or a few!) but only actually make a big commitment to one or two. I dipped my toe into a lot of things and it's a great time to try stuff out while it's cheap (£100 for two terms of Italian lessons? yes please!) but you need rest and balance in your life.
Getting a Job
Go to the careers service now. Just make an appointment, take your CV in, and ask for general guidance on careers in banking, management, whatever. Or ask "What do people do with an economics degree?" Making that first contact in your first year will be really helpful.
You are absolutely right not to try to work during term. I'd also keep Christmas and Easter free for resting and/or catching up on work. However, with the long (three month?) summers you are in the perfect position to get some serious work experience under your belt and actually earn some money.
I said in my first post that you should look into paid internships. I know you are in your first year but still, it's a possibility for both summers. Get on it! Banks, management consultancies, blah blah blah. Just apply! You never know. And even if you don't get in this time, you'll have much more knowledge for next time.
This Canadian summer camp thing... depends what your priorities are. It's not a particularly impressive CV point and you're not coming back with a lot of money. However, if it sounds like a fun time to you, then go for it! As long as you don't lose money on the experience, you win.
I was going to suggest, though, if paid internships don't work out, signing up for a temp agency for admin work. You'll likely start off near minimum wage but you can get promoted quickly if you are hardworking, pleasant and punctual. The advantage is that you will earn a chunk of money over the summer, you will have experience in an office environment, you will have good professional referees, and you will have a backup contact. If you can show you're a good, responsible worker, you'll get offered more work when you need it - maybe next summer, or maybe even as a stop-gap when you graduate. That kind of work is always out there and they'll take you on at the lowest grade if you have a pulse and can use Microsoft Word, but if you build a good reputation with them it'll stand you in good stead forever.
Another option is to work at May Balls. It's only for a night so not great money but it's easy to get and any money is a bonus.
There are also a few things you can do at university for your CV. I'd recommend only picking one, and not at the expense of getting a 2.i, but any of the following are always impressive: Union president, editor of the newspaper (even just news/economics editor), May Ball president. They require you to manage an organisation and to execute a large project. Real Cal Newport for more ideas. Also, if you have time, Google essay competitions. They are impressive and potentially help your studies too, as well as usually having a small cash prize.
When you graduate, consider NOT working in London. It's really expensive and the quality of life is not as good as elsewhere. I think northern towns (Manchester, Birmingham, etc) are the best balance for wage vs COL.
Life Skills and Advice
I'd hold off on stressing about general life skills for now, at least until your second summer. However, as I said before, it's an ideal time to become confident on a bike and to carry that with you into the future.
Also, experiment with cooking in a low-key environment where you can always go to hall if you fail that much. Try cooking a different recipe just once a week. Look at A Girl Called Jack or Budget Bytes for recipes. Print off the ones you like and stick them in a ringbinder. It'll give you a store of quick, cheap recipes you can call on when you graduate and live on your own.
Don't buy lots of stuff. Don't invest in anything physical at this age. You just don't know what you'll want and it's a PITA to move it. Even decent kitchen stuff. However, one thing you will want is one decent interview suit - jacket, trousers, shirt, tie, shoes. Really worth the investment if you buy a good one. Get into the habit of looking for second hand things, though - eBay is brilliant.
Don't buy a car when you graduate. Heck, don't even learn to drive unless you have to. It's expensive and unless you live in a rural area, unnecessary. I find myself wanting to learn to drive for work now (age 25), but I work freelance and even when I pass I won't be buying my own car. Put it off for as long as possible!
Investing for FIRE
Don't worry too much about your student loans. If you don't make 'enough' money, you'll never pay a penny back. They are not the massive burden that they are for Americans. Obviously pay them back ASAP, but don't worry about taking out a modest amount now. I have enough in the bank to pay back my student loans in one fell swoop but am currently choosing not to do so because the interest rate is about 1%.
Brilliant that you have £2000 saved! That's your emergency fund right there and will be so helpful if you need a security deposit on a rental flat when you graduate or if you need to spend a few pounds buying crockery and bed linen. Big pat on the back! Good that it's in an ISA too. I think all UK FIRE-aspirants should max out their ISA before they do anything else. It's tax-free and flexible. In the future, you should consider a SIPP or stakeholder pension. I have one which I've been paying a small amount (less than £100) a month into for a few years. I might stop paying into it soon as you can't access it until you're of pensionable age but it's nice to have that little pot compounding away. BTW, 0.25% is REALLY GOOD for the UK. I'm looking at switching my platform because the fees are 1.2% but am struggling to work out which fee structure is best for me. Don't be misled by all the American numbers on this forum. Benchmarks are different over here.
Don't worry too much about saving right now. Keep to your budget for living expenses and save anything you make over the summer, but right now is the time to focus on your degree - and also on thinking about what you want your life to be like. Why do you want to FIRE? Can you get that another way? Can you have some of that now? What's the best way to get there? However, if you're not charged transaction fees, I would try and squirrel away tiny amounts (even £10) each month, just to get into the habit of saving. Also track your net worth - it's fun once it starts going up when you start earning!
Summary
This might not seem very true to you where you are now, but you are putting yourself in a great position by starting to think about these things at your age. You are giving yourself the chance to avoid costly mistakes that will dog you for decades. You won't look back at thirty and still be paying for that stupid car you bought when you were twenty, or berate yourself for years of wasting money on random crap that you don't even have any more. It might seem frustrating that you can't really do much now, but you can lower your expenses and manoevre so that you're in a good position to get a good job when you graduate.
Read, mark, learn, inwardly digest, and then PM me with any questions (even "stupid" ones!).
To Do List For You
- Make an appointment with your tutor to discuss how best to prioritise/manage your workload
- Get a Cal Newport book to read over Christmas
- Figure out a work routine over Christmas
- Make an appointment with the careers service
- Research paid summer internships
- Think about best alternative summer job
- Practice on your bike!