Studying in London is a great opportunity that many strive towards. Our country’s capital offers an extensive range of cultural experiences, as many as 40,000 dining opportunities, and a pool of more than 8 million inhabitants. In addition, the scope for career potential is one of the best in the world.
However, as attractive as these opportunities may be, the financial requirements of living in London can take its toll on student pockets. For the average student living in London, the estimated cost of living is £1,334 per month. Although a student loan goes a long way to help with the cost of living, it’s important to budget effectively to enjoy all aspects of university life and studying in London.
Taking accommodation, utility bills, food, books and equipment as well as having a social life into account, the costs can really build up; but there are a few tricks and tips that you can do to reduce your outgoings and comfortably live in London on a budget.
Reduce accommodation costs
Unless you live in student accommodation, housing in London is known to be very expensive. Especially that located close to the city centre. Find cheaper housing further afield and take advantage of the Santander Cycle Scheme by hiring a bike for as little as £2 and cycling the distance to university. Not only will this save you money on accommodation but you can save money on a gym membership by getting your exercise during your commute.
Take advantage of student perks
Student discount is only available while you are a student so make the most of it while you can! 1000s of discounts in restaurants, clothing stores, on travel, memberships and more are at your disposal during your years of study. 10% here and 20% off there can add up and provide you with an extra bit of pocket money that will come in handy.
Find free opportunities to socialise
London is the liveliest city in our country. There are a number of free experiences that you can attend in London if only you look outside the box. Educational venues such as museums and art galleries are free to attend, and London is host to a range of cultural extra-curricular activities such as poetry and open mic nights.
Depending on their visa status, many students living in London take on a part-time job when studying to boost their finances. Occasionally working a few hours can make a valued difference to your financial situation and also present new opportunities for meeting people and socialising – but be sure to not let it affect your studies!
Be conscious of your spending
Budgeting can be hard when you’re a student as unexpected costs can occur. To accommodate for this, be conscious of how you spend your money on a daily basis. For example, reduce the amount of clothing and personal treats you buy or improve your cookery skills by eating at home rather than dining out. Consciously thinking about your spending will help you to keep hold of more of your money.
- Why not try these budgeting apps to help keep track of your spending and help you budget effectively?
Your university years are some of the best of your life, and using these tips will help to reduce your financial worries and help you to enjoy yourself to the fullest.