Trying to plan your expenditure whilst at Uni can seem a bit of a nightmare at first, especially if you’re living away from home. Student loans, how much you should pay in rent, and what discounts are available to you as a student can be confusing, however this article breaks this potential minefield down into your likely costs, and ways you can save on them.
What you spend
Rent
This will be your main outgoing. Even if you’re living in student accommodation you’re likely to be paying at least around £100 a week for halls outside Central London, and different halls of residence vary greatly depending on area. London Metropolitan’s cheapest halls are currently around £180 a week, whereas Goldsmith’s are £88.
If you’re looking privately renting via an estate agent is likely to be more expensive as they add their commission on top. Try to get somewhere where the bills are inclusive, ideally including council tax, gas, electricity and water rates, some places also include internet. The closer to zone 1 the more expensive the accommodation will be, however calculate how much more in travel you’ll be paying and figure out what’s more economical.
Phone bill
If you frequently text or call it’s usually more economical to get a contract phone than a pay as you go one. Shop around for deals, quite often the best ones are only offered online, check out price comparison website www.studentphones.co.uk. Some providers offer special discounts for students although be aware of the length of the contracts; you may not want to be tied to a provider for 18 months in case something better comes along.
If you’re sharing with others and you get a landline in order to have internet access it might be worth getting it set to incoming calls only so there’s no danger of someone running up the bill. The phone provider will usually charge a one-off fee to do this, and you’ll still have to pay the line rental.
Travel
Monthly or weekly travelcards cover you for tube, bus and overground train journeys as well as the river boat. These season tickets are much cheaper than single fares; you’ll need an oyster card to benefit from cheaper rates.
All full time students aged 18+ are entitled to 30% off normal travel rates. For this you will need to get a student photocard, you can either apply online or get this done at any tube station. You will need a passport sized photo, your enrolment number and your course dates, as this photocard will only be valid for the duration of your course. For more info check www.tfl.gov.uk \n\nLiving costs
Food will probably be your main expense after rent and bills. Buying food and cooking is cheaper than eating out all the time. Other things to think about are toiletries, stuff for Uni (i.e. stationery), clothes and consumables like cleaning products
Socialising
There is always something to do in London, whether it’s eating out, clubbing, pubbing, going to the cinema, shopping, etc. How much you spend will very much depend on what you like to fill your time with, if you go out clubbing every weekend then you’ll easily be adding at least another £50 to your weekly budget.
How you can save
Look for part time work
The favourites amongst students tend to be market research, bar work, or shop work. Market research in particular is very handy for students as it’s casual and you can choose the hours you wish to work each week, perfect if your workload is unpredictable. There are dozens of market research companies dotted around London, look out for ads in the Evening Standard, and local papers. Alternatively bar or shop work are possibilities, though these tend to be less flexible and with lower pay.
University fees
They vary slightly between universities, but expect them to be around £3,000 a year. Most students apply for a student loan, which you don’t need to start paying back until you’re earning over £15,000 a year. Your loan will be slightly lower if you’re not moving away from home. These loans only begin to accrue interest when your course is over, and they are the most economical way for students to borrow money.
You may also be eligible for a grant, if your parents’ income is below a certain amount. Find out if you’re eligible and apply online here. \n\nBe thrifty
Use your Student Union Card to get discounts, many high street shops participate as well as retailers such as Amazon and Ticketmaster. You will also get cheaper entry at certain clubs and the concession rate for cinemas and galleries. Have a look here to see where you can save www.nus.org.uk
Look out for eateries that offer daytime lunch deals and things like Boots Meal Deals if you’re looking for a quick lunch on the go. Alternatively take up cooking if you haven’t already done so, it works out much cheaper to buy a load of fresh ingredients from the supermarket and make something from scratch, it’s also a far healthier option.
For clothes, try places like TK Maxx and take advantage of sales. If you don’t mind wearing second-hand clothes look on Ebay, in vintage shops which are all the rage at the moment or in charity shops. Charity shops in affluent areas such as Notting Hill, Marylebone and Chelsea are bound to have designer clobber at a fraction of the price.
Join your local library and borrow books rather than buy them. Most libraries have a good selection of DVD’s as well which are free to borrow in some cases but almost always cheaper than a rental shop. The Barbican library also has a fantastic selection of CD’s.
Finally check out the London On The Cheap! article on this website to for places to eat, drink and shop without bankrupting yourself.
