A Guide to Student Budgeting
We all know that the cost of living in London can be a little higher than other student cities and towns in the UK. It’s the price you have to pay for all the fun and exciting things that there are to do! That’s why we know it’s important to understand what the typical student budget is for those living in London. We’ve put together some key tips if you are trying to save money and stick to a budget.
Think about your income
To set a realistic student budget, it’s important to have a good idea of your income and your key outgoings. Are you getting money from student finance? From your parents? If not, you may want to look into part-time work as a way of making some extra cash.
Set a realistic budget
... and stick to it! A typical student budget will depend on how much you spend - so it’s all about finding a balance and working out what you are willing to sacrifice. Try out different amounts, test the water, and see what works for you. There’s no point having a budget if you never stick to it, so be realistic rather than optimistic.
Track your spending with an app
An app can be a really useful way to keep on top of your spending, and there are loads of them out there. Keeping note of every amount you spend will make you really aware of how much you are spending, and where you need to cut back. It also helps to provide a visualisation of all your monthly outgoings.
Limit your extra spends
We know this is a tricky one, but one of the best ways to stick to your student budget is to limit those little extra spends. They never seem like a lot at the time but they all stack up. Whether it’s takeaway pizza, clothes or coffee, we’ve all got our guilty pleasures, but it’s important to make sure that they don’t become a habit - especially if you’re dealing with the high costs of London.
Take cash out
This will probably only work for you if you’re organised, but a trick you can try is taking out the cash you need for the week, rather than using your card. Contactless payment is great but it can take away the awareness of how much you are spending. When you set a budget, withdraw the cash you need for the week and that way you won’t go over it!
Try charity shops
Charity shop shopping is not only a great way to save money, it’s also fantastic for the environment. It can be more difficult to find exactly what you need but if you have a free afternoon, we would recommend checking out your local charity shops - there are some fantastic ones dotted around London. You can also save money by opting for cheaper supermarkets - often, there isn’t much difference in the quality anyway!
We hope that this guide to creating a typical student budget has been useful! If you are looking for affordable student accommodation in London, you can view our shared houses here.