Student living costs in the UK
Learning to budget as a student is an essential lifehack. No matter where in the world you’re studying, keeping track of your budget is essential to having a stress-free time at uni.
As a student, you’ll likely have to cover expenses such as rent or accommodation, food and transportation. If you plan on studying in the UK, being aware of UK living costs can help you budget effectively and make informed financial decisions.
Here’s everything you need to know about creating and managing your budget when studying in the UK.
Estimated monthly budget for students
What do university students spend their money on? Besides the basics, there may be a few expenses you haven’t considered yet - like expensive textbooks or monthly club subscriptions - so it’s key to break everything down into a detailed budget. Only by seeing everything laid out will you be able to identify where you can save or splurge.
During your uni years, student living costs will vary according to your personal circumstances and lifestyle, as well as the location you choose to study in. For example, Imperial College London estimates that average student living costs in London are between £1,640 to £1,764 per month.
It is important to remember that the cost of living in cities like London, Brighton, Oxford and Cambridge is significantly higher than in locations like Durham, Belfast, Leicester and Cardiff. Factors including limited housing supply, rising property values and international desirability drive up living costs in certain areas of the UK.
Accommodation
When it comes to student living costs, accommodation is usually the most significant expense. Depending on your location and the type of accommodation that you choose, costs can vary significantly. Your best bet is to do your research on accommodation and average rent in the area before committing.
At iQ Student Accommodation, rent is payable in various instalments throughout the year to make budgeting easier. Even better, our all-inclusive bills package makes counting pennies a breeze.
Food and groceries
Food is brain fuel, but if you're not careful about your shopping habits, it can start to add up. Whether dining out or cooking your signature dish in your kitchenette, you’ll need a clear budget for your daily meals and groceries.
Food has a huge impact on the monthly expenses for a single person living in the UK. The average monthly food budget for one person in the UK, according to the Office of National Statistics, is around £45 per week (£194 per month). This includes buying groceries and eating out.
Our best tip is to try cooking at home as much as possible. Eating on a budget is a great way to maintain your funds, you really do save quite a lot compared to eating at restaurants. Plus, take advantage of store points and coupons. Find out the best way to meal prep to make this as easy as possible.
Transportation
Transportation costs can quickly stack up when you are a student. Whether you’re catching a bus into town at the weekend, cycling to your next lecture or hiring a car to explore the UK over the summer, it’s important to factor in your travel costs when devising your budget. Check out our guide on student travel in the UK for more tips and information.
When exploring your transportation options, don’t forget to research if any travel services offer student discounts. For example, you can get a 16-25 railcard, which offers major discounts on train travel in the UK. Check out our guide on student railcards for more information.
Utilities and bills
Utilities such as electricity, gas, water and internet can all add to your monthly expenses. Also, sometimes the costs can fluctuate depending on usage - like your electricity bill increasing in the winter months.
When looking for accommodation, try to find places that include the above-mentioned bills as this is a good way to simplify your student living costs and save money in the long run.
Check out some great budgeting apps for students looking to save money during studies.
Tips to budget effectively as a student
Not sure where to start when it comes to creating a budget? Don’t worry, here are some practical tips to help you get your finances organised:
- Plan ahead - Do your research and create a detailed budget before you arrive at uni (sticking to the budget is always the hard part)
- Take advantage of student discounts - Retailers, restaurants and transportation services often offer special student discounts on shopping, travel, food and entertainment
- Cook at home - Preparing meals at home can significantly reduce your food expenses and UK living costs
- Use public transport - Choose walking, cycling or public transportation whenever you can instead of private taxis or cars. When in London, you can explore travelling in the tubes.
- Remember to have fun -Student life is all about soaking up amazing experiences, so make sure to allocate some of your budget for fun activities
Remember, budgeting is a lifelong learning process, so don’t be too hard on yourself when things don’t always go to plan. Just by understanding the typical UK living costs, you’re already taking the right steps to get your budget in shape.
At iQ Student Accommodation, we try to take the hard work out of accommodation budgeting, so you can focus on your studies. Why not book a viewing today and see what’s available in your area? For more detailed information and resources, visit iQ Student Accommodation.
