Living in London as a student is both exciting and financially challenging. With the city being the 8th expensive in the world to live in, managing your budget is crucial. Here are some tips and tricks to help you balance your finances while making the most of student life.
Plan ahead
Start by calculating your income from student loans, grants, or part-time work. Allocate this income to essential expenses like rent, bills, and groceries. Use budgeting tools or apps to track spending and avoid surprises. Setting aside money for unexpected costs or future goals, like a holiday, can also help. Meal prepping and planning can save time and money, reducing the temptation to overspend on takeaways.
Dazzling discounts
Student discounts are your best friend. Many places offer discounts if you show your student ID, including cinemas, restaurants, and shops. For even more savings, sign up for discount apps like UNiDAYS and Student Beans, which offer deals on clothes, food, and more. Investing in a TOTUM student card can also unlock exclusive offers and discounts at various venues.
Savvy shopping
Average Weekly Spend: £40
Not all supermarkets are created equal in terms of affordability. To get the best deals, explore different supermarkets in your area. Always shop with a list to avoid impulsive buys and consider meal planning to reduce the temptation of eating out.
Buy in Bulk: Purchase non-perishable items in bulk to save money over time. Staples like pasta, rice, and canned goods are often cheaper when bought in larger quantities.
Shop Late: Many supermarkets reduce prices on fresh produce and bakery items late in the evening (usually 8pm onwards). Look for yellow stickers indicating reduced prices and stock up on items that can be frozen or used in the next few days.
Top tip: Don’t forget your loyalty card! They are usually free and can also get you some big savings as well. There are loyalty cards for everything nowadays! Check out this guide to the best cards for students (not just supermarket related!).
Travel Smart
Average Weekly Spend for Zones 1-3: £38.70
Get a Railcard: Students can save 1/3 off rail fares with a 16-25 Railcard or a Student Oyster Photocard. These cards offer substantial savings for daily commutes and occasional travel, making public transport more affordable.
Cycle: Consider cycling to reduce travel costs. Santander Cycles are a cheap and convenient option. Students can save 25% on the £120 annual subscription, getting unlimited 60-minute rides for £90.
Buses: London's extensive bus network covers the entire city. A single bus fare costs £1.75, and the Hopper fare allows unlimited bus and tram journeys within one hour for the same price. It's a cost-effective way to travel, especially for shorter distances.
Tube (Underground): The London Underground is one of the fastest ways to get around the city. With eleven lines covering 270 stations, it offers efficient travel across London. You can connect your Oyster Card to your Railcard for 1/3 off peak fares, or use a Student Oyster card for discounted travel cards,
Be careful with overdrafts and loans
While overdrafts and loans can provide financial relief, they can also lead to debt if not managed carefully. Research thoroughly before signing up for any financial product, and consult with the King’s Money Advice team if you have any doubts. For more advice on student bank accounts and overdrafts, check out this Money Saving Expert guide.
Part-time and freelance work
If possible, consider getting a part-time or freelance job to supplement your income. KCLSU offers student-friendly roles with flexible hours, allowing you to balance work and study. You can also check out King’s Talent Bank or Stint for sessional work. However, be mindful of your work-life balance, especially if you’re an international student with visa restrictions.
Top tip: For a more casual way to earn some cash, why not have a clear out of your things and sell them online? Websites like Vinted are an easy way to declutter and earn some extra money, and it works the other way too! You can spruce up your wardrobe for very cheap by shopping second hand.
Entertainment and Arts & Culture
Average Weekly Spend: £10
Student events have that name for a reason – the price usually matches the title, with the event and its menu catered to a student-friendly budget. You shouldn’t have to restrict yourself when it comes to having fun and spending some quality time with your uni friends; this is a cheaper option that lets you get to know new people while saving money.bLook for free events and festivals happening around London. From outdoor concerts to street festivals, there’s always something going on in the city that doesn’t cost a penny. Websites like Time Out London and Eventbrite can help you find free activities.
Many cinemas, museums and galleries also have student and young people passes, which are often free to sign up for and give you discounted or free tickets to exhibitions and screenings – you can also use your student pass to attend host events catered especially for students in London.
TodayTix: Use the TodayTix app to find discounted theatre tickets, sometimes as low as £10. The app offers last-minute deals and lotteries for popular shows, making it easier to enjoy London's vibrant theatre scene on a budget.
Library and Community Centre Events: Check out local libraries and community centres for free or low-cost events, including book readings, workshops, and film screenings.
Unsubscribe from Unnecessary Subscriptions: This is something we all forget to do! Regularly review your subscriptions and cancel any that you no longer use or need.
Check out this guide to entertainment deals for students for more tips.
Top Tip: Always ask about student discounts when visiting places, as many venues offer them but don’t always advertise them.
Eating out
Average Weekly Spend: £15
Meal Deals: The best way to save money in this area is to prep your meals. However, when deadlines hit and you’re short on time, there are options for a cheap lunch. Look for meal deals at supermarkets like Tesco and Sainsbury's, which offer affordable lunch options. These deals typically include a main, a snack, and a drink for a set price, often around £3-£4. The Shack on Strand Campus and The Shed on Guy’s Campus also have a lunch meal deal for just £3.70 and offer the cheapest coffee in the area!
Student Nights: Many restaurants and pubs (especially around King’s Campus) offer discounts or special deals for students on certain nights. Don’t forget the KCLSU Fresher’s wristbands offer 10% discounts at both The Shack and The Shed!
Use Apps: Apps like Too Good To Go offer discounted food from restaurants and bakeries that would otherwise go to waste. This is a great way to get quality food at reduced prices while helping to reduce food waste.
We hope this guide has been useful to guide you through budgeting as a student. If you are looking for more ways to stay financially savvy, several UK-based resources offer guidance and tools to help you with your financial planning and budgeting:
-
Money Advice Service: Offers free, impartial advice on all aspects of personal finance, including budgeting, saving, and debt management. You can find answers to frequently asked questions here, or you can contact an advisor.