Managing Money as a Student in London

The devaluation of few world currencies has rocked the budget of students coming to London for higher studies. Hence, money management has become more crucial than ever before.

Students coming from India and other Asian countries find it difficult to manage their expenses and needs in the UK. You may stretch the pound an extra mile, so that wise planning leads to more efficient use of resources.

Here are some useful tips and ideas that will surely help you manage your money as a student in London:

Books and Stationery
Do not buy expensive books and stationery. Many university shops have second-hand deals on offer. Consult your seniors on ‘must-buys’. Use e-journals and library, or share with peers.

Mobile Costs
Mobile costs in London are among the highest in the world. So, use more chats on email. Mobile bills in the UK can pile up costs. Therefore, compare rates online of different service providers. If you have a group of friends on same network, intra phone calls, and incoming are free. Calls after 5 pm and over the weekend rates are cheaper, so check the timings and call rates carefully. You get many international phone card providers in London. They are cost-effective and help you stay connected with your family back home. For free communication, get into habit f using resources, such as Whatsapp, Skype, Facetime, and Viber.

Credit Cards
You have an unlimited usage of credit cards, but it is important to use this power judiciously. Verify best options before you spend money through credit cards.

Student ID Cards
Making a student ID card is always important in London. They give you significant discounts on your food, travel, and entertainment. There are many museums, galleries, and libraries in London that wave off or reduce entrance costs for students with an ID card. You will find many entertainment events, such as plays, concerts, movies, and restaurants offering great discounts for students. Avoid a Friday or Saturday night film or play and instead watch the same show at cheaper rates on a Wednesday afternoon.

Utility Bills
Know exactly what you are paying for. In London, utility bills are often added to apartment or room rent. People in the city charge students according to use for water, electricity, cable TV, and internet. The best way to save money on rent is to use all resources efficiently. Switch off all devices when not in use. You can even switch off mains to avoid any careless use.

Part-time Jobs
Students on Tier 4 visa can work 20 hours a week. Join forums like Student Unions and University Career Cells. They help you get part-time jobs in London. Drop your contact details at nearby restaurants and cafes. They often call students as extra working hands during festivals or peak time.

Eat at Home
Groceries are cheap in the UK, while eating out is often expensive. So, if you wish to save more money as a student, then cook and eat at home. Have your food at home before go out dancing or clubbing.

Do Not Buy Water
Buying water is one of the major expenses in London. Always carry a bottle in your backpack and refill from potable water sources whenever possible.

Fix Your Time for Travel
London’s public transport systems like trains and buses charge more during peak travel time. If you do a little planning of travel time, you can go a long way towards saving travel money. Usually, peak time is between 6.30 am to 9.30 am and 3.30 pm to 6.30 pm. Avoid travelling during this time and use MyTrainTicket to find cheapest transport fares.

There are plenty of ways to save money as a student in London. Just follow these useful tips and you can do away with some unwanted expenses in a foreign land.

If you are still confused and worried about how you can plan your student life in London, then read our student’s travel guide here.
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