I joined Loughborough University in October 2023 and am writing this blog to provide an overview of how you could manage your finances while studying in London. I am sharing this from my own experiences and stories from others as well. Go ahead, and give it a read, it might help you adjust to living in London. 

The basics 

Before we dive into the nitty-gritty of budgeting, let’s talk about the basics. When applying for a student visa, the UK government requires proof that you can support yourself financially. For studying in London, the minimum amount recommended is £1,334 per month for up to nine months, which totals £12,006 for a full academic year. This amount is intended to cover living costs, not tuition fees. 

Finding accommodation 

Your biggest expense will likely be accommodation. Options include student accommodation, private rental accommodation, and homestays like AirBnb. Student accommodation can be expensive, but it is certainly stress-free as the amount paid will be inclusive of your bills and you get the additional maintenance support from the property management.  

Private rentals will require some amount of proactive planning and it might be harder to visit the room in the case of international students. Spareroom has great options for private rentals. Rent can vary significantly but expect to pay between £600 to £1,200 per month, depending on the location and type of housing. If you’re renting privately, you’ll need to account for utilities (electricity, water, gas) and internet. Utilities can cost approximately £50-£100 per month, while internet services are around £20-£30 per month. Again, utilities will vary depending on the type of agreement you have with the landlord and your flatmates. A tip here – save on resources as it helps to save money and the planet.  

Travelling around London  

London is well-connected by public transport. The Tube, buses, and trains will be your go-to modes of travel. An Oyster card or contactless payment option offers discounted fares for students, and a monthly or annual Travelcard provides unlimited travel within certain zones. Budget around £80 – £100 per month for transport, a little more if you tend go around the city a lot. 

Budgeting for food, entertainment and study 

Cooking at home can save you a lot of money. Budget supermarkets like Lidl, Aldi, and Tesco can become the go-to options. Weekly grocery shopping can cost around £60 – £80, while eating out should be reserved for special occasions. Overall, aim for around £240-£320 per month for food. You could also consider subscribing to meal plans that deliver ready-to-eat boxes of food to your doorstep, this can also be more expensive than cooking but certainly helps you manage your time. 

For entertainment London offers countless free activities for students, but you’ll also want to enjoy the city’s vibrant social scene. Budget around £100-£150 per month for movies, pubs, and events. 

Always set aside funds for unexpected expenses like medical needs or emergencies. A buffer amount of approximately £50-£100 per month is advisable. 

Always carry your student ID too. Many places offer discounts, from cinemas and restaurants to travel and clothing stores. Apps like UNiDAYS and Student Beans can help you find the best deals. Eating out can quickly drain your budget, so master a few easy recipes and batch cook to save time and money.  

Many libraries offer free internet access and study spaces. It’s also a great place to find course materials. Try to do some proactive research about the places you visit and the offers provided by them. Every place has a website nowadays, go check it out! 

Finding part-time work to support your studies 

If your visa allows, consider finding a part-time job. This can provide extra income and valuable work experience. Loughborough University has student ambassador roles which are paid that might help you cover costs to some extent. London is brimming with free attractions. Museums like the British Museum and the Natural History Museum are free. Parks, markets, and festivals also offer great entertainment without costing a penny. 

Finally, budgeting in London as an international student might seem daunting, but with careful planning, you can make the most of your time in this incredible city. Remember, it’s all about balancing your expenses and taking advantage of the many student-friendly deals available. So, do some calculations, plan your budget, and get ready to enjoy everything London has to offer without breaking the bank! 

Welcome to London, and happy budgeting!