Going to class every day, studying, facing exams, doing your own laundry, cooking your own meals, buying grocery, balancing university and personal life, being in touch with family and friends, going out on fun nights, taking care of your mental health all the while being mindful about your expenses, being a student is a full-time job, a job which feels overwhelming at times but also rewarding.
Managing finances is the holy grail of issues faced as a university student, we know. How are you supposed to enjoy university life while also being mindful about your spending? Let us give you some helpful tips that will make the adventure worthwhile. 🎓✨.
Expenses for students can be broken in to 4 main categories.
🍽️ Food and grocery shopping
First, let us start with saying, don’t skip your meals! Life can get messy and busy and you will find yourself starving or filling your tummy with biscuits and soup and calling it a meal, but hey you’re a grown up now! Looking after yourself is one of your biggest responsibilities. There are a lot of options to buy groceries, from Aldi to Tesco, to Sainsbury to Waitrose you can choose your favourite (think about the difference in prices but also the distance as you will have to carry heavy bags back to your accommodation). Aldi, Iceland, Poundland, Asda, Tesco are supermarkets with reasonable, affordable student friendly pricing. Make sure to download the app and become a loyalty member as most products get further discounts once you scan the code.
Plan your meals for the week and make sure to cover the nutrients that will keep you powered up as you spend sleepless nights at the library. Don’t rely much on fast food as while it’s quick, easy and cheap it will have long lasting effects on your body that are not easily recoverable. Of course, we won’t say anything if you allow yourself a few treats every once in a while, we understand being a student is hard!
If you are an international student it might come in handy to check where your country local markets are, but while the food will cure your home sickness it will definitely be pricier as they are most likely imported. Local markets in general will have fresh produce, choose to go local, if the pricing makes sense to you.
Other than the food you will also have purchases that are not regular. Items for your bathroom, pots and pans for cooking, personal hygiene, stationary, your new best friend’s birthday card and gift… Make sure to budget wisely. On a tight budget we would say £20-25 a week should be enough, so let’s keep £150 aside for the month.
Some students get in to groups in buying food and share the expenses on apps like Splitwise. Be mindful of whether everyone in the group has the same food preferences, eat the same meals and portions. Don’t end up over eating food that you don’t really like just to make sure it’s worth your money.
🚌 Transportation
You are lucky if you live near the university, at which point you can walk, which is good on your pocket as well as your health. If you are living further away, all main universities are easily reachable by public transportation and seasonal tickets and weekly passes will be your best friend. A regular bus pass will usually cost you £2, so for a week assuming you have class everyday it will cost around £20, a weekly bus pass will cost around the same, but you get a lot more flexibility as you can travel as many times as you want, covering a wider area. Which as a student, will end up happening all the time when you go out with friends or take your grocery trips.
Budgeting for transportation from the train or metro will be a little trickier as the pricing depends on the distance and stations are not as commonly placed as bus stops. Again, while a seasonal pass will be a lot healthier on your pocket you will have to walk a lot. You can get a combo pass as well, combining bus, train and metro but it will be expensive because of the flexibility offered. Uber and Bolt are good taxi services, but save it for a rainy day as they are much more costly options.
While you can use cash or card to buy the ticket, you can also download the app as most services are digitized and require scanning tickets as you board the bus/train. In conclusion £100 for a month on transportation is a good ballpark for your budget.
🏡 Rent & Accommodation
Your rent will vary anywhere between £600-750 depending on the property. University accommodation is generally more expensive than external because of the proximity and other facilities provided. A property with shared facilities will be cheaper than an ensuite, an apartment will be more expensive than a shared house, so it mostly depends on the amount you’re willing to pay for the facilities you expect. There are many sites such as, SpareRoom, Zoopla, RightMove where you can get information but be sure to settle on one soon as rooms get occupied super-fast. (Obviously, we hope you look at the wonderful options we have at Mistoria)
🧾 Everything else
Ah! Here comes the black hole that makes you wonder where your money went. Don’t be tough on yourself, it’s normal to have unexpected expenses as a student. It could be a few stationary items or a pair of shoes that unexpectedly broke. A party dress for a university event, a trip planned with your friends, the mobile plan that doesn’t exist as an expense in your mind or the laundry expenses. Budget for about £40-50 every month.
💰 If you’ve been following along, and if you’re really good at math by now you should know that you should budget for at least about £ 1,050 – 1,100 to have a comfortable yet frugal and thrifty university life. Don’t worry, if you feel like you won’t be able to stick to this, and that’s coming from someone who used to budget around £740 a month. Once you get adjusted to university you will find many alternatives that will help you budget better, but during the initial months the costs will be higher as you’re just getting used to a different lifestyle. You got this, sending heaps of luck and well wishes from everyone at Mistoria for the upcoming year. 🏠💫
Here’s something you will find useful! As an added bonus we have created a monthly budget tracker for you to be on top of your expenses and budget better. No need to thank us, we’ve all been students once. 😉
