How students can manage their funds while studying in the UK
The cost of living in the UK while you are at university varies according to the lifestyle you choose and also your personal requirements. The city you are living in plays a big role too. Costs incurred can be broadly put into two categories – tuition fees and living costs. Tuition fees are applicable for every year you study at a university and living costs is what you will spend annually during your stay in the UK as a student.
Planning your budget
Having a properly planned budget to keep track of costs is important in order to survive. Failing to do this could result in you being dropped from your course and having to head back home. By planning your budget, you can have a rough estimate of all expenses beforehand and compare it to your total income and plan any further expenditures accordingly.
Your sources of income, apart from scholarships, bursaries, loans and family contributions, can be your own savings and earning though a part-time job. Remember that international students are only allowed a maximum amount of 20 hours per week paid employment though.
Expenses are something in your control and if planned properly, you will know your limits. Your lifestyle will play a big role in budget management and you should be aware of things you are likely to spend money on. Be aware of sudden expenses though! You can’t plan for everything and things such as a party, a day sightseeing or a friend’s birthday can see surprise costs add up. Other miscellaneous expenses can soon see you spend more money than you would like, so be careful.
Tips for saving money
- Many shops have student discounts. Keep your student ID with you at all times for savings of up to 25% in some places!
- Items such as books can be bought cheaper second hand
- If you want to call home, take advantage of applications such as Skype, Facebook and Viber. You don’t need to waste money on phone cards when a call can be completed online for free
- Make sure to always connect to wi-fi hotspots when using the internet in public