While London might no longer be among the top ten most expensive cities to live in, it still is very expensive for most people, and especially if you are a student without particularly affluent parents! Having said that, it is quite possible to not blow your budget and live a good life in the city, as long as you are careful about a few things from Day One.
Budgeting Realistically and Sticking to It
Among the many mistakes that students and even their parents make is that of budgeting impractically. The fact is that London is the most expensive city in the UK to live and study in, so if you do not budget accordingly, it’s a bad financial plan that will actually make you spend more and cause you stress because you will inevitably end up overshooting that budget every month!
To avoid this, sit down with your parents if you need to and make a realistic budget for every month, which takes in the rent, commuting costs, food expenses, tuition, and extra allowances into consideration. For the first few months, be extra careful and see if that budget is a feasible one and whether you are able to carry on with your student life in London without any significant problems. Once you do make a practical budget though, stick to it religiously because overshooting ANY budget is possible and quite easy to do in the city.
Finding Accommodation Close to Your University
If you are studying in North London, Collegiate’s accommodation is one of the better choices for student accommodation in London since the location near Canonbury station makes it super easy and quick for students to reach their respective universities from there.
Particularly for those that are studying in the London Metropolitan University, Central Saint Martins, the City University London or any other institution in North London, Collegiate has the best in class student accommodation in London that offers excellent value for money propositions to students and parents looking for somewhere that is stylish, feature-rich, and completely secure.
Irrespective of your university’s location though, the rule of staying close to your institution applies, as you will save a good chunk of cash over the course of your time there.
Don’t Look for the Cheapest Option
The cheapest options can at times turn out to be quite expensive in the long run if you are not careful, especially when it comes to student accommodation London. An unsafe neighbourhood, long travel times, associated transport costs, etc., do all add up.
Furthermore, there is also the question of having a good experience while you are in the city and if most of that time is spent in commuting and worrying about your safety, it’s just not worth it.
The idea is to always try and find the best value for your money, so each time you are about to spend, ask yourself the following questions.
- Will it overshoot my budget?
- Do I want it, or is it peer pressure?
- How important is the expenditure in the long run?
- If it’s a small but extra expense, how often do I make an allowance for it?
Be wise, not cheap, and you will probably end up saving more than you ever planned to!