Cost of living: My advice for saving money as a student in London

MA student Anna delves into the practical tips and daily routines that help her make the most of London on a student budget.

When I moved to London in September, I really had no idea how to spend my money in the best way. With London's high living costs, I had to get creative. As an international student, I made a bucket list of places to visit and experiences to have, finding ways to be resourceful and still enjoy myself. 

After a few months, I've picked up some handy money-saving tricks that have made my time in London both fun and affordable.

Plan your food for the week 

Starting my week with a well-thought-out meal prep plan and grocery list has become a lifesaver. I highly recommend using Pinterest for meal prep inspiration; it keeps my food budget in check and adds a dash of variety to my meals. Before hitting the grocery store, I make sure to have a plan in place, avoiding impromptu purchases that can throw my budget off track. Supermarket loyalty cards also play a role in snagging additional discounts.

Before hitting the grocery store, I make sure to have a plan in place, avoiding impromptu purchases that can throw my budget off track.

When it comes to dining out, I've learned that many restaurants and pubs near universities offer student discounts when you ask and show your student ID. It's all about smart planning and setting the tone for my week. Additionally, I've learned to delete food delivery apps and embrace the plethora of local food options available in London. 

This small adjustment has saved me money and encouraged me to explore the city's diverse culinary offerings.

Keep track using the right tools 

London's abundance of hidden local coffee shops in various neighbourhoods is one of my favourite aspects of the city, although it can be a quick drain on my budget.

As an international student, efficiently managing expenses is crucial, and two lifesavers for me have been the Revolut and Monzo accounts. They are effortless to sign up for and provide a seamless way to track my spending habits, helping me stay within my budget. Over coffee, I use Monzo and Revolut to monitor precisely how much I'm spending, keeping an eye on currency conversion rates to be aware of any hidden costs that can accumulate rapidly.

On the topic of sneaky expenses, I've learned to be a lot more mindful of utility costs, such as keeping the heating low and being conscious of electricity usage if residing in a flat. Getting a student Oyster card is also a game-changer that I recently discovered. All students get 30% off all public transportation rides, so definitely get one!

Make the most of free things to do in London

London is a busy city with lots of activities to do for free. It just takes some research and planning to find the right places to go.

One of my favourite midweek rituals involves immersing myself in a new exhibition or museum. London's cultural scene is unparalleled, and the best part is that most museums and galleries offer free admission. The Victoria & Albert Museum in Kensington and Chelsea holds a special place in my heart. I've also discovered that many museums host free events throughout the year, providing fantastic opportunities for group outings with friends.

Check out Time Out London, DICE and Eventbrite for free events around the city. A friend recommended using the Eventbrite app, which has proven to be a goldmine for day and nighttime events. These events range from career-related gatherings to masterclasses and pub crawls. Planning with Eventbrite has been particularly helpful in making the most of these opportunities without burning a hole in my wallet.

If you want to stay fit without signing up for a gym, I recommend one of London's fantastic free running clubs. I go for a morning run every week, which provides an excellent platform for staying fit, but it has also become instrumental in helping me train for a half marathon alongside friends from SOAS. 

I also recommend exploring the city by walking. While public transport offers convenience, each neighbourhood in London boasts a unique charm that's best experienced on foot. 

Budget-friendly nights out (and in)

Recognising that nights out can be particularly expensive in London, I've found alternative ways to keep the fun going without breaking the bank. I'm not a big fan of traditional nightlife, which turns out to be a significant money-saver. Exploring pubs near universities like SOAS is a great low-cost option for those who enjoy a night out.

My flatmate and I always try and plan something once a week. Whether it's an evening of baking and starting a new TV series or heading out to the movies, we consistently prioritise unwinding towards the end of the week. London's array of free cinemas, featuring everything from new documentaries to vintage films and blockbusters, provides an ideal and budget-friendly way to cap off the day.

Consider getting a part-time job

The benefit of living in a busy city is that there are so many work opportunities across sectors. Many of my friends at SOAS, recognising the financial challenges, have opted for part-time jobs to navigate the city's high expenses effectively. From working as baristas at local cafes to taking on roles as dog-sitters and nannies or engaging in paid internships, these opportunities prove invaluable in striking a balance between the demands of city living and maintaining a budget. 

The Careers Service has a CareersZONE where you can find access to jobs and internships. There's also one-to-one career guidance and workshops to develop your skills and get CV advice. 

As a full-time post-grad student in London, the reality of saving money may not always be glamorous, but it's entirely manageable. In embracing both financial preparedness and the wealth of affordable experiences, living in London becomes a rewarding adventure. If you're looking for extra support and advice on your finances, reach out to The Student Advice and Wellbeing team, who can help.

Header image credit: David Marcu via Unsplash.