How Students are Managing the Rising Cost of Living in the UK

The UK is called a land of dreams, not just because it promises to make dreams come true, but also because a look at the streets in the UK feels like something out of a dream. But dreams always come with a high price.

The economy in the UK is increasing with every new day, making it hard for independent students to survive. They have to live according to a proper budget to cover tuition fees, travel, and other living costs. Universities in the UK not only provide academics but also teach students how to manage their budgets.

Tight-Handed Budgeting

Students may often face difficulties in managing their financial matters because of the rising inflation and limited financial support. The most convenient way to manage the budget is by tracking a record or making a pipeline of where to use how much money.

Students are getting smart and learning to say “no” to extra expenses like entertainment, shopping, and eating out.  They understand why they have to prioritize saving for tuition fees, travel, rent, and groceries. Apps like Emma, Monzo, and Revolut can be useful for students to manage their finances.

Part-Time Working vs Part-Time Living

You must have seen it as a university culture for students to work part-time jobs. These jobs allow students to be independent, gain experience, and earn money as a supplement to their income.

Some student-friendly jobs are hospitality, freelancing, tutoring, and retail. For international students, studying in the UK may cost three times more than it does for a local student. But such students are allowed to work for only 15-20 hours a week, so their education isn’t compromised.

Students may find on-campus jobs to make their jobs flexible for them. Even after trying hard, if students still find it challenging to study while working, then they find shortcuts and seek Assignment Help UK or Dissertation Help UK if the students are in the final year. These services provide students with thoroughly researched and detail-oriented content, which helps students by saving their time and energy.

No Such Place as Personal Space

The most important thing for independent university students is accommodation. Most of the students opt for shared houses or college dormitories. In larger cities like London, where the population is large as well, finding accommodation near the university can be a challenge for some students.

A lot of students then move to affordable areas. Shared flats for students are easily searchable on platforms like Spareroom and Rightmove. The only disadvantage the students may face is traveling longer distances.

Transportation and the Faraway Destination.

Students who live far away from their universities travel mostly by cycling or by public transport. Students have a lot of options to save on transportation due to student bus passes and discounted Railcards. Railcards are technically called the 16-25 Railcard, which offers 1/3 off train fares.

Moreover, a lot of universities provide free or subsidized transportation options, which may include:

• University shuttle services, which travel between the locations on the campus.
• Discounted public transport, such as a Student Oyster photocard for 18+ in London, offers a 30% discount on travel.
• An A2B Now card in Westmorland and Furness offers discounted bus travel.

Universities in the UK try their best to support students in any way so they can study in peace and harmony.

Making Use of Student Discount

Universities in the UK are aware of the struggles of student life. Apart from the stress of studies, students here grow up fast and stress over finances. This is the reason for the various student discounts that universities in the UK offer. These discounts include:

• Student discount cards like TOTUM, UniDAYS, and Student Bean. TOTUM (formerly known as NUS Extra) is a UK-based student discount card. Meanwhile, Student Bean and UNiDAYS are digital platforms that provide student discounts and offers through their websites and apps.
• Full-time students in the UK over 12, studying for at least 15 hours per week for three months, can apply for the International Student Identity Card (ISIC), which provides a discount on travel, insurance, and entertainment.
• Apart from ISIC, in many other ways, students can get discounts on basic necessities such as food, travel, shopping, entertainment, and even phone bills through the use of Railcards and applications like Uber Eats.

Budget-Friendly Stores and a Home-Cooked Meal

The mistake that students might make is saying “yes” to every hangout their friends plan for the night. But gradually the priorities change and instead of frequenting takeouts and eating out, they prefer a home-cooked meal or noodles, which would be healthy and budget-friendly.

Students frequent stores like Lidl and Aldi, which are the top two stops for budget-conscious people. These two produce a wide range of their own branded products at very low prices. Students in the UK don’t hesitate to use food sharing apps (Good Too Go and OLIO) to take and give out meals.

The students who used to agree on every other plan during their first year learn to say “no”. Now, in the final year, such students don’t ask someone, “When’s the next plan?” They ask, “Is there a chance that I can pay someone to do my assignment?” which represents the change in their priorities with age.

Safety Cushion of Finance and Money

Universities in the UK support their students financially by letting many of them apply for financial support. The common ways through which universities support their students financially are:

• University hardship funds and emergency grants for students who can’t handle accidents and need immediate assistance.
• Bursaries and scholarships, which provide an amount to a student to pay for university expenses.
• Maintenance and study loans are also a thing among students. Although they don’t fully cover living expenses, they can be helpful for the time being.

Side Hustles and Sharing Resources

To save money, some students prefer not to spend on books or notes. They frequent libraries and other online sites for preparation, such as online exam help, which not only provides them with important material for the exam, but also helps them prepare for exams by taking their mock tests, also by drafting a study schedule.

To get easy money apart from a part-time job, several students are also trying their luck in freelancing, content creation on social media, or selling handmade arts and crafts online.

Final Thoughts

Managing finances in any country is not an easy task. Inflation is everywhere and is affecting many people in different ways. It’s something that will keep increasing, and no one can stop that. The only thing that you can do is learn the trick of how to divide and manage your money according to your own terms.

All you need is a strong will, which can guide your hand through your expenses practically and reasonably.