Tips and Tricks to Manage Your Finances as a Student in the UK

Planning your study abroad journey in the UK is an expensive affair. Moreover, the cost of living in the country can burn a hole in your pocket.

Don’t worry! We are here to guide you on how you can manage your money effectively to enjoy stress-free university life. So, check out these simple but valuable everyday life tips to keep your finances in check!

Go for Shared Accommodation

It is always a fantastic idea to opt for shared accommodation, be it student accommodation in Glasgow or student accommodation in Bristol, as it offers plenty of benefits both in the short and long run!

Many accommodation providers today designed these living spaces keeping in mind the roommate concept. Plus, it is a popular demand among students as renting an entire flat can be costly, but if you choose to rent with others, it will help you lower your rent payment.

If you’re having trouble locating a shared space, you can browse Facebook forums to find suitable folks who could be interested in renting out a property with you!

Remember, you can easily adjust to your new life and overcome homesickness and culture shock if you live with others. Besides, you can make new friends, share house chores, and split everyday expenses!

Set up a Local Bank Account

One of the best ways to handle your finances when staying in the UK for more than six months is to open a local bank account there. Most student accommodation properties like IQ Weaver Place, Coventry or IQ Shoreditch, London have several reputed banks nearby where you can apply for a student bank account. However, the following are a few things you need to know beforehand:

• You have to wait until you have an address in the UK before you can open your bank account. It might take up to 2-3 weeks or even months. That’s why it is crucial to start your house-hunting as soon as you receive your acceptance letter from your university.
• You should pick a bank offering maximum perks to students while not imposing high costs on foreign bank transfers.
• You can also inquire with your bank in your home country about whether or not they offer services in the UK. If they provide services, there won’t be a need to open a new account!

Create a Budget Plan

You need to have an estimate of your fixed costs (such as student housing rent and university fees), variable costs (like food, transportation, and groceries), and unexpected expenditures (like medical emergencies). You can quickly devise your budget plan with an overview of these expenses.

Furthermore, you must make separate budgets for daily, weekly, and monthly expenses. For this, you can either create your budget manually with the help of a pen and notebook or can download a budget planning app on your smartphone.

We understand that it is challenging to stick to a budget initially, but remember, with patience and discipline, you certainly will be able to do that within a few weeks!

Earn via Internship or Part-Time Job

Luckily, in the UK, international students are allowed to work 20 hours per week and full-time during holidays. It is an excellent chance to generate additional income to support yourself financially. Besides, you will gain experience and skills to showcase on your resume!

There are plenty of part-time jobs and remote internships available for international students. If you have trouble finding one on your own, you can seek assistance from your university lecturers and student union. Plus, they will give you information about the professional world and how to survive it.

Some UK universities also provide students with paid work opportunities for special events. You must check with your university if they have such an opportunity available or coming soon!

Bonus Tip

Students can qualify for discounts, gift cards, offers, etc., at many places in the UK, such as cafes and restaurants, grocery stores, movie theatres, public transportation, cultural events, shopping stores, and more. So, obtain your student ID as soon as possible and enjoy the perk of being a student!

Conclusion

Studying in the UK will be one of the most exciting experiences of your life! To make the best of this once-in-a-lifetime opportunity, you must make every decision carefully, especially regarding your finances!

We hope you liked the article and gained some valuable information regarding money management. Remember, keeping your finances in check is essential, but every now and then, you can treat yourself! After all, this journey is not about all work and no play but about finding a healthy balance between learning and enjoying!

 

 

Are you searching for student housing abroad?

amber is a leading student accommodation platform that helps cross-border students find their ideal abodes at reasonable prices. Their booking executives will provide free and personalized assistance locating your desired home at your preferred spot!

 

 

Author: Harshita Anand is a postgraduate in English Journalism and a graduate in Hotel Management. She has worked in diverse industries and with people of all kinds. Her fulfilling experience kindled her interest to view the world with a curious perspective and enlighten others with the same through her work.

 

 

The post Tips and Tricks to Manage Your Finances as a Student in the UK first appeared on Abroad101 Blog.

* This article was originally published here