Newcastle University London

How to budget in London

How to budget in London

Budgeting in London can be difficult. Here are my top tips to help you.

students at NUL

Budgeting can be difficult at University – especially in a city as exciting and busy as London. It might often seem as though the piggy bank is running dry and you aren’t sure what to do. Fear not – I’ve got some tips on how to save money without eating instant noodles for three meals a day!

1. Save some money for a rainy day

Adding some money into a separate bank account or having a ‘rainy day’ envelope with some extra cash can really help if you need a little financial boost throughout the semester. Having a separate bank account (I strongly recommend internet banking, such as Starling or Monzo) for incoming money can help to manage your finances too. This way, you can transfer some money from your main account and ensure to have a ‘safety pillow’ every month.

2. Cook for yourself at home

You don’t have to be a master chef to make yourself a decent meal. There are plenty of simple and tasty dishes that even beginners in the kitchen can make (and it becomes better with practice – believe me!) If you usually like eating out with your friends, then why not invite them over and have a dinner party instead? These are usually just as much fun with much less money spent. If you still fancy eating out – then why not download anti food wasting apps like ‘Too good to go’? These apps will help you enjoy top quality food for a fraction of the price.

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3. Always go shopping with a list

It's incredibly easy to go bananas in a store and buy everything that is colourful and smells good - but you more than likely don’t need all those things! Make a list at home and plan your dishes ahead; this will help you to be less impulsive in a store.

4. Living on a budget doesn't mean missing out

There are plenty of activities and events to do for free in London – museums, concerts and festivals to name just a few. If you do have to pay entry fees to an event or activity, check to see if you will get student discounts – these will help save you a significant amount of money. Note: Eventbrite is a website that lists all the events happening in London –lots of them are free. Why not check it out?

5. It get's easier - support is always available

Newcastle University London provides support and consulting for students who are struggling with money. Our welfare team are more than happy to help. For more information take a look at the welfare section of Newcastle University London's website.

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