A Student’s Guide to Budgeting

Independence comes with a price. As they say, nothing good comes for free, but who says you can’t find a great deal? 

I’m Sarah, a first-year animation student living in London. The capital city, is best known for its variety of cultures, diversity and is a hub for the creative industries, which is why living in London has a reputation for being expensive. However, there are definitely ways to get a bang for your buck. So let me share the tips and tricks I learnt for planning, budgeting, and finding the best deals and discounts.  

The first step to making a good financial plan is to understand your cash flow. If you're eligible, make sure you apply for a student loan via Student Finance England as this can cut out a big part of your expenses. The sooner you submit it, the less likely you’ll face any delays with your first payment. I’m able to cover half of my rent each month using my maintenance loan. The other half is the first thing I take out of my paycheck each month, leading me to my next point. 

Separate your money. You get student finance every four months, and if you're not careful, you could end up having one great month and barely enough to get through the next three. I personally make use of three different bank accounts: one for bills, one for day-to-day spending, and one for savings. This way, I won’t accidentally spend my rent on Pokémon cards and end up homeless! 

Travel is the next big expense, but don’t worry, there are ways to save. I live in zone 3, work in zone 2, and Escape Studios also falls in zone ⅔. With a student Oyster card, you get ⅓ off travelcards, which gives you unlimited access to the zones you select. However, learn from my mistake; your travel card must cover all the zones you travel through. So even if I’m going from zone 2 to zone 3, if the route I take passes any stations in zone 1, I need to have a travelcard for zone 1-3.  

After I pay for my travel card and rent, the money that remains goes towards savings and groceries. Deciding how much to put into savings depends on your goals and how much you make. If you’re serious about your savings goal, approach it like any other set bill. Choose an amount to save each month and take it out right away when you get your paycheck. 

Once you know where you’re living, find your local Lidl, Aldi or Co-op. They’re considerably cheaper, especially if you go for own-brand items. Of course, that may not always be convenient, so whichever supermarket you go to, make sure you get the app! Points and loyalty programs are a great way to save and get back a little something from all your spending. Cooking may not always be the most convenient, and so I introduce you to meal-prepping. TikTok is filled with ideas, no matter what you’re looking to cook, but the idea is to prepare a few days' worth of food at once. This way, you’ll have less food waste, and it’s great to save time. No one will fault you for the occasional takeaway, but it can add up if you’re not careful. Deliveroo Plus is free for students, so make sure you apply. Student bank accounts also provide great perks. They change every year, but an example would be Nationwide. They gave £100 cash and £120 in Just Eat vouchers. Everyone knows nothing tastes quite as good as free food. 

Now, how about some fun? If you’re thinking about Escape Studios, I assume you’re a lover of film. One place people don't think to check for discounts is their network provider. If you’re a Vodafone user, you get two cinema tickets for £8 every month. Markets and parks are a stellar option if you’re going out, no matter the budget, with Greenwich Market being local to Escape. And if you want a budget day out, you can get 20% on M&S Food to Go (Unidays), head down to Greenwich Park and have a picnic like no other. For the girls, Toca Social (a 5-minute walk from Escape), hosts a Women’s Hour every Wednesday, where you can get tickets for only £1! If you want a coffee, Black Sheep offers £2 drinks every Monday, and there are plenty of discounts on Unidays, no matter what you’re craving. 

I can say managing a budget while studying is tough at times. But the friends you make, and the life experiences you gain are unlike any other. It can be scary, but hopefully these tips help you feel a little less overwhelmed.