Are you ready for your academic year in London? It is time to step out of your comfort zone and embrace a new journey that is going to be challenging but fruitful at the same time. Moving to a new country and adjusting to daily life there is never easy, but it comes along with some unexpected perks. London is now a melting pot of cultures and has people and students from all over the world. This will give you a fair chance to create connections for your time in London and also for your future endeavors. London is usually termed to be expensive, however, if you have your planning and budgeting in place, it will make life easier for you.
The Price Tag Dilemma: Expensive or Reasonable?
London ranks in the top 20 most expensive cities in the world. Day-to-day life as a student in London is challenging but with the right amount of research and knowledge, you can avoid overspending.
Most students prefer studying in London considering the reputation it has gained for itself in the previous years. It all depends on how you plan to spend your student life in the city, how often you tend to go out, where you live, what you eat etc.
London On a Student’s Wallet: Cost of Living in London
The cost of living in London would differ from person to person. It depends on what one’s actual priorities are and how open you are to stepping out of your comfort zone. The following components make up the cost of living in London:
- Accommodation
There are three major types of student accommodations in London. From private accommodations to purpose-built student accommodations and on-campus accommodations. There are options for every individual depending on how much they are looking to spend and the kind of experience they are looking for. Best Student Halls offer reasonable and affordable student accommodations in London. Their options include studios, en-suites, and non-en-suites as well.
- Transportation
London is a huge city and has a lot of great connectivity but it is expensive and time-consuming to get from one end of the city to the other. Students prefer using underground trains as they are usually the fastest. Other options include taxis and buses. As a student, you can purchase the student oyster card which will give you 30% off the standard underground trains and buses.
- Food
London is now a melting pot of cultures and hosts individuals from all over the world. With this, there are multiple cuisine options available all throughout the city. The amount you spend on food depends from person to person as some prefer the local restaurants and some prefer fine dining restaurants. Students are often known to curb their expenses in this category by purchasing fresh groceries and cooking at home. You can always have a meal prep plan and move ahead with it to make life easier.
- Miscellaneous Expenses
As a student, you would want to explore the city to its depths. You can always look for discounts for events and festivals using your student status. There are several walking tours which take place, these are very informative and come at a very cheap price. This could be a good way to explore the city through a local guide. Being a student, you can always register yourself with platforms like Student Beans, Groupon and Unidays. These platforms offer multiple discounts and offers to students.
- Taxation in the UK
Taxes are applicable to students who simultaneously work with the university. Students have a limit set by the government which is termed as the income tax-free amount, once this limit is crossed students are liable to pay taxes. The tax rate is usually 20% for any earnings between £12500 and £50000 yearly, and 40% for earnings if they are above £46350.
London On a Budget: Practical Tips to Save Money in The Capital
Students are always expected to plan well ahead of time and make sure they have their research in place. Doing this religiously will not only help improve your knowledge about the city but will also help you save a lot of money.
A few of the points are curated by us at Best Student Halls to help you save some bucks in the capital:
- Making use of student discount cards and offers
- Using public transport as often as possible
- Visit local markets for your groceries and household needs
- Cook meals and have a meal prep plan for yourself
- Look for economical student accommodations in London
- Budget yourself and be conscious of your financial situation
In conclusion to the above information, we would like to let you know that living in London has never been easy and is likely to be expensive for students. However, if you have a set plan in mind and work as per your priorities you will always be able to figure things out. Best Student Halls offer a wide variety of student accommodations in London that can suit every individual’s needs. Brace yourself for a challenging yet exciting experience ahead in your academic career.
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