Student Money Management & Tips for Students on Cutting Costs in Leeds

Student Money Management & Tips for Students on Cutting Costs in Leeds

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Student Money Management & Tips for Students on Cutting Costs in Leeds

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April 6, 2016 8:48 am Published by
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Planning your finances and managing your money while studying at university can be tricky. There’s a lot to consider if you’re looking for the best student accommodation Leeds and if you don’t keep an eye on your finances, life can become a little stressful. If you want to avoid spending too much, then it’s best to keep on top of your finances. This is a simple guide to student money management, with a section on how much it costs to live in Leeds specifically.

What should be in your budget?

The first thing you need to consider is what to include in your budget. Make a note of all the things you will need to spend money on whilst studying. Here is an example of some of the essential things you might need to spend money on each month:

  • Accommodation bills/rent
  • Tuition fees
  • Food
  • Utility bills
  • Clothes
  • Travel
  • Phone bill
  • Laundry
  • Books for your course
  • Internet
  • Memberships (such as gym and uni memberships)

Other non essential things you might spend money include:

  • Eating out
  • Alcohol
  • Night’s out
  • Weekend trips
  • Social events
  • Cinema
  • Music
  • TV

First work out how much you have to pay out on a monthly basis. Then, based on how much money you have available, you can work out your additional spending money. This can be used for the non essentials as mentioned above. You can also checkout our guide to student budgeting & money saving tips.

Handy student tools and apps

You don’t have to go it alone, there’s plenty of tools and apps that can help you make sense of your money. Before you start university, get to grips with a money management app and start getting your finances in order.

Student discounts

One major benefit of being a student is you get lots of amazing discounts. It’s definitely worth investing in a student card, you will start making savings in no time. Whenever you are out and about shopping, look out for discounts for students. Often shops will do specific deals exclusively for students, which can help you save money.

Useful money saving tips

As this is a guide to student money management, here are some useful money saving tips for students:

  • Set a weekly, monthly and yearly budget
  • Take advantage of student discounts
  • Avoid maxing out credit cards
  • Consider setting aside some savings
  • Look online for student saver websites
  • Try and make savings by teaming up with other students
  • Look out for freebies and offers

Cost effective living in Leeds 

On the whole, living in the North of the UK is a fair amount cheaper than the South. So by choosing to study in Leeds rather than a southern University, you will hopefully save some money on living costs.

Here’s some helpful info on the cost of living in Leeds:

  • Student accommodation in Leeds comes in around £90 per week compared to £155 in London
  • Your average food shopping bill will cost you around £20-£30 per week in Leeds, which is almost doubled to £55 in London
  • Travelling around the city costs about £11 in Leeds, much lower than the national average of £17. However, you can always walk or cycle instead to keep active and save money.
  • the average cost of a pint of lager in Leeds is £2.50, which is much lower than the national average of £3.46
  • The cost of internet in Leeds is £4.22 per week, compared to the national average of £5.36.

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This post was written by John I