Student Money Management & Tips for Students on Cutting Costs in Leeds
Aug 31, 2022 07:10 am
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.
Monefy
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.
This post was written by Iqra Amanat
