The world out of our comfort zone has always either fascinated or scared us. Nonetheless, we have always dreamed about visiting, studying and living in other countries all by ourselves. Whenever studying abroad is mentioned, students usually have London in their top 5 cities to live in. Something about London has always fascinated beings from around the world. The cost of living in London for students is on the higher side, meaning one must be brilliant in the way they go about their money. It currently comes in at number 13 out of 338 countries in the world for being the most expensive place to live. As a student, you have to maintain a tight budget every month, or else you will end up overspending by a lot. The average cost of living in London for students depends on how they choose to live in terms of luxuries and necessities.
While we’re aware that London is the international city of choice for many students, it’s also important to know how expensive is the city. Living in London is expensive and varies depending on where you live, what you eat and how often you go out. On average, the cost of living in London for students ranges between £1,237 and £1,309 per month. There are a variety of ways to save money and stick to your budget, which is why it is essential to know your expenses and see what consumes most of your budget.
What Is The Cost Of Living In London For Students?
There is a lot to consider while making a budget as a student for example accommodation, transportation, food and choice of downtime, whether it is visiting a museum or a night out in town or enjoying with friends in a pub. A significant chunk of your monthly expenditure will be on accommodation. Here is a breakdown of the cost of living in London as a student –
|Item||Cost (Per Month)|
|Total Cost of Living with Off-Campus Accommodation (Per Month)||£1,237|
|Total Cost of Living with On-Campus Accommodation (Per Month)||£1,309|
Is It Expensive In London For International Students?
The cost of living in London for students is expensive and any frivolity in money management can have consequences. It is called a walking city because cab fares are high. If you are living as a couple in London and want to go on a date, then two movie tickets will cost you £25, play tickets will cost you around £100, dinner for two at a pub will cost you £33 and a nice Italian restaurant dinner in the ex-pat area £63. If you are a student who happens to be a gym buff, you will have to consider the cost of a gym membership, special requirements of any diet and any extra proteins you require in your monthly cost of living in London for students. Gym membership in London will cost around £74 monthly in the business district. Pursuing any hobbies or activities needs to be thoroughly thought out and planned because they tend to be a significant setback on your budget.
Why Is London Expensive?
London is expensive because it is the financial capital of the world and has the headquarters of many major businesses. One of the reasons for London being the financial capital of the world is that its market captures both eastern and western time zones, which makes it very profitable to businesses. The booming industry market and the number of visitors every year make the companies flock to London, which increases the cost of properties in the city and the cost of living in London for students.
Depending on where a student lives in the city, the cost of living in London for students changes accordingly. The cost of living in central London is higher than that of living further away from the city centre. Student housing is relatively cheaper so around £408 to £480 per month is often enough. There are many benefits to living in PBSAs. Generally, all the utility cost is included in the rent, and some also offer laundry service, further reducing your monthly expense.
Cost Of Transport In London
The cost of living in London for students in terms of transport is approximately £100 to £200 monthly for the tube and overground rail in London and about £60 for a bus and tram pass. You can buy an oyster card which is widely used in the city, recharge the card swipe and go. If you want to explore the UK, you can also invest in a card for national rails. Cab fares in London are on the higher spectrum, the base fare is £4, and it costs £2.55 for every km.
Cost Of Food In London
London’s living cost for international students varies when it comes to food; depending on your choice of either cooking on your own or eating out. If you choose to cook, you will need approximately £40 weekly for essential groceries. If you decide to eat out, a meal at an inexpensive restaurant will cost you around £15, a meal at Mcdonald’s or a similar franchise will cost you about £6 and a three-course meal at a mid-range restaurant will cost you about £55, in addition to daily essentials like milk, water, and some munchies. A regular cappuccino will cost you around £2.83.
Taxes In The UK
Income tax and National Insurance apply to students too. Still, a certain amount of money needs to be earned before that. The income-tax-free amount for a student is called personal allowance and any money earned above it is taxable, which is 20% for earnings between £12500 to £50000 yearly and 40% for any earnings above £46350. National Insurance is 12% for incomes between £166 and £962 per week and 2% above £892.
How expensive is it to study in London?
London is considered to be fairly expensive for international students in particular when compared to other cities in the UK. However, with good planning comes good management of finances. Tuition fees aside, overseas students also have to look at rent, utility bills, travel & transport, food & living, and other miscellaneous expenses.
Where do students live in London?
Camden, Tower Bridge, Bermondsey, and Shoreditch are amongst the most common places in London flocked by international students.
Can international students work in London?
If you are an international student enrolled in a full-time undergraduate or postgraduate degree programme, you are permitted to work for a total of 20 hours per week during term time. This limit is increased to full-time hours during your university’s registered holiday days.
Is public transport easily available in London?
The London Underground, or Tube, is the city’s metro system. eleven Tube lines totally, that connect plenty of the city’s neighbourhoods and are especially useful in central London. With simplistic transfers, it’s a relatively easy way to get around.
We hope you enjoyed this blog on the ‘Cost Of Living In London For Students – Complete Guide 2022.’ To know more about related fields do check out our other blogs –