(Photo by Jaanus Jagomägi on Unsplash)
London has to be one of the most vibrant, lively and exciting cities to live in as a student. But it’s also the most expensive city in the UK… so, just how expensive is it really? In this blog, I’m going to explore how expensive living in London is by taking you through a typical week of my spending as a fourth-year KCL medical student. I’d like to preface that everyone’s individual spending will be different depending on a number of factors and your own spending will fluctuate week to week. However, this blog post should give you an idea of what costs to prepare for and how you can think about cutting down on certain expenses.
Accommodation: £225p/w
Utility bills: £15p/w
By far, my greatest cost (and this will be the same for almost every student) was rent. The price shown above is how much I paid for a room in a three-bedroom flat in central London. However, many students will choose to live in student accommodation, especially in their first year, as this is a good way to get to know other students at King’s and make friends. Another benefit is that the weekly rent price includes all utility bills. Make sure to look into the KAAS scheme (King’s Affordable Accommodation Scheme), which offers accommodation at a reduced rate for students from lower income backgrounds if they meet certain eligibility criteria. The weekly rent for King’s accommodation (not including KAAS rates) ranges from £178 to £370.
Grocery shop £30
One thing I started to do (and would recommend to other students) was to pick a specific day of the week for grocery shopping, and to create a shopping list before stepping out. This helped to prevent overspending as I was less tempted to pick up random things I wouldn’t need throughout the week or when shopping. I would usually visit Lidl with one of my flatmates at the weekend and spend around £30. On the weeks where I’d just returned from visiting home, I would spend much less on grocery shopping as I’d bring home-cooked food with me. To reduce the cost of your weekly shop, consider shopping at larger supermarket branches as items tend to be a bit cheaper here and also getting a Sainsbury’s Nectar card and/or Tesco Clubcard. It may also be worth looking into signing up to food hubs such as The Borough Food Cooperative. For each visit, members can pick up to 16 items for £4.50, which works out to be a really good deal!
Transport: £6
I live just a 10 minute walk from Guy’s Campus, where all my inductions were based this week. I used the tube once this week to go shopping in Covent Garden. Note that I normally spend more on public transport (£15 to £20 each week) as my hospital placements are a bit further away.
Social/eating out: £15
I try to bring a packed lunch with me most days but ended up getting one meal deal this week. I also went to Covent Garden with a friend and had dinner there.
Tea and coffee: £5
I’m not much of a tea or coffee drinker, but I got a bubble tea this week for £5. If you do enjoy these drinks, aside from making them yourself to save money, I’d recommend downloading the King’s Move app. This app tracks the number of steps you take each day and you automatically earn points as a result. Once you earn a specific number of points, you are entitled to a reward, such as a free hot drink from any King’s Food venue.
Monthly subscriptions/bills: £14
- Disney Plus – £8
- Spotify – £6 (student rate)
Total excluding rent: £74.50
Total including rent: £299.50
Just a reminder that spending and costs will be different for everyone and will differ week to week. E.g., I would spend a lot more on groceries if I was trying new recipes on some weeks or spend a lot more on social activities – especially during the start of the year. I myself am still learning to manage my own money and budget, but hopefully, this has given you some insight into what to expect.
So, there you have it – a typical week of spending from the perspective of a student living in London!
Tasniya Aktar and Aanchal Raina
King’s Student Money Mentors
Part of Money & Housing Advice
The King’s Student Money Mentors blog shares our students’ personal experiences and thoughts on money-related topics. Any reference, opinions or recommendations on a particular company/brand are only the views of the student(s) who wrote the blog post. King’s College London, the Money & Housing Advice service and the Money Mentor project do not share the views in the blogs nor endorse any of the companies mentioned. Readers should conduct their own research before using any companies mentioned in our blog posts.