Tips and Tricks: Budgeting

James Ballantyne Regional Program Manager

Date

April 30, 2014
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Ah, budgeting. We all need to do it but it's just so tough, right? Well, it's only going to get tougher when you study abroad in the UK. Not only is can it be expensive but your first weeks will be full of exciting new things that you feel you absolutely MUST try out. Your funds may dwindle quickly and unless you heed the tips below, you might find yourself having a rather top heavy experience.

This isn't meant to panic you. It is meant to prepare you. Make yourself aware of how much things are going to cost. Do your research. Create a really dull spreadsheet that keeps track of your finances if you want. As long as you keep a budget in mind, you'll be fine. And we are here to help you find ways to save.

Travel

If you are studying in London, get yourself an Oyster card. Oyster cards can be purchased from your nearest tube station and they get you the cheapest rates on London transport. They can be used on the tube, on buses, on the Overground and on trams (these are rare but they do crop up every now and then). If you find yourself spending a lot of money then you can save by purchasing a monthly pass, otherwise you just top up as you go. Then you simply need to tap your card against the yellow symbol and you've paid. NOTE: You have to tap OUT on all the above forms of transport APART from buses. Also, pay attention to what zone you are in. The further out you travel, the more it costs (again, this does not apply to buses).

Have we mentioned that we love London buses? Well, we do. They might seem a bit daunting at first but they are the cheapest mode of public transport available to you. Be brave and give them a go. You'll get the hang of it.

Don't panic if you are not in London. There are plenty of other ways that you can save money when it comes to travel. The most obvious...walk! Get to know your surroundings (buy an umbrella) and do some exercise at the same time. Buy a second hand bike and cycle if you'd rather. You can then sell the bike on again when you leave. And every town and city has their own bus service with various weekly or monthly passes that will save you some money. Do some research or ask around when you reach campus. The sooner you sort this stuff out, the more you will save.

Museums

The large majority of museums and galleries in the UK are FREE to enter. You can pop in when you have a spare half an hour, or you can loiter around for the entire day. You can walk in and out fifty times if you so desire. This not just a London thing but here is a list of places you can visit in the city without spending a penny:

  • British Museum
  • Imperial War Museum
  • V&A
  • Science Museum
  • Museum of London
  • British Library
  • National Maritime Museum
  • National Portrait Gallery
  • Tate Modern

Pretty cool, huh? That is an absolute TON of history and culture to experience and that's just a snapshot.

Food

Food will be the great drain on your funds, but we all need food! So how can we lower the cost?

First things first, find your local market. Fruit and veg from a local market will not only be great quality but it will be nice and cheap too.

The most important thing to accept right now is that you cannot eat out all the time. Group up with your friends and go to the supermarket (Sainsbury's or Tesco are good budget stores). Buy your food in bulk and cook together. Not only will you return home with some new skills to show off, but you will save so much money eating this way.

And if you fancy treating yourself occasionally by eating out, then check out Student Beans. Print off a voucher that suits you and you'll get a great deal on a meal out. Simple. Or, if you are based in London, have a look at Timeout London's list of best eats.

These tips are really just scratching the surface of how to save money while studying abroad and you'll learn more during orientation. But keep these in mind and start thinking about ways that you can save money to do all the cool things you want to do.

To any of our current students, do you have any more tips and tricks you would like to offer?