How To Navigate The Cost of Living Crisis as a Student

Students attending university! Listen up! This is probably the first time you’ll be managing your own money, paying your own rent and figuring out your own bills.

This can be pretty daunting but don’t worry! At The Freshers Guide, we’ve got loads of handy tips and tricks to help you budget at university. This year the importance of budgeting is slightly heightened due to the cost of living crisis that’s going on. Read on to find out our top tips on navigating the cost of living crisis, including using promo codes student discount codes, finding the best energy plans and more! 

What Is The Cost Of Living Crisis?

So, you may be thinking, what is the cost of living crisis and why do I keep hearing about it? Essentially, inflation is at a 40-year high in the United Kingdom, making the cost of everyday items increase at a rapid rate. Coupled with household incomes failing to rise, people are becoming less able to afford basic necessities. This applies to food, energy bills, taxes, travel, rent and many more expenses. 

How Does The Cost Of Living Crisis Impact Students?

Students are impacted slightly differently from others by the cost of living crisis. Student accommodation prices have increased by 61% in the last decade, and whilst other renters can move to different areas or negotiate rent prices, students are pretty much stuck with the prices that universities and student agencies are offering.

Aside from this, maintenance loans are not increasing at the rate they need to be. We all joke about maintenance loans being for takeaways and big nights out (sometimes, they should be!). However, maintenance loans are the sole source of certain income for many students and they haven’t matched annual living costs for a long time. 

So, How Can Students Navigate The Cost Of Living Crisis?

Discount, Discounts, Discounts

This may be obvious, but students have access to a wide range of exclusive discounts. So, before you click through to the checkout page on your online shopping, take a look at any student discount codes and coupon codes you can find that will help you save money on your shopping cart.

There are many platforms out there designed to help you with this - create accounts with UniDays and Student Beans to budget on those non-essentials like new clothes and going out. You may also get promo codes on subscription services like Amazon Prime and Spotify (you’d be surprised how much subscriptions can contribute to your monthly spending!)

Help From Your University

Your university is there to help you, not hinder you. Alongside your maintenance loan, you may be able to access grants or scholarships from your university. This money can help with your rent, bills, university supplies and just general living. Be sure to get in touch with your financial department at your University as soon as you can to see if you’re eligible for any of this. 

Create A Budget & Check Your Banking

University is the perfect time to learn about budgeting. If you create good budgeting strategies when you’re at university, it can set you up for the rest of your life. Simply sitting down at the beginning of a semester and making a realistic list of all of your expenses and outgoings will make you aware of what your main spending points are. Whether it's cooking affordable, money-saving meals or cutting down on your energy bills, you never know where you might be able to save a few quid!

Once you’ve done this, you can allocate money to each section and create a monthly or weekly budget. Don’t worry if your maths isn’t super strong - there are plenty of banking apps such as Monzo that can help section your money. 

Speaking of banking, it’s also important to make sure you’re using a student bank account. Student bank accounts normally offer interest-free and bigger overdrafts which can be helpful if money gets tight coming up to your next loan instalment. Some banks even offer free railcards or joining rewards! 

Look For Deals

If you’re living in student accommodation such as halls of residence, the cost of bills is out of your hands, unfortunately. However, if you’re living in a privately rented house, you may be in charge of sorting out your own bills. If this is the case, we’re pleased to say there are many ways you can save a few pennies.

The first is simply making sure you’re on the best plan for your needs. Energy bills are soaring at the moment, but some companies are still giving deals for students. Look at comparison sites and even your freshers fair for student energy deals and plans so you don’t end up overpaying unnecessarily! 

If you’re feeling a little like it’s all doom & gloom, it’s really not so don’t panic. Yes, the cost of living is higher than it has been previously but there are tons of things you can do to help yourself financially, and we hope this article has helped too!