Cost of Living in London - Top 6 Expense Factors for Students to Consider

London, the bustling capital of the United Kingdom, attracts thousands of students every year, including a huge number from India. Being the world’s best city, London provides a variety of options for education and job opportunities with great living environments. 

A good education at one of the world’s top universities opens doors to great opportunities. While the city offers world-class education and a vibrant multicultural environment, one basic question comes to mind: What is the cost of living in London? 

This article explores the various factors that affect Indian students' cost of living in London and provides tidbits of information, advice, and strategies for managing money effectively.

Cost of Living in London

First off, just a quick reminder that the currency that is used in London is the pound (£/GBP), with the value of one pound in Indian rupees being Rs. 104. When it comes to accommodation, transport, food, utilities, and other essentials, London is always among the most expensive cities worldwide.

As an international student, you may struggle to pay for your studies. London is a pricey city, and you want to live well too. Need to know the cost of living alone in London? Make your budget. Let’s look at the costs together: 

Things to Consider for Making A Budget Plan for Living in London

Simply create a budget in three different ways. First, the average budget that you will create on the first day of this month is the amount of money you need for the upcoming month. Then write another daily budget. 

At the end of the month, write down the final amount of money that you spent in total. This helps you analyse things and create a perfect budget. Let’s explore the 6 expenses to consider for understanding your cost of living in London per month.

1. Accommodation Costs

After admission, you need to explore, as a student, where I can stay in London. There are different choices available. Either you can choose college hostels or private rented accommodation. 

When asked about college accommodations, they provide comfort, but they can be somewhat costly.

Private rentals are also an option, but you have to explore them personally for reasonable and appropriate choices. You can choose shared accommodations or homestays to diminish costs while encountering social drenching.

But if you don’t want to do this daily task, then you can choose student accommodation, which is possibly less expensive at Best Student Halls. You don’t need to manually go and search for the location and budget; we will help you with that. 

Normal rental costs for a room in London shift contingent upon the area, with central areas commanding higher rents compared with rural or remote areas. By and large, a student can hope to pay anywhere between £500 and £800 each month for a room in a common house or flat.

2. Transportation Expenses

Students can easily use London's public transport system with the London Underground, buses, trams, and trains.

However, the travel cost may spike quickly. If you are a student, you may attain reduced prices by using a 16–25 Railcard or a Student Oyster card that can save your life.

3. Food and Groceries

Let’s check out the cost of living in London for students in the food and grocery sectors. Preparing meals at home can be a cost-friendly choice, with general stores offering a range of reasonable fixings.

You can save a lot of money if you prepare traditional meals during your stay. 

There are multiple tools available on Google that provide daily grocery product prices. So you can just add it up and customise it according to your food preferences. Websites like Expatistan or Matutto will help you with it.

Also, many Indian restaurants in London offer student limits or lunch specials, making it practical to appreciate periodic dinners without burning through every last pound.

4. Utilities and Other Expenses

Service bills include electricity, water, geysers, and the Internet. These are additional expenses that you need to add to your tour budget. Imparting accommodation to flatmates can assist in disbursing these costs, making it more sensible.

The selection of energy-productive equipment and proper usage would also contribute to the mitigation of service bills.

Other various expenses, for example, cell phone plans, recreational activities, academic materials, and individual expenses, must be calculated into the financial plan.

You can create a proper budget plan for every month and restrict yourself from crossing those boundaries so that you can save good money.  

5. Social and Lifestyle Changes

Adjustment to the new social and lifestyle environment may affect ways of handling money matters and financial needs. You can make a plan for the cost of living in London. Living a frugal lifestyle by scouting for deals, doing your DIY project, and pursuing cheap or free sports can stretch one's finances without sacrificing personal fulfilment.

Connecting with the Indian people group in London through widespread developments, strict gatherings, and informal organisations can offer close-to-home help and encourage a feeling of having a place. 

Taking part in student clubs and social groups and chipping in on opportunities can likewise improve the college experience while limiting expenses.

6. Seeking Financial Assistance

These are grants, awards, and financial assistance programmes offered by colleges, state-run administrations, and private organisations. A hunt to find such options and make applications accordingly will help bring down many financial strains in education.

Furthermore, a few colleges provide difficult assets or crisis credits to students facing unexpected financial challenges. Students should proactively seek guidance from college support administrations or student government assistance offices to investigate available resources.

Estimated Cost of Living in London per Month

Well, you can calculate your financial cost of living with the Cost of Living in London Calculator:

• London Cost of Living Calculator | Matutto
• Cost of Living Estimator in London, United Kingdom (numbeo.com)

But we have put some cost figures you might need for the cost of living in London per month so that you can at least have an idea about your spending.

Earning Options while Studying

Since you have an idea of things you need to consider while making your budget and you have the amount with you now, we can go with some earning perks. You can earn money while completing your education. 

It is common in foreign countries to do part-time jobs during your education. You can go with freelancing, online money-earning apps, or part-time employment opportunities.

1. Freelancing Opportunities:

Freelancing can incorporate anything that fits you. On the off chance that you are a software engineering or computer programming student, you can provide coding and site-making freelancing services. Or, if you are a craftsmanship student, you can offer that sort of work as well.

2. Online Money-Earning Apps for Students:

While money-earning apps offer adaptability, their rewards are small and demand time investments. Traditional employment may not be great for students because of time limitations. Hence, money-earning apps appear to be a convenient choice for students to bring in cash on their own schedule.

3. Part-Time Employment Opportunities

Many students in London decide to enhance their pay through part-time employment opportunities. While working part-time can offer financial help, offsetting work responsibilities with scholarly responsibilities is fundamental. Students ordinarily have limitations on the number of hours they can work during term time; however, they can work all day on occasion.

Scholarships for Students in London

There are numerous scholarships accessible for students in London, both for homegrown and international students. The best scholarships for you will depend on your singular conditions, like your scholastic record, financial need, and field of study. These scholarship providers in London offer generous grants for higher education abroad.

1. The Scholarship Search website 
2. The British Council website
3. The Study UK website 

Here are a few specific scholarships that you may be eligible for:

1. The Chevening Scholarship 
2. The Commonwealth Scholarship
3. The GREAT Scholarship 
4. The Charles Wallace India Trust Scholarships 

Benefits of Collaborating With Best Student Halls

Best Student Halls is committed to helping you book the best student accommodation at an affordable price. We provide A to Z assistance while booking student rooms abroad. Contact us today to book premium student rooms near ypur university!

We have a highly experienced team with great expertise in every field who is always ready to handle each situation warmly. This team ability makes the cycle easier, saving you time and stress. Choose convenience, comfort, local area, good social vibes, and budget-friendly accommodation—choose the Best Student Halls.

Conclusion

Even though London can be quite expensive, it also has some of the best prospects for personal growth, cultural exchange, and academic success. Indian students can do well in the city as long as they are well-prepared and have a good attitude. They can also manage their money well and reach their educational goals.

People Also Asked For

Is 1500 pounds enough to live in London?

Yes. An average budget for a single person in London can be around £1500. Even if you are on a tight budget, this amount is more than enough for you. 

Is it cheaper to live in London than in the US?

No, in the general scenario, London is 10% more costly than the US. If you are an Indian student, then you should keep in mind that 1 pound is nearly 104 Indian rupees and 1 dollar is nearly 83 Indian rupees. So yes, it’s quite expensive.

How to Manage Finances in London as a Student?

1. Avoid tourist traps
2. Get an Oyster card to travel around London
3. Get a public transport bicycle
4. Choose accommodation wisely
5. Use your student card