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If you are planning to study or move to the UK, then you must be aware that the UK is one of the most expensive countries to live in. It has a high cost of housing in major cities like London, Cambridge, Oxford, and Bristol. However, the UK has a higher cost of living as compared to many other European countries. Thus, it becomes important for each person to save money in the UK. So, this blog is all about how to save money in UK along with budget-friendly tips. Let’s dive into it.
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The UK is expensive for international students due to high living costs, mainly in cities like London, where rent and basic expenses are higher compared to other cities. So how can students manage their costs in the UK? To get the answer follow the below tips to save money in UK for international students.
One of the biggest expenses that usually come across is student accommodation in UK and rent. Here are some tips that you can follow to manage your budget for accommodation without disturbing your bank account every month.
Life in UK is simple and fast with easy access to transportation. However, there are some techniques to save money on transportation in the UK, as there are many options available in the UK. Look below for what you can do.
Also Read: Student Life in London
Saving utility bills is one of the great ways to save money in UK. Thus, look down at the following tips below that you can follow while living in the UK.
You must have access to “Budget Friendly Entertainment” that is affordable and doesn’t need a lot of money. However, look down at the following tips through which you can save your money in the UK.
You can save money in the UK, by not eating outside food and spending on groceries unnecessarily. However, below are the tips to follow for saving money in the UK.
Overall, these are the tips on how to save money in UK, based on the five important factors. The next section will let you know how can you start saving money as soon as you land in the UK.
If you are wondering how you can start saving your money while living in the UK, then it is good for you. In this section, we have mentioned the six most important factors on how to save the money in UK. Let’s grab a look at each one of them.
Start by making a weekly or monthly budget, and use a budget planner to help yourself. Make sure to check your budget before each payday to check whether you’re on profit or loss. Further, if you think you have spent more in a particular area, then try to identify ways to reduce the cost in that category.
Save money in UK by planning your meals before heading to the supermarket. However, many supermarkets in the UK offer some kind of loyalty scheme, and it’s clever to sign up for a free points card. Also, this will often give you money-off vouchers or discounts.
To save money in UK, you need to keep your gas and electricity bills down by checking your monthly bill and data. You can save your money by changing your switching suppliers. Also, turn off the lights and fans when you are not using them at your home.
To add extra money to your account, you can explore working in the UK, once you are at the university. Your student visa will allow you to work up to 20 hours a week during the time and full-time vacation period. However, you can also consider this work as your internship, which will be reflected in your CV.
You can save a lot of money if you have your accommodation or even in sharing. Whether you find student accommodation in London, Oxford, Cambridge, Bristol, or anywhere try to find it in sharing. Through this, you will save the money in UK.
Money in UK can be saved by travelling on local buses or rail and then buying multiple small journey tickets. See if you can take the public transport passes weekly/monthly for your use. However, most cities in UK offer the student oyster cards that are used for journeys on public transport with “pay as you go.”
Overall, these are some factors to consider for living a long and good life in UK. In the next section, you will explore some smart financial habits for long-term savings.
Building good money or financial habits is a key to long-term success. From budgeting and saving to responsible borrowing and investing everything is essential. Thus, this section will let you know how to save money in UK for long-term success.
1. Monitor Transactions: Monitoring your transactions is vital for achieving financial goals. You must regularly keep track of bank and credit card statements that provide insights into spending habits and ultimately the potential savings.
2. 50/30/20 Rule: To save money in UK, the 50/30/20 rule is a popular budgeting guideline that can make the process easy. Allocating 50% of income to needs, 30% to wants, and 20% to savings and debt repayment. However, the ratio can be different.
3 Avoid Impulsive Buying: Don’t buy anything on the spot. Spend the time researching and comparing the prices instead. However, there are many products whose prices decrease over time.
4 Start Saving and Investing: UK students must build emergency savings which is a common step, as it helps provide a financial safety net for unexpected or unpredicted expenses.
These are some financial habits for long-term savings in the UK. The next section will let you know some of the government schemes that help in saving money in the UK.
To live a good life in UK, the government of the UK has made some schemes that help to save money for students. Thus, in this section, we have mentioned the 10 schemes and what they offer that will be beneficial for you to save money in the UK.
1 16-25 Railcard- 1/3 off train fares for young people.
2 Student Finance- Helps cover living costs.
3 NHS Low Income Scheme- Financial support for healthcare costs.
4 Child Trust Fund (CHF)- Long-term savings for those who are born between 2002-2011.
5 Council Tax Discount- Full exemption for full-time students
6 Free School Meals- Support for eligible students in education.
7 Disabled Students Allowance (DSA)- Covers extra costs due to disability.
8 Local Travel Discounts- Many councils offer student bus/travel discounts.
Overall, these are the government schemes to save money in UK. In the next section, you will find out some of the common mistakes that need to be avoided when trying to save money in the UK.
When it comes to saving money in the UK, specifically when you’re on a tight budget, consistency is key. However, students still make mistakes that need to be avoided. Thus, this section has listed out some errors or faults made while saving money in UK.
To conclude, we discussed the tips on how to save money in UK, based on the following factors. Further, we also had a brief look at some financial habits for long-term savings and common mistakes to avoid while saving money in the UK. This blog has helped you to understand in a better way how can you save money in the UK. Still, if you have some doubts regarding the UK, then connect with us! Our consultants at Graddinghomes.com will let you know about the best places to live in UK, accommodation, and jobs to pursue.
You can save money in UK by following some methods that are mentioned below.
1 Keep your energy bills down
2 Establish some saving goals
3 Track your spending
4 Give the credit card a break
5 Quit the gym
6 Start a side hustle
Living in London as a student with £1,000 a month is challenging but with careful planning and budgeting, it can be done. It will depend on various factors such as accommodation choices, lifestyle, and willingness to manage your finances accurately.
The average salaries in the UK have risen significantly over the years. In 2022, the average earnings for full-time employees were £33,061. By 2023, the average salary increased by 5.7%, reaching £34,963.
With this budget method, 70% of your income covers your expenses, while 20% goes to your wants and 10% to your savings.
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