The Student’s Guide to Surviving the Cost of Living Crisis
With the cost of living on the rise in the UK, it would be easy to forget about the impact it may be having on those in higher education. As things such as food and energy bills become more expensive and student loans become even more uneven, the government adjustments still fall well short of what a student needs to not just thrive, but also survive. According to a recent survey from Savanta, over three-quarters of students are “concerned” about how the rising costs may affect the outcome of their time in higher education.
Here at Andrew Chell, we have put together this guide to assist students who are concerned about the rising cost of living. With the help of this guide and a few handy tips, students will be able to stave off the worst of the worry by saving money where possible.
Budget your Maintenance Loans at The Start of Term
One of the best ways to get ahead of any financial troubles is to lay out your finances at the start of the term. By then you will be aware of how much you will be receiving as well as how much will be going on rent. For a lot of people, this is where the issues begin to arise. Of the people who received a student loan, nearly 6 in 10 of them said that their loans did not cover their living costs, according to an ONS report.
If you are fortunate enough to have money left over from paying your rent, this is the time to work out how much you can afford to spend per week during term time. Be sure to factor in things such as reading weeks where you may be able to save money by heading home for the week.
Part-time Jobs to Suit Your Schedule
Now that you’ve established how much you need to pay for your food shop and essentials each week, you can begin to look for jobs that can cover that expense. According to a study from Unite Students, in a survey of 1,000 students, nearly half (49%) of students actually work part-time, so it is not uncommon for those in higher education to work whilst studying.
Sectors such as retail and hospitality are always on the lookout for workers, although the latter may not offer as civilised hours as retail. The key to remember is to only apply for part-time jobs that work with your studies. If it gets to the point where you are working more hours than you are devoting to your studies, you need to step back and reassess.
Processes to Beat the Pinch
As unglamorous as they may sound, processes and structure is what is going to save you money as a student. In a time when you are let loose on the world for the first time and you begin to learn things for yourself, it is easy to go a bit gung-ho with your spending. By implementing processes such as weekly food plans/menus, you take out the element of unpredictability when you step foot in the supermarket.
According to a survey conducted by Save The Student, groceries are the second biggest outgoing for students, behind rent. While the average amount spent came to a total of £27 per week, weekly food plans/menus will go a long way in keeping this number down. Another way to keep this number low is by sharing food if it is cheaper to buy in bulk. Speak to a housemate and see if they’d be willing to go halves on some bulk buys.
All-inclusive Bills Sent From Above
While they are not common practice for every landlord, all-inclusive bills are an incredibly helpful way to take some of the stress out of your budgeting. By knowing the flat rate which you will pay each month or every term, you need not worry about how much water, electricity or heating you use.
Here at Andrew Chell Premier Student Homes, we offer an All-Inclusive rent payment package that factors in a generous budgeted allowance for energy usage, meaning you never need to worry about the meter running out. And the best part is that any leftover budget is returned to you at the end of the lease.
Discover how Andrew Chell can help your Accommodation Search
If you’re a Loughborough University student and are looking for help with your search for accommodation in the town, enlist the help of Andrew Chell. We have years of experience finding the perfect home away from home for students of Loughborough Uni.
If you have any questions, please do not hesitate to get in touch with us and a member of our team will be happy to help you with your query.
Andrew Chell can be contacted as follows:
Phone: 01509 552814
Mobile:07769 684800
Email: [email protected]
Office: 66 Ashby Road, Loughborough LE11 3AE
Published 26th June 2023
