Student finances in London

[middlemum1]

Regardless of where the cash is coming from (loan, m&d or mix thereof) what do you think is a good weekly amount for a London student which allows them to have fun but avoids them falling into the super spoilt category. Also if they are planning to stay in London out of term time should they get less than the term amount?

My DD has around £700 per month after accommodation costs (mix of loan and M&D) This year has been a bit strange with regards to normal student life. She's spent a lot on clothes rather than going out. We'll see how far it gets her next year.

I think you'd be better off posting in Higher Education. Costs will depend a bit on whether the university is in Kensington or New Cross and what they are studying, whether they need material/equipment, books or have field trips.

£160-£170pw for 52 weeks is about average for a room in a shared house with no living room. University halls are more but there are no bills and it is term time only (usually only for 1st years). Private halls are £250pw upwards (and the sky is the limit).

Utilities/broadband/TV license/insurance are probably about £30 a month. There are no bills in halls but laundry is £2.50 plus drying.

Mobile could be anything from £5 to £100 depending on whether it's a sim card or they are upgrading to the latest phone every year.

A weekly travelcard is around £30. They may not need one if they are on campus or live nearby. The daily cap on the Oyster card is £7.40 so budget that for every day they travel (not just for uni). Mine usually get an Uber with friends if they go out late, it is often cheaper (per person) than the tube.

Groceries - £30 per week is average but going for a coffee or lunch on campus is high street prices and that wouldn't cover many of those. My DC's university's suggested budget says their students spend £60pw on average!

Books/equipment/field trips really depend on the course and the uni. Mine had pretty much everything provided and there is funding for field trips for students who can't afford them. They spent about £250 a year on average but most of that was on field trips/conferences.

Entertainment - going to the student bar once or twice a week is average, there a usually a couple of big events a year (balls, formal dinners, uni club nights), the odd big night out, birthday dinners, club subs are cheap (£20) but there might be a sports or music tour, possibly abroad, uni gym prices vary. Freshers' Week is expensive...

Then there are clothes.

The uni budget suggests the average is £46pw on entertainment and personal spending.

As well as the loan of £12k, their uni has generous means tested bursaries of up to £5k, so I guess £17k per annum is a fair estimate of what they consider it costs for a decent standard of living, being able to afford to take opportunities like field trips etc without needing to work during term time.

It's possible on a lot less but that isn't what you asked.

Hi OP

We're just moving your thread over to our financial topic.

I would suggest looking at accommodation costs first as that is very variable. Then if there's travel that needs to be factored in after that it's the same as any other student - in someways London can be cheaper for food and entertainment as there's lots of cheap supermarkets like the Turkish ones and free things to do, more job opportunities in normal years as well. My DD's have around £80 a week after accommodation for everything (we top up to the full loan) food, travel, books, fun

Thanks so much 🙂

Thank you for that detailed reply! 🙂

Thank you so much! 🙂

I top DD up what would be the full loan amount (which in London is £12.3k; £9.4k out of London). She's not in London so her costs are much lower than your DC's will be.

There is no doubt that London is an expensive option: accommodation is expensive whether halls or a private rental, and distances are bigger so they're more likely to need a tube pass (£) to travel between accommodation and campus, and less likely to be able to nip home in the middle of the day (which means more meals out).

The loan that DD gets covers her accommodation with about £100 to spare - so my top up, which I pay on a monthly standing order (don't know why more parents don't do this; it gets them used to budgeting from month to month like on a salary), is for food other living expenses. I evened it out over 12 months so she saves a bit when she's home in the holidays and dips into the extra when she's away.

My advice would be to start on the low side of what you think your DC will need. If it proves not enough you can always add some, but it's hard to take away money they've got used to having (unless money is no object at home). Maybe give them a couple of hundred extra at the start of the term as freshers is more expensive than when they are more settled into a routine.

You'll get a lot more advice in the Higher Education topic by the way.