We have always been fascinated or scared by the world outside of our comfort zone. It is still a dream of ours to travel, study abroad, and live in other countries all by ourselves. London is one of the most popular cities to live in for students from around the world. It’s actually in the top 5 to live in when studying abroad. However, we need to have in mind the costs of living in London.
People from around the world have always been fascinated by London.
Students living in London must be very smart about their money since the cost of living is quite high. According to the World Bank, it is the 13th most expensive city in the world.
Students must maintain a tight budget every month, otherwise, they will overspend.
Recommended reading: 9 reasons to study in the UK
Based on your choice of luxuries and necessities, the average cost of living in London for students varies.
Cost of Living In London For International Students
A student’s budget includes a lot of factors such as accommodation, transportation, food, and downtime options such as a museum visit, a night out in the town, or a pub night with friends.
A huge amount of monthly costs will be for sure accommodation. Listed below are the costs of living in London for students:
|Type of cost||Costs (Per Month)|
Is London Expensive For International Students?
London is an expensive city for students. Costs of living in London have been increasing recently. Frivolous money management can have serious consequences. Due to its high cab fares, it is called a walking city.
For a couple living in London, two movie tickets will cost you $25. A play ticket is around $100. A pub dinner for two will cost you £45 and a romantic Italian restaurant dinner will cost you $80.
Those who are gym enthusiasts will need to take into account the cost of gym memberships, special diet requirements, and extra proteins in their monthly cost of living in London.
It costs around £74 per month to join a gym in the business district of London. It is important to think carefully about and plan your hobbies and activities before engaging in them since they can be a significant drain on your finances.
Why Is London Expensive?
Due to its status as the world’s financial capital and home to many major corporations, London is expensive.
Due to its ability to capture both eastern and western time zones, London is the financial capital of the world.
Companies flock to London because of the booming industry market and the number of visitors each year, which increases the cost of properties and the cost of living in London.
The Cost Of Student Accommodation In London
The cost of living in London depends on your location and area. The cost of living is not the same in Camden and Kensington or Regent Park.
In central London, living costs are higher than further out. The cost of student housing is relatively low, so a monthly rent of around £408 to £480 is usually sufficient. Living in a PBSA has many advantages.
Some apartments also offer laundry services, further reducing your monthly cost. In general, all utility costs are included in the rent.
The Cost Of Transport In London
A monthly tube and overground rail pass in London costs of transportation are £100 to £200, while a bus and tram pass costs about £60.
The oyster card is widely used in the city, and it can be bought and recharged with a swipe of the card.
National rail cards can also be purchased if you are interested in exploring the UK. It costs £2.55 for every kilometre in London, and the base fare is £4.
The Cost Of Food In London
If you choose to cook on your own or eat out, London’s living costs for international students vary.
The cost of essential groceries for cooking will be approximately £40 per week. An inexpensive meal at a restaurant will cost you around £15, a meal at a McDonald’s or a franchise will cost you about £6, and a three-course meal at a midrange restaurant will cost you about £55, plus daily necessities such as milk, water, and snacks.
Coffee, for example, espresso can cost you around £2.00. For a cappuccino, you will need to spend around £3.00.
Student Taxes In The UK
Students are also subject to income tax and national insurance. Before that can happen, however, a certain amount of money must be earned.
Any earnings over the personal allowance for a student are taxable at 20% for earnings between £12500 and £50000 per year and at 40% for earnings over £46350 per year. There is a 12% tax on incomes between £166 and £962 per week and a 2% tax on incomes over £892.
Where is the student area in London?
The East London student hub of Mile End is just around the corner from Liverpool Street and Aldgate. Students live or study in the area, either studying or living there. A student can find all the amenities he or she needs, such as supermarkets, excellent restaurants, and transportation.
As compared to other cities in the UK, London is relatively expensive for international students. A good plan, however, leads to good financial management. In addition to tuition fees, overseas students have to consider rent, utility bills, travel & transportation, food & living, and other expenses.
London’s Camden, Tower Bridge, Bermondsey, and Shoreditch are among the most popular destinations for international students.
Somerset Court and Elizabeth Croll House are both within walking distance of University College London if you are looking for student accommodation close to campus. When exam season kicks off, you’ll have easy access to lectures and the library in this popular student area.
An international student enrolled in a full-time undergraduate or postgraduate degree program is allowed to work for a total of 20 hours per week during term time. In addition, you are allowed to work full-time hours during your university’s registered holidays.
In London, there is a metro system called the Tube, or Underground. There are eleven Tube lines in total, which connect many neighbourhoods in the city, especially in central London. Getting around is relatively easy with simple transfers.