Limitless Living Expenses

So with tuition fees no longer draining your current accounts, surely this frees up extra beer money? Don’t count on it.

One of the greatest shocks for a new student is first big supermarket shop. In general a weekly shop will set you back about £25-30. Going from the luxury of a magically fully stocked home fridge to the gourmet choice of beans on toast or cheese toasties becomes a routine many students face. Paying out for food and drink is just one of the many new expenditures you will face, though.

One of the greatest expenses for the majority of student is rent. If you have decided to move away from home to study then you will be averaging from £40-£100 a week on rent.

In halls of residence, there are numerous accommodation options. Some rooms have en-suite amenities while others are larger in size. You can often opt for catered or self-catered facilities. All of these varieties alter the overall cost. It is worth noting, though, that in halls your rent also covers your bills (gas, water and electric). This can be a big saving.

In shared housing, the rent varies considerably and predictably - the cheaper the house, the more likely they are to be substandard. There is also the added cost of bills. Some landlords may incorporate the household bills into the rent but this is extremely rare. While a large majority include water rates, the gas and electric are usually paid for separately. Expect to pay about £10-15 a week on such household bills.

There are also extra bills such as your mobile, land line, the Internet and TV packages. All these ‘luxuries’ do bump up your living costs on a monthly basis. If you plan to use a TV whilst at uni, you will need to buy your own TV licence. The current cost of £131.50 is a bargain compared to the potential £1,000 fine you could be faced with if caught without one.

Another area that many students overlook is insurance. With the average student possessing £3000 worth of belongings – computers, TVs, DVD players, iPods – they are unfortunately a prime target of crime. This, therefore, makes insurance a must. For as little as £20 a year, you can insure all your possessions but also check to see if you can be covered on your folks’ house contents insurance. That could save you a little nugget and cost Mum and Dad very little extra.

Unsurprisingly, socialising rockets a students living costs. Estimated by the National Union for Students (NUS), students are likely to splurge £200 a month on the razz!

So far the annual total for a student on all the above is around £5,000 and £10,000. This is, of course, excluding university books and equipment, mobile phone bills, travel and the luxury of clothes, music and shoe shopping.

All of this may be a little overwhelming, BUT knowledge really is power and realising the cost now will cushion the blow when you get there. With all this in mind, you need to know how to manage such a budget.