By Studying in the UK is the dream of millions of students. The reason? It is all because of prestigious universities, diverse cultures, and high-quality education. Do you know the UK currently stands in the 2nd ranking in education? That’s right! Moreover, according to the survey, 2.86 million students were learning in the UK in 2021-2022. Astonishing! Isn’t it?
Studying here can open the door to multiple career and personal opportunities. Getting into schools there is not a piece of cake. It is because this country is also known for being quite expensive. Hence, if you want to study here, mapping your financial state is pretty important.
Well, are you clueless about how to plan your budget? No problem! We will help you out. Below, in this guide, we will tell you how you can plan and manage your finances efficiently. So, come on! Stop scrolling and read our blog! You are going to find it pretty informative as a student moving abroad. Let’s go!
Financial Planning: How to Manage Expenses While Studying in the UK
For those looking to study in the UK, you need to map your financial state. Here are some tips that can help you with it. They include:
Assess Your Financial Situation
Before delving into the study situation in the UK, you need to have a clear picture of whether you can financially afford it. You need to evaluate your income, savings, and expenses. Here is how:
- Think of how much you earn monthly. Furthermore, you can also check your monthly allowances.
- Moreover, determine how much you have saved up and if it is enough to support your studying situation in the UK. Also, check if there are any investments you can convert into money.
Once you know how much your income and savings are, it is time for you to check your spending. Track your monthly expenses. It includes rent, transportation, bills, groceries and utilities, etc. Furthermore, you can use budgeting apps to keep track of this. Also, think about any of the debts you need to account for. It will help you mentally prepare yourself. Now, come on! Let’s move to the next point!
Estimate The Cost of Studying in the UK
That’s right! Once you know your financial situation, it is time to find out how much it will cost to study in the UK. Calculate everything, from tuition fees to accommodation, living expenses, and other costs. Let’s have a look at how to estimate the cost.
- The tuition fees for studying in the UK depend on the college you choose. On average, if you are an undergraduate student then you may have to pay £10,000 to £32,000 per year. Similarly, for postgraduate, it starts from £11,000 per year.
- You have to pay for the living expenses too. It also depends on the city you are choosing. Some are cheaper than others. Furthermore, calculate the average monthly expense including accommodation, food and groceries, travel, and others.
- Apart from tuition and living costs, there are other things to consider. It includes the student visa, health insurance, buying books, hiring someone to do the nursing assignments (in case you get stuck), travel, and other materials. Hence, check how much it costs in the UK for these things and create your plan.
Create A Financial Plan
Have you estimated the cost of studying in the UK? Good! Now, you need to create a financial plan. For this, there are many options you can consider. Either take up part-time jobs or apply for scholarships. Let’s learn about them in detail.
Scholarships and Grants
UK schools offer various scholarships and grants to the students. Hence, look for those offered by them. Here are some well-known scholarships available for international students in the UK. They include:
- GREAT
- CommonWealth
- Chevening
Part-time Jobs
That’s right! You can take up some part-time jobs in the UK. International students are allowed to work up to 20 hours a day during term time. Moreover, you can work full-time during holidays. Hence, look for some jobs related to your field, or you can do random ones that align with your interests, like offering a Nursing Assignment Helper as a freelancer to those struggling, becoming a barista, finding a job at a library, etc. There are so many opportunities for you to explore.
Student Loans
Another thing you can do is apply for student loans. Conduct research to find which of the options suits your needs, and then send in your application.
Budget and Financial Management
While studying in the UK, create a budget and learn how to manage it. It will help you remain stress-free. Here is what you should do.
- Create a monthly budget that includes all your personal and study expenses. Furthermore, make sure to stick to it.
- Additionally, you should have an emergency fund that you can use in a time of urgency. We would recommend having three months of living expenses there.
- Keep an eye on currency exchange rates. Furthermore, look for reasonable places where you can exchange your money without giving any hefty transaction fee.
- You can also explore the different funding options even though you have looked up scholarships, jobs, and student loans. It is for the safe side. From crowdfunding to university aid, there is so much to explore.
Manage Your Expenses
Lastly, you need to manage your expenses efficiently. Here is how you should do it.
- Accommodation: While searching for the living space, look for the one that is near to your university campus. Furthermore, explore shared housing options or go for university-provided accommodation.
- Food: You can save up some money with food. Hence, try to cook for yourself at home. Moreover, you can buy non-perishable products in bulk. It will help you a lot.
- Travel: Use public transport while traveling. Furthermore, you can also save money by purchasing a bike or walking.
Wrapping Up!
So that’s it! While studying in the UK is an amazing experience, it also requires careful planning. By learning about your financial situation, estimating costs, budgeting, creating a plan, and managing effectively, you can navigate your living situation easily. Furthermore, by mapping out your state, there is no one to stop you from pursuing your dream of living in the UK. So, what are you waiting for? Create your financial plan and get ready to study in the UK.
