Spend smart, party hard: Your ultimate guide to surviving first year on a student budget

Freshers’ Week might be over, but the excitement of university life is only just beginning. Your first year at KCL is full of opportunities to meet new people, explore London and get involved in everything university life has to offer.

However, with nights out, food, events, and last-minute purchases, it can also become expensive very quickly. Budgeting wisely means you can make the most of your first year without worrying about your finances later on. 

So, here is the ultimate guide to surviving first year without breaking the bank. 

Set yourself a weekly budget 

Before you get caught up in university life, it’s best to decide how much money you can realistically afford to spend. Split your budget across essentials like food, transport and rent, while also setting some money aside for nights out and other activities.

Having a clear budget makes it much easier to avoid spending your student loan too quickly.

Do not feel pressured to go to all events 

University life is packed with club nights, society events and activities, but you do not need to attend every single one.

Entry fees, drinks and transport can quickly add up over several nights. Pick the events you are genuinely excited about and remember that there will be plenty more opportunities to socialise throughout the year.

Make the most of student discounts

Student discounts will be your best friend for the foreseeable future. Your status as a student can save you a surprising amount of money, so always check for discounts before paying full price.

Shops, restaurants, cinemas and certain transport services often offer student deals through apps or with a valid students ID. Even small savings can make a big difference when you are working with a limited budget.

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Be smart about eating out 

Takeaways might be tempting, but ordering food every night can add up very quickly.

Stock up on simple meals and snacks before the week starts, so you always have something available. Cooking with flatmates can also be a cheap and easy way to socialise.

Budget for nights out before you leave 

Before heading out it’s key to decide how much you are willing to spend on drinks and transport. While taking taxis on nights out can sometimes be the easier and safer option, taxi trips do add up.

Buying drinks before going out is also another way to effectively save money. These small habits can help stop those little contactless purchases from turning into a much bigger bill the next morning.

Remember that your first year at KCL is only the beginning 

While it is easy to get caught up in the excitement and spend more than originally planned, it’s key to remember that your maintenance loan needs to last well beyond semester One. Rent, groceries, travel and other costs will still be there once semester One is over.

Enjoying yourself, while being financially responsible, will make the rest of your first year much less stressful.

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