Most students have a low disposable income. Living off baked beans and an overdraft is all par for the course. But being a student during the cost-of-living crisis is a whole other thing. According to Save the Student the average monthly spend by students in the UK is £810 – with rent and food being the two biggest contributors.

So, what can you do to keep it all under control when prices are rising?


Know your costs

Most of your monthly outgoings can be predicted, so setting up a monthly spreadsheet with your incomings and outgoings is a good way to keep on top of things. You will need to include things like rent, household bills, travel, and food. The best thing about this is that you can also use it to set apart some money for fun, so you can spend that guilt free. Just make sure it’s all even by the end of the month.


Shop wisely

One effect of the cost-of-living crisis for students is the rising cost of food. The best way to shop is often to bulk buy and share the cooking and the meals with your housemates. This can be tricky in a student house, where people often have very different eating habits, but even if you tried it just two or three times a week it could save you some serious pennies – it all helps.


Put on an extra jumper

No one is expecting you to live through winter with no central heating but having a basic understanding of how to save money and how much things cost can help you to make the right choices. Make sure that you understand your energy tariff, many have cheaper options for using power overnight, so that is a great time to charge your phone and laptop and put on the dishwasher and washing machine if they have timer functions. Think about how you heat your house too, individual fans and heaters are expensive, but a strategic burst of heat early in the morning and evening can help to keep things comfortable.


Stay up to date with your student loan news

Recently announced changes to the student loan repayment threshold are another way in which students are likely to feel the pinch of the cost-of-living crisis. The Government announced in February that the repayment term for student loans will be extended from 30 years after graduation to 40 years, and the income threshold at which repayments begin is to be lowered from just over £27,000 to £25,000. It means your income could be hit as soon as you get your first job.


Be inventive

Not everything has to cost lots of money, and in fact, finding creative ways to spend your time and travel around for free can be lots of fun. Evening picnics can feel much more special than another pub dinner, house parties are always good and cheaper than a nightclub, and skip the car for a while and explore your university city by bus.


For more hints and tips on student life and to see the latest properties available to rent in Leeds, visit our website. As a Beyond Letting customer, you can get access to our Beyond Perks discount and benefit scheme. Brands like Asos, PureGym and Just Eat all take part.