Lots of people worry about living costs in London, but it’s easy to live economically whilst still having a great time at university. This is because student life brings a lot of financial advantages.
You’ll have access to discounts, cheap social activities, and the flexibility to do part-time work.
London is full of fun and free things to do
The city is bursting with culture and entertainment, and lots of it is completely free. You’ve probably heard of the Notting Hill Carnival, and many other festivals are free too. For a quieter day, you can visit many of London’s famous museums without paying a penny, and lots of the smaller ones as well. Or why not spend a day in one of London’s beautiful parks?
Remember that as part of LSE’s Student Union, you’ll be able to take part in many different student societies. There might be a small joining fee, but most societies are funded by the SU so you can pick up a new hobby and find like-minded people without breaking the bank. LSESU also runs lots of cheap social events, like the Friday club night in the SU Venue.
It’s all about exploring the city, and avoiding the most touristy areas. Time Out is a great way to hear about fun and cheap things to do – pick up the free magazine on your way to LSE on Tuesdays.
If it’s not free, you’ll get a great student discount
There are 400,000 students in London, and businesses want them to spend money – so welcome to the best discounts of your life!
An easy way to access lots of discounts at once is to get an NUS Extra card, which gets you 10-20% discounts on fashion, food, cinema tickets, and lots more. Even if a company isn’t signed up with NUS, ask them if they give a student discount – many places will give you money off so long as you show your LSE ID.
UK students may already be familiar with the 16-25 Railcard, which gets you 30% train travel throughout the UK. It costs £30 up front, but is well worth the money if you travel a lot by train. What’s more, you can link your 16-25 Railcard to your Oyster card (used for travel on the London Underground) and get 34% off pay as you go fares. Or you can get a student Oyster photocard, which gives you 30% off 7-day, monthly, and annual travelcards.
Most restaurant chains run frequent voucher deals – if you fancy a meal out check Martin Lewis’s Moneysavingexpert site for the latest offers.
Get a part-time job with London level wages
Many LSE students have a part-time job – it’s a great way to improve your CV as well as make some extra cash. London has thousands of part-time opportunities, perfect for students as they can work around their study hours (though we don’t recommend any more than 15 hours a week). Remember that London jobs will also have higher wages than the rest of the country.
You could work in a bar, restaurant or retail shop – or go for something more unusual, like stewarding at a London theatre or being a tour guide at a museum. LSE also has lots of opportunities on campus – we need Student Ambassadors, Event Stewards and SU staff.
LSE Careers can help you find a part-time position, by advising you on your CV and cover letter. They also advertise many positions on a student portal. If you know you want part-time work whilst you study, do your research and get applications in early to get the best jobs.
Find out what funding you can get and make a budget
It’s well worth spending the time to find out how much funding you can get – you may be surprised at what you’re entitled to.
You may be eligible for a tuition fee loan from the UK government. This means you don’t have to worry about paying your tuition fees whilst you’re at university – you only have to pay the loan back when you’re earning.
LSE has a range of scholarships, which are awarded to students who fit certain criteria (e.g. home country, programme of study) on the basis of academic merit and financial need. Overseas students can apply also for the Undergraduate Support Scheme, and all taught graduate students can apply for the Graduate Support Scheme.
All students (UK and overseas) should find out about any other funding that’s available from home governments, educational trusts, and other funding bodies. They may require a few application forms, but it could be worth the extra effort.
Save money by making a budget
It’s tempting to go on a spending spree when your student loan comes in to your bank account – but it’s obviously a smart move to make sure the money lasts until the next instalment.
Try using a student calculator like this one from Brightside to work out how much you’ll spend on essentials, and how much you’ll have left over for the fun stuff. Keep your receipts, and work out how much you’ve spent every week or so, to make sure you’re staying on track.
Food is a key area where it’s easy to overspend – but equally easy to keep to a budget whilst eating well. If you’re in self-catered accommodation, team up with your neighbours in Halls to do a group shop, and take it in turns to cook for everyone – bulk buying for a group is much cheaper (and less wasteful) than cooking for one. Make a menu and a shopping list before you go to the supermarket, to avoid impulse buys and to make sure you only buy what you need.
Once you’re into the habit of managing your money, it makes life a lot easier and less stressful! There are lots of tips online from websites like, Moneysavingexpert.com, which is run by LSE alum Martin Lewis.