The cost of living has gone up and it’s quite a notable change for many people, especially those in the student community, for whom it might already be a struggle to make ends meet. Although the cost of living has gone up and there’s nothing we can do to change it, there are many ways we can help ourselves to cope and even make the most of our student lives while still maintaining healthy spending habits. 

Prioritise and put together a budget

You might have noticed that energy bills have increased, council tax payments are on the rise, and National Insurance contributions have gone up. If any of the above don’t affect you, you will no doubt have been affected by the rising price of items such as groceries and other necessities for living. Walking into a common supermarket such as Tesco or Sainsbury’s, you’ll find that prices are significantly higher than they used to be and your money might not stretch as far as it used to. Although you can’t control the price of items at the store, you can ensure that you’re not overspending by staying within a budget.

Creating a budget is quite necessary in order to stay on track with how much money you have until your next payment comes in. Be realistic with your budget and don’t commit yourself to a lifestyle whose means you know you can’t live within. You can do this by going through your bank account history and seeing how much you tend to spend within a month. If you have regular spending habits that are necessary, you can estimate how much you’ll need going forward, as well as cutting out a few extras that aren’t absolutely necessary. If you can adapt correctly by reducing the amount you live on in ways that are manageable, you’ll find that the cost of living situation won’t be as difficult for you as you’ll adjust yourself according to the rising prices. 

Try to increase your income

As an LSE student, you might already be receiving a loan from Student Finance in order to cover the costs of living in London. You might also have other ways of surviving through the help of parents or other family members who may be supporting you. However, even with external help, it might be wise to get a part-time job if your workload allows. 

Remote jobs are great for students as you’re able to work from your desk and the usual time and money spent commuting can be spent on something more productive. Even if you don’t have a remote job, it’ll still be helpful to receive extra money that you can either save or put towards the rising cost of living. Even working one day a week can cause significant returns in your finances. As long as it doesn’t compromise your studies, it’s a great idea to get a part-time job and better cope with the current financial demands of London. 

Save in little ways

Finally, find small ways to save that can make a big difference. Buying own brands in the supermarket can significantly save you money, as well as using a Clubcard at Tesco for example. A combination of both will help you reduce the amount of monthly expenditure in this area, which will no doubt be of use for you. 

Organising your fridge can help you to eat food before it expires, and minimise the food you throw out which can be a huge waste of money. You may find that you waste a lot of money by not checking the expiry dates on food, and thus need to dispose of food that you’ve allocated a good portion of your budget to. 

Finally, consider using appliances in a more economical way. Switching off lights and devices before bed as well as only putting on the heating when it’s absolutely necessary, can go a long way in reducing your energy bills. Since this is something that has significantly increased, it is important to manage the amount spent on utility bills and other factors that you have a level of control over.