Saving Money as a Student

The Benefits of Living at Home

Going to university is becoming more expensive every year. According to the Metro, students will be paying an average of £8,500 on tuition fees from next year. This means that the entire experience of going to university will be changed for some students as they consider cheaper options to get their degree for less.

The second biggest financial strain on students after tuition fees is usually accommodation costs. Many students dive head first into university life by staying in student halls. Student halls are popular because they offer a place right in the centre of the action, allowing students to fully immerse themselves in the university culture. The halls host a wealth of different social gatherings and events throughout the year, adding to their popularity.

Student halls can cost anything from £50 to £150 a week. Many students are finding this is just not an option. They simply cannot afford to pay this as well as their ever growing tuition fees. Another option is private housing but this can be just as expensive. The cheapest option is living at home. This may not seem like the most exciting choice, but you can save a surprisingly large amount of money. Here’s how:

Little or no Rent                                                                                     

If you choose to live at home then you can agree a fair rent with your parents. Some parents allow their children to live at home for free when they are a student which further maximises savings. Even if you agree to pay your parents rent it is likely to be nowhere near the cost of living at University.

The Help of Home Cooking

Although you will probably pay for the food you eat at home you will still save a lot of money. Parents usually cook for the whole family which brings the cost of your meal down. There is also the additional benefit from having proper meals which is likely to stop you spending money on snacks. Many students who live at university will waste a lot of money on food and may not eat proper meals like they would at home.

Lack of New Things to Buy

Moving out means having to buy a wide range of different things for your new home. The amount of things you need often comes as a surprise. This includes things like bedding, cooking utensils, a television, an iron, a toaster etc. These are things you would normally just borrow from a family member.  If you stay at home you will not need to splash out on new things.

Reduced Spend on Social

Living in student digs makes it hard to turn down a night out. It is not unusual for students to go out 3 or 4 times a week. This means spending a lot of money on entry to clubs, alcohol and new outfits. Students who live at home still go out on a regular basis, but probably not as often as those who live on campus.

A Bigger Return on Investment?

Student halls can be noisy and disruptive and are not always the best environment to study. Students living at home may find they get more work done and have more time to focus on their degree.  Often students who pay to live on campus will take on a job to cover the costs. Those living at home may not have to work as many hours which means more time for studying. Getting a higher grade will give you more return on investment and justify the time and money you spend at University.

Are There Any Disadvantages?

There are a few disadvantages that should be taken in to account, but in terms of cost, these are minimal.

Transport

You may have to pay more for transport depending on how close you live to your chosen university.

The University Experience

It does have an effect on your overall university experience, but that’s only if you let it. Getting involved with student societies, groups and social events will guarantee you get the most out of your time at university.

In 2011/12 the estimated average expenditure of a student living outside London was £16,279 (NUS). Living at home is definitely an option that students need to consider as it dramatically reduces the cost of going to university. It could even be the decider on whether you can afford to go to University or not. 

Bill Weston writes about his experiences as a student, and gives his views on how people can prepare for their own education and their child’s education. Bill believes that if you can afford it, saving for your child’s education will help your child afford to continue with their education, for information on saving options visit Family Investments, a provider of Junior ISA, http://www.familyinvestments.co.uk/.