Douglas Olsen
London is known for its high living costs, but as an international student in the city, there are many ways to save money. From getting a student Oyster card for discounted transport to taking advantage of student discounts at restaurants and attractions, you can greatly reduce your costs. Here are some tips to save money as an international student in London.
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What You'll Learn
Discounts on travel, food, shopping, and entertainment
As a student in London, you can take advantage of various discounts and deals to save money on travel, food, shopping, and entertainment. Here are some tips to help you get started:
Travel
- Get a Student Oyster card to save 30% on public transport fares in London.
- Link your Oyster card with a National Railcard to get a 34% discount on off-peak fares on the London Underground and Docklands Light Railway (DLR) services.
- Use the £1.75 Hopper fare to hop between buses and trams within an hour at no extra cost.
- Walk instead of taking the Tube for shorter journeys under 30 minutes.
- Travel during off-peak hours to save on fares.
- Use money-saving apps like Citymapper or TfL Go to track real-time schedules and avoid delays.
Food
- Cook your own meals whenever possible. Cooking in bulk or batch cooking can help save money and reduce food waste.
- Shop at low-cost supermarkets like Morrisons, Lidl, or Aldi.
- Buy supermarket own-brand items for staple goods.
- Buy in bulk and shop at store closing times to take advantage of discounts.
- Look for student discounts at restaurants and cafes, which can range from 10% to 25%.
- Take advantage of restaurant chains' student deals, which often include a meal and a drink.
Shopping
- Get a National Union of Students (NUS) TOTUM card to access hundreds of student discounts at high street stores and online subscription platforms.
- Shop second-hand for textbooks, furniture, clothing, and other items. Websites like Amazon, eBay, AbeBooks, and the Book Depository offer second-hand textbooks at discounted prices.
- Look for student discounts at tech product and computer stores, as you may be able to get significant savings on essential study tools.
Entertainment
- Visit London's free museums and art galleries, such as the British Museum, Natural History Museum, and Tate Modern.
- Explore London's green spaces, such as Hyde Park, Regent's Park, and Primrose Hill.
- Take advantage of your student access to libraries, such as the Senate House Library, UCL, and SOAS.
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Shared housing
Sharing a house or apartment is a great way to save money as an international student in London. Rent is typically the largest expense for international students living in London, so sharing accommodation will significantly reduce your living costs. By splitting the rent and bills, you can reduce your monthly costs by up to 50%.
When looking for shared housing, consider the location carefully. The cost of accommodation in London varies depending on the area, with central London being significantly more expensive than outer zones. Zones 3-5, such as Stratford, Camden, and Mile End, offer more affordable options while still providing easy access to the city centre via public transport.
You can find shared housing options through websites like SpareRoom, Zoopla, Airbnb, Rightmove, Student.com, and Unilodgers. University-run halls of residence are also an option, and some universities offer shared rooms for international students, which can further reduce costs.
Keep in mind that while shared accommodation can save you money, you won't know your housemates beforehand, which may cause issues. It's important to prioritise your needs and preferences while staying within your budget constraints. Start your search early, as London's student housing market is highly competitive, and the best places get booked months in advance.
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Student bank accounts
As an international student in London, you may want to consider opening a student bank account. These accounts are similar to standard current accounts but often come with benefits such as discounts on shopping and travel, vouchers, and cash (usually around £100). Most also offer interest-free overdrafts, which can be helpful if you don't have a full-time income.
HSBC and Lloyds Bank offer student accounts with interest-free overdrafts. HSBC's account offers a guaranteed interest-free limit of up to £1,000, which could rise to £3,000 by year 3. Lloyds Bank offers an interest-free overdraft of up to £1,500 in years 1-3 and up to £2,000 in years 4-6.
To apply for a student bank account, you will typically need to be 18 or older and have proof of acceptance onto a qualifying course at a UK university or college. HSBC also requires that you have lived in the UK, Channel Islands, or Isle of Man for at least three years.
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Part-time work
As an international student in London, you can take on part-time work to save money. Your student visa usually allows you to work up to 20 hours a week during term time and full-time during vacation periods. The average hourly wage for part-time workers in London is £12.04, which can help cover basic living expenses.
There are many well-paying part-time jobs in London that fit around your studies, with some roles paying well above the minimum wage. For example, you can earn up to £42 per hour as a specialised tutor in STEM subjects.
To find part-time work, you can start by exploring job opportunities at your university, such as paid internships or work-study programmes. These positions can provide additional income and enhance your CV. Remember to ensure that you have a valid contract and are paid at the legal rate.
Additionally, consider downloading essential money management apps like Snoop, which helps you track your spending and stay within your budget. Planning your monthly budget in advance will also help you manage your income from part-time work effectively.
By combining part-time work with smart budgeting and money management strategies, you can save money and make the most of your student life in London.
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Second-hand shopping
As an international student in London, you can save money by shopping second-hand. Shopping second-hand is a quick, easy, and sustainable way to save money on almost anything. From academic textbooks to household items, clothing, and even food, there are many second-hand options available in London.
For second-hand clothing, London has a wide variety of vintage and thrift stores. Charity shops, such as Oxfam, Fara, and Traid, are great places to find second-hand clothing from popular high-street brands like TopShop and H&M, as well as some higher-end pieces. These shops can be found in many neighbourhoods, especially along high streets, with a higher likelihood of finding curated selections of high-end items in more affluent areas. Boutique by Shelter in Barnes and Atika in Camden are also recommended for their trendy and vintage selections, respectively.
For second-hand textbooks, websites like Amazon, eBay, AbeBooks, and the Book Depository are good options. Additionally, London offers opportunities to buy surplus food at discounted prices through apps like Too Good To Go.
By shopping second-hand, you can discover unique items, save money, and contribute to sustainability by reducing waste.
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Frequently asked questions
You can get a Student Oyster card for a 30% discount on public transport and a £1.75 Hopper fare for bus connections. You can also link your Oyster card with a Railcard to get a 34% discount on off-peak fares on the Tube.
You can cook your own meals, which is a great way to save money and control your portions. You can also look out for student discounts at restaurants and cafes, which can range from 10% to 25%.
You can opt for shared accommodation, which can greatly cut your costs. Weekly rents for shared housing in London range from £193 to £430.
You can buy second-hand items, which is a sustainable and cost-effective way to shop. You can also look out for student discounts, which are offered by many high street stores.
