Studying in the UK is an unforgettable experience, but managing your monthly stipend to cover your living and maintenance costs can be challenging. Luckily, Chevener John Orimbo has some great tips.
Are you getting ready to start your Chevening journey?
Current Chevening Scholar John Orimbo shares some useful tips on how to manage your money as a student in the UK. By following these tips, you’ll be able to enjoy your student life and explore the UK without worrying about your finances and breaking the bank!
‘One of the most crucial steps in managing your finances is creating a detailed budget that outlines your monthly income and expenses. Be realistic about your spending needs and prioritise essentials such as rent, utilities and groceries. Track your expenses regularly to ensure you stay within your budget and make adjustments as needed.
While the monthly Chevening stipend may seem substantial to those unaccustomed to handling such an amount, the reality is that life in the UK is quite expensive and the pounds sterling can drain faster than you might anticipate.
During my leisure time, I enjoy listening to inspirational music and one artist whose words on financial freedom resonate with me is the multi-award-winning rapper Lil Wayne, who famously said, ‘Too much money ain’t enough money!’
It’s easy to get carried away with the convenience of swiping your contactless card(s) but unnecessary purchases can quickly add up. Limit your spending to what’s essential and try to avoid overdrafts, as they come with hefty fees. Always look for cost-effective options like refurbished items or shopping at charity shops. For example, brands like Primark offer competitive prices for clothing, which can help you save money compared to more expensive brands like Zara and H&M.
Please remember, while school accommodations are generally convenient, they can be quite expensive in the long run. If you decide to look for private student accommodation, consider opting for shared apartments with bills included and rent payable per calendar month (PCM). I recommend looking for options between £300-£650 PCM, provided they are clean and secure. Keep in mind that rates in London may be higher.
As a student, you’re entitled to lots of great discounts. When out shopping or eating out, ask if they do student discounts when you get to t he till. You’ll need something with your name, image, and date of studies to prove that you’re a student, such as an ISIC card.
Many retailers and service providers in the UK offer discounts for students. For instance, some companies will offer three months’ discount on particular data plans. Always carry your student ID and take advantage of these discounts whenever possible, for instance, student rail cards and day saver bus tickets. Additionally, consider using apps and websites that provide information on deals and discounts for students. This can significantly reduce your expenses on things like food, transportation, and entertainment.
Many universities offer additional financial support through vouchers, competitions, giveaways, and grants.
I was able to earn a substantial amount of money from a prestigious art competition where my work won a prize. Additionally, as a Postgraduate Ambassador for my school at the University of Birmingham, I’m on a payroll that allows me to supplement my budget. Seek out and participate in such opportunities to enhance your financial stability while exercising leadership.
Use these tips to help you set yourself up for a healthy financial future whilst you study in the UK.
If you struggle with your finances, be sure to contact your Programme Officer for help as soon as possible. They’re here to help you adjust to studying in the UK and have a life-changing experience!’
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