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Personal finance

Will £500 last for a university student

How long lol? Including what? What part of country? More than a couple weeks/ month at a push (if rent is cheap) including rent? No

Reply 2

De Montfort University

Official Rep

I would need more details to give you a decent answer. What city are you going to study in? Is the amount per month or week? Does it include the rent?

If it is per week and includes the rent, you should be fine, unless you are going to study in London which is overly expensive. The same thing applies, if it is per month and excludes the rent. However, if it includes the rent cost, then I would say it will not be enough.

It all really depends on many factors. The cost of living in your city, the accommodation of your choice, the lifestyle you lead have a determinant influence on whether £500 is enough.

If you are looking for some budgeting tips. I shared my seven TOP here. They are invaluable help in saving dozens of pounds!

Feel free to reach out if you have any questions :wink:

You can also chat with me and other student ambassadors through The Ambassador Platform.

Julia :colondollar:

Psychology student
De Montfort University

Reply 3

hallamstudents

Official Rep

Original post by Joiakim

Will £500 last for a university student

Hey there @Joiakim !

It depends what the timeframe is. For example that would definitely be enough for a week but maybe not a semester depending on what your hobbies are and whether that includes your rent. If you're asking whether that would be enough for a year, I really don't see how you could make that stretch. An average food shop costs around £25-£35 a week. That would be enough for a semester if you did nothing else. That would limit what you could do socially, as well as any emergencies that may come up during the year. It would also limit how much you could go home and visit family, as well as buying birthday and Christmas presents when it comes to it.

Does this number take into account student finance? And does your finance cover your monthly rent cost? Is the £500 the extra you would have left? My advice is to save more than £500 anyway, no matter the circumstances. For my first year I saved £1800 in total to cover food, toiletries, hobbies and any social occasions that may come up. Perhaps have a rethink and do some budgeting. As a rough estimate I would say this isn't going to be enough, however I don't know the exact circumstances.

Hope this helped!
Lucy - Digital Student Ambassador SHU

Reply 4

LSBU Student Rep

Official Rep

The longevity of £500 for a university student greatly depends on your spending habits, the cost of living in your area, and your specific needs. It's essential to create a budget and prioritize your expenses such as accommodation, food, transportation, and study materials. Monitoring your spending and being mindful of your budget can help make £500 last longer. It's also a good idea to explore student discounts and look for ways to save money on everyday expenses.

Fatima
Student Ambassador- London South Bank University

Original post by Joiakim

Will £500 last for a university student