💸 How to Finance Your Master’s Degree and Actually Manage Your Budget

Hello! My name is Audrey, and I am a graduated Master’s student in Economics at City St George’s, University of London. Ever since I planned to move to London three years ago, managing costs has been my biggest challenge. Let’s be honest—Master’s tuition fees in the UK are high, and living expenses in London can be overwhelming. That’s why I’d like to share my experiences with new students and anyone considering continuing their studies in this blog.

Step 1: Know Your Costs
Before diving into money solutions, understand what you're actually paying for. Make a list of:

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Tuition and fees

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Living costs (rent, utilities, groceries, transport, etc.)

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Study materials (books, software, printing)

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Health insurance or medical expenses

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Miscellaneous (subscriptions, social life, coffee... lots of coffee)

Step 2: Explore All the Ways to Fund Your Degree
There’s no single way to finance your studies. Most students use a mix of options:

📌 Scholarships & Grants
There are fewer scholarships available for Master’s programmes in the UK compared to undergraduate degrees, and most of them only cover part of the costs. This means competition is tough, so it’s important to start early and put together a strong application. Even then, be prepared to cover the remaining expenses yourself.

📌 Part-Time Work
As the capital city, London offers a wide range of opportunities for part-time work. You can start by checking Unitemps and CareersHub for roles in or near campus, drop off your CV directly at local restaurants and cafés, or explore other online recruitment platforms such as Indeed and LinkedIn.

From my own experience, though, it’s important to keep your studies as your top priority. Make sure you don’t exceed 20 hours of part-time work per week, in line with Student Visa regulations.

📌 Student Loans
I recommend starting with government loans, as they usually offer better interest rates and repayment terms. If these aren’t sufficient, you can then explore private institutions. Education loans, however, are not very common and largely depend on the policies of each country, so options may be limited. In addition, this option requires you to carefully calculate how much you really need to borrow, keeping in mind that the loan will need to be repaid later.

Step 3: Build a Budget
This is incredibly important if you want to keep your spending under control. To be honest, the difference in currency caused me to overspend when I first arrived in the UK. If possible, I recommend using an app or Excel to create a monthly budget breakdown. This will help you track where your money goes, and if you notice a significant increase in any category from month to month, it’s worth taking a closer look.

Step 4: Take Advantage of Student Benefits to Cut Costs
There are countless student discounts in the UK, ranging from public transport to shopping. With your Student ID card and student email, make sure to check for available discounts before making any purchases—or simply ask staff in person if they offer student rates.

Step 5: Have a Mini Emergency Fund
One piece of advice that isn’t often mentioned but I think is important is to have an emergency fund for unexpected expenses, like a laptop or phone breakdown, or medication. You can set aside a small amount each month and keep it in cash or a separate bank account, so it’s available if something goes wrong.
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A Master’s degree is an investment, and while London can be expensive, managing the costs doesn’t have to be impossible. With the right mix of financial planning and smart money habits, you can complete your degree without unnecessary stress or debt. Start small, avoid occasional overspending when you can, and treat slip-ups as a learning opportunity.