At the end of each month thethriftdiaries.com looks at current money issues that are affecting students and graduates. To read previous Money at the Mo click here.
The cost of accommodation is the biggest expense of life in general but at university it’s something that requires forward planning. The Guardian estimates that most spend £12,000 on rent during their entire degree but this to me seems to be the lower end of the scale and does not take into account 12 month contracts.
I lived in Central London for 3 years and spent 1 year living in Germany for my year abroad. In total I spent £16560 on rent alone for my 4 year degree. For most of this I chose the cheapest room in the flat share so this was the minimum I could spend on rent. In a future post I will be showing what exactly university cost for my personal situation which can give you an idea of what you need to think about when budgeting.
For those about to start university or those about to go into rented accommodation I would recommend overestimating the cost of your rent to ensure you don’t fall short. This will be your biggest expense so make sure you think through where you decide to live. If you can even reduce your rent by £20-a-week at the end of the year you will have an extra £1040 which could cover other expenses such as bills, food and transport.
Read the full story of accommodation here.
