Cost Of Living In The UK: A Complete Guide 2024

The United Kingdom is already quite an expensive country, and the rising cost of expenses makes it harder for most students. But, nevertheless, do not lose hope, these are the ups and downs that are part of the economy. Life has to move on and you need to focus on your studies. Leave the rest to us to guide and help you in combating this issue of the rising cost of living in the UK.

Why is the rising cost of living in the UK?

Due to the rise in the price of goods and services and NI, combined with increase in tax, the household budget is tighter than ever to make ends meet. The inflation rate including high prices of oil and gas coupled with short staff supplies gives rise to the cost of expenses in the UK. 

So, when companies are charged with high operating costs, it results in a knock-on effect on consumers. 

Here are a few questions and answers with pointers based on how to tackle this issue:

How do you manage the cost of living crisis in the UK?

Asses your spendings

As a student, your main spending must be on tuition fees, accommodation in London, books, travel, and food. These are the necessities in life, so try to stick to spending on the basic requirements. If you can cut down on shopping for clothes or even spending on eating out or going out to the entertainment scenes. Check out where your main spending is, this way you will know the main cost. If you know these areas, you can keep a certain budget just for it and cut off on unnecessary spending. The end goal here is to create a budget and reduce your spending. 

Know what you’re paying for

Go through your bank statements as they are the financial proof that will give you all the details on your spending. First and foremost,  check on any paid subscriptions, and if you no longer need them, cancel them right away as you may forget later. So, do not procrastinate on these as they can take off a good chunk of your money. While you are on this, it’s best to do it in an instant! Next, go through your existing policies like your bills, insurance, and even any form of phone contracts. Review when the policies are coming to an end and stop them or negotiate on the price. Click off any auto-renew button on your devices. 

Pay off any credit in a smart way

Being a student comes with a lot of financial burden on your parents, most of you have received financial aid, yet it covers only tuition fees. The other expenses are still heavy, especially in a place like the United Kingdom. So, if you have any loan, best to pay it off smartly and cut off on those high interest rates. On the other hand, if you have a credit card and pay for student accommodation in Derby,  the 0% balance transfer credit card might be a cost-effective option to save your money. 

How do you deal with rising costs? 

Take a shared living student accommodation

Whether you are seeking Birmingham student accommodation or anywhere else in the UK, a shared room or student apartment with shared rent might lower the cost of living per month in uk.

Cook meals at home

You can shop for groceries and cook meals at home as it can save you more than the one-time cost of a meal at a restaurant, etc. 

Mind your bills

If you are staying in  Manchester student accommodation, then you may be in luck as the bills are usually covered. Otherwise,  turn down anything you do not need and save energy. 

How is the UK government tackling the cost of living crisis?

The UK government is working on initiatives and providing a one-time cover cost of living for those who are:

• Citizens with disability
• This means on a test benefits
• Receive the winter fuel payment