Are you preparing to study in London and wondering how to manage your finances as an international student?
In this blog, MSc Finance student Xiaohan Bai shares his personal experience of budgeting as a student in one of the world’s most exciting (and expensive!) cities. From finding affordable accommodation and transport to making the most of student discounts and free things to do in London, Xiaohan walks you through how he's learned to live well on a student budget.
Curious about how to make your money go further while studying in London?
Finding Affordable Student Accommodation in London
Before arriving in London, I did a lot of research into the cost of living, and I’m glad I did. Accommodation is by far the biggest expense for most students. Rent can range from £300 to £450 per week, depending on the area and type of housing.
I chose to live in West London near Victoria. I wanted a place not far from the UCL main campus and the School of Management, as it’s nice to bounce around between both campuses and study from the main UCL Library! I considered between student halls and private flats, eventually going for a private flat as I could share it with my friends. It’s been really great helping one another in daily life, as well as just hanging out together all the time!
If you’re looking for more budget-friendly areas, consider Stratford, Camden, or Finsbury Park - just be sure to factor in commuting time and costs.
There are several ways to find accommodation:
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UCL Student Halls (assigned via lottery)
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Private rentals through platforms like Rightmove, SpareRoom, or Zoopla
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Student housing websites like AmberStudent or Unite Students
Top Tip: Start your search early - ideally in April or May - to secure the best options and prices.
Living in Canary Wharf definitely has a lot of perks. The buildings are very modern, the area is safe, and it’s right where the UCL School of Management is located! The only downside is that the rent tends to be more expensive. Other areas around central London may be cheaper, but you need to consider the time and money when using public transport!
Getting Around London on a Budget
London’s public transport is excellent, but it can be expensive if you’re not careful. Here’s how I save money on travel:
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Get an Oyster Card and link it with a 16–25 Railcard for 1/3 off off-peak fares.
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Use buses instead of the Tube when possible — they’re cheaper and offer great views of the city.
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Walk or cycle to nearby places — it’s free and a great way to explore.
Avoid taxis and ride-shares unless absolutely necessary. Planning your journeys in advance using apps like Citymapper can also help you find the cheapest and fastest routes.
Eating Well Without Overspending
Food is another major expense, but it’s one you can control. Eating out in London is pricey, especially with service charges. That’s why I cook most of my meals at home.
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Shop at budget supermarkets like Lidl, Aldi, and ASDA
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Buy in bulk and cook in batches
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Explore local markets for fresh produce at lower prices
Cooking with your flatmates is also a fun way to bond and save money together.
Making the Most of Student Discounts
One of the best things about being a student in London? The discounts!
I use apps like:
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UNiDAYS
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Student Beans
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TOTUM
These platforms offer deals on everything from fashion and food to tech and travel. Many restaurants and shops also offer in-store discounts — just ask!
Top Tip: Always carry your student ID and check for discounts before making a purchase.
Free and Fun Things to Do in London
London is full of amazing experiences - and many of them are free!
Some of my favourites include:
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Museums: The British Museum, Natural History Museum, and Tate Modern
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Parks: Hyde Park, Regent’s Park, and Hampstead Heath
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Landmarks: Big Ben, Tower Bridge, and Southbank
I also love attending free university events, public lectures, and networking sessions. These are great for meeting people and learning about different industries.
My Top 5 Budgeting Tips for Students in London
- Track your spending with apps like Monzo or Revolut
- Cook at home to save on food costs
- Use student discounts wherever possible
- Plan ahead for big expenses like rent and travel
- Start early when looking for accommodation
Final Thoughts
Living in London as an international student is an incredible experience — and with the right budgeting strategies, it’s absolutely manageable. By planning ahead, using student perks, and exploring the city smartly, you can enjoy everything London has to offer without breaking the bank.
Want to know more about student life in London or have questions about budgeting?
Read more student and alumni blogs or check out our alumni activities!
UCL School of Management Student Recruitment: Additional information
Are you interested in one of our programmes? We want to hear from you!
We'd be happy to discuss your fit and aptitude for our range of programmes - including the ways in which the School can help you to develop the skills necessary to fulfil your career potential and set yourself up for a thriving career as a future business leader. Interested in exploring other pieces from Ruoyu? Check out his profile on the UCL School of Management website. Alternatively, read more student and alumni blogs or check out our alumni activities.
This is your exclusive opportunity to outline your education and career aspirations, your background and suitability for your programme of interest, and discuss any questions you may have about UCL, the School of Management, student life in London, our campuses, careers, applications, and more.
Meet the Student Recruitment Marketing Team at an event near you.
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The UCL School of Management Industry Advantage
Taking advantage of our global network and strategic campus location in London's financial and business district, the UCL School of Management recently launched three new speaker series.
Our speakers come from a range of industries and backgrounds to showcase their experiences and skills. Explore what you can gain from our Speaker Series below:
Business Leaders Speaker Series
