Guidelines for Students on the Cost of Living in London
The cost of living in London is generally
considered to be relatively high in comparison to many other world
capitals. However, there is a vast range of prices in most areas
and it is possible to live centrally and be able to live well
without problems as long as some sensible management of money is
employed.
Accommodation
Your accommodation represents the single largest element of
your student budget. It also is the largest variable. There is a
large range of prices of accommodation in London dependent upon a
number of factors of which probably the most relevant is location.
Prices tend to be high throughout central London but low cost
student accommodation is available through specialised agencies
(as used by LSBM) or in student hostels. Prices average from £
100.00 - £ 150 per week for a shared room and may include some
meals (usually at hostels only). Students wishing to have more
private accommodation in their own apartment must be prepared to
pay upwards of £ 200 per week in most central locations. In
addition students are usually required to pay a month's rent in
advance and a month's rent as security deposit. To explore some of
the options available visit the "Links" section of this website
where have provided several hot-links to websites of housing
agencies in London.
Eating
Again, a huge range of prices is seen in London as far as
eating out is concerned. However, there are many different types
of eating establishments, catering to diverse tastes with cuisines
from all over the world. If students are prepared to look around
they will be able to eat very well in London for a reasonable
price. To give some ideas of average prices: full cooked breakfast
in a cafe - £ 4.00, take-away sandwich bars and small cafes at
around £ 1.50 but can be considerably more expensive in some of
the newer chain coffee bars. More information and guidelines on
reasonable eating and drinking establishments in London is
available under the relevant section.
Buying food in supermarkets can be a much cheaper way of
eating and these days there are many items sold which are ready to
eat or easy to heat in a microwave cooker, usually available at
student hostels. If students plan to buy and prepare their own
food for most of their meals and just have take-away light meals
for lunch they should budget on at least £ 50.00 per week.
Travel
If students are living in centrally located accommodation they
will be able to benefit from a central zone travel card that can
be purchased weekly or monthly and allows them unlimited tube and
bus travel within the specified area. A weekly ticket currently
costs £ 25.00 and a monthly ticket £ 90. If students wish to take
advantage of their time in the UK and explore further afield,
there are a number of discounts available on national rail travel,
particularly if tickets are booked 14 days in advance. There are
also a number of low-cost airlines with destinations all over
Europe, which makes weekend breaks in Europe an affordable option
with prices frequently under £ 100.00 and as little as £ 50.00
return. Eurostar also operates a train service direct to Paris
from Waterloo station for a similar price. To explore some of the
options available visit the "Links" section of this website where
have provided several hot-links to websites of travel agencies in
London.
Books and Stationery
Specialised business topic text books can be expensive but are not
as costly as books required for some science, law and medical
subjects. On average a textbook recommended for a bachelor or
master degree level class would be around £ 20.00 - £ 30.00.
Certain books will be recommended and extremely useful to have on
hand throughout a course but much of the required reading material
can be accessed through libraries and on the internet.
Other costs to take into account
Staying in contact - students may wish to purchase mobile
telephones. The actual telephone itself represents the largest
portion of the cost but phones from many other countries may be
converted to UK phones by simply signing up for a UK account and
replacing the SIM card.
Internet Access
This is provided at LSBM but if you wish to use internet cafes at
other times you will be charged at a rate per hour, which varies
but there are a number of different organisations so it is best to
shop around.
Clothing
The best advice you can be given on practical and suitable
clothing for the various seasons in London is to have a variety of
items that can be adapted and added to as necessary to cope with
the variability of the British weather. For the winter you should
certainly have some jumpers and a warm coat or jacket. Students
are advised to keep some money aside in case it is necessary
during their stay to buy additional clothing. Central London
boasts a huge number of individual clothing shops and branches of
world-wide chains. Correspondingly there is a range or prices. If
you can, keep aside £ 100.00 per term in case of the need for
emergency purchases. Students who like to shop for clothes should
obviously be prepared to spend more but this is a matter of
personal choice rather than a necessity.
Money and Banking
Bank Accounts
If you are planning to be in the UK for at least six months you
can apply to open a student bank account at any of the main high
street banks. Student accounts usually allow access to your money
via a cashpoint card for use at automatic cash dispensers which
doubles up as a debit card (that is, when you use it the money is
debited direct from your account) for general use in shops etc.
There are usually restrictions on cheque book facilities on
student accounts but policies can vary between banks so it is
worth getting information from more than one before opening an
account. The banking hours are usually 09:30 to 16:30 from Monday
to Friday. Please ask Admissions or Student services for advice on
bank accounts s you will need documentation from LSBM proving that
you are a student in order to open an account.
Exchanging Currency
You can change currency to sterling and vice versa at all main
banks and Bureaux de Change. Bureaux can be found all over central
London, in travel agencies, post offices, American Express, Thomas
Cook, Lunn Poly offices and some shops. Once you open your bank
account your money transactions will be simplified but when you
first arrive it is best to bring some pound sterling traveller’s
cheques that you can change as needed. You may be charged around
1% commission on these transactions.
Money Transfers
If you need to have money transferred to you from home in a hurry
this can be done through Western Union. There are branches
throughout central London, usually located in shops and you can
find your nearest branch by calling 0800 833 833.
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