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If you are a student, you ought to read this article. If you need to budget your student lifestyle, there are many things that you should consider. Although, it’s a belief that students can live very easily on a low budget, it’s not veracious. There are many hidden costs which one needs to bear, as a student. Your ultimate goal is to ensure that the student loan that you have taken lasts for the full term. In order to ensure this, you need to understand the items for which you would be paying for. Moving to a college or a university allows you to get control of your finances, for the first time in your life.

Costs you should be prepared for

Tuition fees

This is the most important and undoubtedly, the most expensive part of your education. It is predicted, that tuition fees, by 2013, will rise to £8500. The silver lining is that the tuition fee can be paid off availing a student loan and the student loan does not need to be paid back till you start earning.

Accommodation costs

If you think, it’s only the tuition cost which is going to burn your pocket, think again. You need to rent a room for your accommodation, while you are studying. The only exception to this rule is if you are studying in your hometown. Researching on the accommodation rates will help you as the rates depend upon the location and the university you apply for.  £100 per week, as rent, is average. If you are studying in London, the cost of accommodation in London for Students rises substantially and hence, you need to find a cost effective accommodation, whilst in London.

Cost of Bills

You need money for pay off your bills. When you were young, your parents paid the bills, now it’s your turn to fend for yourself. If you decide to stay at a private property, you would need to pay for rent. However, you would need to pay for electricity, water and gas bills. Letting the local authority know that you are legally a student will allow you to save on council tax bills. All students need a fast internet connection for their studies and thus, you need to budget in the monthly broadband subscription.

Insurance

Living without insurance is highly dangerous. Not only must you have a life insurance, but should also get a home insurance in order to cover accessories like cell phones and laptops. This is especially veracious, if you are living in communal properties as anyone can enter the home. Many insurance companies offer insurance for students, which is tailor-made for them and it costs around £15 a month.

Travel

You need to take into account your travelling expenses and these expenses can add significantly to your bills. You need to take this account into factor, whether you own a rail card or a bus pass.

Food

You cannot survive solely on noodles and baked beans and thus, you need to ensure that you plan your food needs, ahead of time. Taking meals at the university will help you reduce your food bills.

Books and other equipments

Books are something that you cannot do without. Books are highly expensive but you can save money by purchasing second hand books. Purchasing books like Amazon and EBay help you mitigate costs.

Following these tips will help you save a substantial amount of money.