Hannah Wiles spoke to first-year students to find out what they are doing to save money in our cost of living crisis.
With the cost-of-living crisis affecting so many of us, it’s no surprise that DMU students are feeling the financial strain. With rising costs and limited support, how are students managing to make ends meet?
Living in student accommodation has its benefits: shorter commutes, more time to use the university facilities and the chance to experience Leicester’s nightlife, including student socials. But for Maryam, the financial cost simply isn’t worth it.
Commuting daily, the Leicester-local spends about half an hour driving to campus, navigating the city’s busy roads to secure the cheapest parking available. For morning lectures, she leaves home an hour earlier than she might do to be on time for class, just to grab an £8 parking spot.
Maryam takes as many available shifts as possible at her part-time job, especially at weekends, earning £12 an hour to cover her motoring expenses. With high petrol prices,her wages are mostly consumed by running her car, which is the only reliable way to get to work and university.
Days off are a luxury because she often takes shifts on Wednesdays – her designated study day – just to make ends meet.
This means Maryam spends more hours working than studying and approximately £63 a week on her car. Yet she considers herself lucky.
“I live at home, and I know many others struggle more than I,” Maryam says. She is one of many at DMU choosing to commute as the rents rise. “My parents always help me out, and I’m so thankful for that.”
Rather than commuting, students like Frankie find that living in accommodation helps them manage expenses amid the rising cost of living.
They decided to move from Doncaster to DMU’s student accommodation, largely due to the high cost of train travel.
“Train tickets are way too expensive,” says Frankie. “Moving to accommodation is worth it because you aren’t spending too much on trains.”
As food prices continue to climb, living in accommodation has helped Frankie manage their budget more effectively.
Frankie and their housemates make communal shopping lists, splitting the cost of weekly shops to help with individual budgets. However, managing other expenses hasn’t been easy.
“Many employers aren’t hiring or only offer limited hours,” she adds. “It’s going to be harder to secure a reliable income now. But honestly, moving here was the best solution to manage my money.”
For some, times can become desperate. Rising living costs force students to make difficult choices between rent, food, clothes and toiletries.
These financial pressures often lead to a growing reliance on student loans to cover gaps in income, pushing many into debt.
The strain of managing bills, studying and working part-time can take a serious toll on students’ mental health. So, what steps can students take to ease the burden of the rising cost of living?
Many are learning to budget carefully, keeping track of their spending and prioritising the essentials. Budgeting apps can be a useful tool to stay on top of expenses and avoid over spending.
Student discounts are another good way to cut everyday costs. Many use offers, vouchers, loyalty cards and discounts to reduce their spending, despite rising prices. Taking on a part-time job can also help. Even a few hours a week can make a difference, so long as students are able to balance their work and study without burning out.
Accessing financial support is just as important. DMU has teamed up with financial education specialists Blackbullion to offer students an online platform designed to help develop financial life skills. More information and help can be found on the DMU website.
