It’s official: students at the University of Southampton enjoy one of the most student-friendly weekly budgets, according to a recent report produced by HSBC.

Organising your weekly budget

Organising your weekly budget

Thanks to relatively low accommodation costs in comparison to other similarly ranking universities and a low average cost of living for a Southern city, Southampton is (in theory) a wonderful haven for prospective students.

Freshers at the University of Southampton are among the students getting the best deals, with some of the lowest average prices for a year in halls in the Russell Group, costing around £96 – an average based on there being three fifteen week terms per year.

While the review included the price of a weekly bus pass, this is actually included within the accommodation costs anyway, knocking the total cost for first years down yet further. Only Leicester, Nottingham and Cardiff can offer cheaper student living for first year students, and even then, not by a significant amount.

Second years meanwhile, find their average outgoings dropping almost across the board, however the University of Southampton itself rises in the table thanks to the cost of accommodation dropping less than many other rival universities.

These weekly costs – which average out at just over £228 and £209 for first and second years respectively – emphasise the importance of budgeting for those at all stages of their studies. With a basic student loan starting at £3575 per annum, it’s often a headache to figure out where to streamline personal costs.

When your student loan comes in

When your student loan comes in

HSBC’s head of retail products, Andy Mielczarek, recommends that future students think ahead. In the report he said:

It’s important they [students] think ahead to how much they’ll need to spend each week, both on essentials and their social life. Keeping to a budget will pay dividends in the long run and will ensure students don’t leave with a financial hangover. Planning early and regular saving will make the financial burden of university much easier to manage.

Overall the report is good news for current and prospective students at the University of Southampton alike- definitely something worth celebrating by spending a small chunk of your weekly budget on a wonderful evening in picturesque Portswood!

Do you think student living in Southampton is good value for money? Let us know in the comments.

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  • Charlie

    Who spends £97.33 on ‘weekly essentials’?