This article isn't a guide to a cheap night out or affordable meal prep- for that, other sections of this paper may be more appropriate! Instead, I will highlight the difficulties of student finances, particularly within the renting sector.
The most significant cost for students is often their Rent. Save the Student found that rent easily takes the biggest chunk of students' finances. While Newcastle University estimates that students spend around £200 per month on nightlife, these leisurely activities cannot be enjoyed by many students with such high rent costs.
The average Student maintenance loan has increased by 2.5% to reflect mainline inflation. Already lower than current inflation rates, this increase is significantly less than the increases in renting costs and essential goods. Although current inflation for essential items is lower than the heights seen in 2022 and 2023, students in Newcastle and across the UK are still facing a cost-of-living crisis.
Save the Student also found that the average maintenance loan falls £504 a month short of covering living expenses. With 58% of students believing student finance offers the bare minimum required to survive, this is unacceptable and highlights the extremely desperate state of student finances.
"Student finance offers the bare minimum [required to survive]"
58% of students interviewed by Save the Student
Newcastle University has raised its accommodation prices by an average of 6.3%, while the cost of privately rented accommodation such as Marionettes and flats, which are extremely common for Newcastle students, has increased by 6.5%. These increases make it extremely difficult for students to afford to Rent, nevermind enjoy student life!
Rent costs in Jesmond, a particularly popular area for Newcastle Students, have reached an average of £150 per week, with the lowest costs still being reported as around £125-£130 per week.
The extortionate costs of renting, alongside the autumn scramble for properties, lead students into signing costly contracts with little protection and often with people who they have only just met.
The cost of deposits so early into the calendar year often causes significant upset to student finances. The Labour Government 'Renters Rights Bill,' particularly an amendment by Leeds Central MP will make it illegal for landlords to charge more than a month's rent for a deposit. This legislation will grant significant advantages for Student Renters and not allow students to feel more comfortable with their finances in 2025 but allow for much greater protections against rogue landlords and unfair treatment.