If you’ve listened to the news or scrolled through social media recently, you’ve probably heard loads about the ongoing cost of living crisis. That's why, we thought we’d shed some light on what the cost of living crisis really means, how is it affecting students, and most importantly, what can you do to mitigate the impact of rising prices.
If you’ve listened to the news or scrolled through social media recently, you’ve probably heard loads about the ongoing cost of living crisis. From the war in Ukraine to rising interest rates, there are many reasons why prices are rising so fast. That's why, we thought we’d shed some light on what the cost of living crisis really means, how is it affecting students, and most importantly, what can you do to mitigate the impact of rising prices.
Free ‘Breakfast Boost’
The UK rate of inflation is currently averaged at 10.5%. However, according to the Office of National Statistics (ONS), the rate of food inflation reached 16.8% in December 2022. In fact, on many essential goods, like milk, cheese, butter, and pasta, inflation is as high as 30-40%. All of this means that your average weekly shop is becoming considerably more expensive, which we know is a big worry for students trying to stick to a budget.
That’s why the university's Financial Wellbeing team started offering a free breakfast boost at the library, available Monday to Friday between 8am-10am. The Financial Wellbeing team will be there giving out free fruit and muffins to any student who would like one. If you’re trying to reduce costs, come and grab a free breakfast on campus to save some money on your weekly food shop.
Energy saving tips
You’re probably aware that the cost of living crisis has largely been driven by the global energy crisis. A shortage of oil and gas alongside increasing demand has forced energy prices to rise significantly. If you live in private accommodation and are responsible for your own energy bills, there are several ways you can try to reduce your energy consumption and lower your monthly bill.
Firstly, charge up your devices on campus. If you’re using a laptop, phone, tablet, etc. it can be costly to charge them up at home, especially if you live in a multiple-person house. This is a simple, maybe obvious tip, but if you make sure that your devices are charged up before the end of the day, you could save yourself and your housemates some money on your monthly electricity bill.
Another handy tip is to reduce the temperature on your thermostat by 1 degree. Whilst this may not seem like it would do much, British Gas and think tank Money Saving Expert claim that dropping the temperature by a degree could save £115 a year on average for a typical home. Remember that it's really important to turn your central heating on during the winter both for your own health and to prevent expensive damage caused by damp and mold. If you're worried about the cost of your energy bills, you can see what support you’re eligible for and email an advisor if you have questions.
Over time, if you implement some of these tips you could see a reduction in your energy bills. However, if your bills are increasing at an unaffordable rate, you should contact your energy supplier to work out an affordable payment plan to ensure that you don’t fall behind on payments. You should also visit the university’s advice pages on financial hardship.
Borrowing Books
As a university student, you'll probably be required to do some reading throughout your degree. Lecturers are required to set your essential reading to texts that are available at Royal Holloway’s library but sometimes you may need books that aren't in the library for coursework. Don't despair! There are several ways to access free or cheaper books.
Firstly, if there’s a book you need that isn’t available from either the Royal Holloway or Senate House library, you can request it from another university library through the Inter-Library Loan service. However, if you need the resource ASAP, or would like to own it outright, there are several ways to do this and save money.
Libby is an app that allows you to borrow free eBooks, digital audiobooks, and magazines, all you need is a library card. Unfortunately, your Royal Holloway card doesn't work with Libby, however, if you sign up for a library card at a public library (such as Egham or Staines, or your local library if you’re a commuting student), you can access thousands of e-resources for free.
If you would prefer a physical copy of your text, you can purchase it second-hand from websites such as AbeBooks. Similarly, you can sign up for a Waterstones Student Plus card using your university email address for 5% off every purchase you make.
If you live in and around Egham, why not pop into the Sam Beare Hospice Bookshop on the high street? As a second-hand bookshop, they have hundreds of books for discounted prices and often have books in stock from your reading lists as they receive lots of donations from previous students.
One Friday every month, the United Church of Egham runs a charity bookstall and donates the proceeds to a different local charity each month. Again, as these are second-hand books, they’re very inexpensive and cover a range of genres. From non-fiction books on history, art, and science to loads of fiction books including classics, fantasy, romance, etc, there are always plenty of books available every month.
Student Discounts
Most of you are probably already aware that as a student you can access loads of great deals and discounts by signing up for an NUS TOTUM Card. You can also sign up for apps such as UNiDAYS and Student Beans which all offer a range of discounts on big brands and eating out and groceries, clothing, technology, fitness and gym memberships, and more. Through these apps, you can get great discounts on educational accessories such as headphones, laptops, tablets, and other tech accessories.
Similarly, most banks offer an incentive if you sign up for a student bank account with them. If you’re yet to set up your student bank account and are unsure which bank has the best offers, the Money Saving Expert has a comprehensive guide to the best student bank account offers. They also have a more general guide to accessing student discounts.
Travel
If you’re a commuting student reliant on public transport, have classes at the central London campus, or are on an intercollegiate module, you may find yourself frequently using Transport for London (TFL) services. If so, you could be entitled to an 18+ Student Oyster Card. This can be linked to your 16-25 railcard for 34% off pay as you go off-peak fares.
Financial Guidance and Support
Hopefully, this has given you a few tips and ideas on how you can save some money during the cost of living crisis. However, if you're struggling to cope financially, make sure you speak to a member of the university's Finacial Wellbeing team or an advisor at the SU Advice Centre as they can guide you toward the appropriate financial resources and support.