University budgeting: Everything music students need to know
From guitar strings to gigging, studying in London can be costly. Read our essential guide on budgeting effectively...
Studying music in London can offer music students a number of challenges outside the classroom, one being how to budget.
The capital is undoubtedly one of the best places in the world to launch your music industry career but it can be expensive. But it doesn’t need to be prohibitively so if you’re organised and sensible. Here are some top tips for you to help you manage your money…
All London students need to factor travel into their budget. Although there are plenty of transport options from tube to bus, bike and beyond, getting around the capital can be a pricey endeavour. However, all is not lost - as a student, there are plenty of discounts you can get which will help you save as much as a third off your travel...
National Express Young Persons Coachcard: £12.50 a year (plus £2.50 p&p) for a third off coach fares.
16-25 Railcard: £30 a year for a third off your rail fares.
18+ Student Oyster Photocard: Pay a £20 admin fee for 30 percent off London travelcards. You need a London address in term-time to be eligible.
As a general rule of thumb, the further in advance you book your ticket, the cheaper your travel will be. So in this way, it pays to be organised…"
When starting university as a music student, gear and instrument maintenance can potentially be a big financial outgoing. If you’re a guitarist or a drummer, there are obvious things you can do such as setting aside some money for new strings and sticks every month. There are also several other ways you can make savings with us.
Look out for gear discounts via our network of industry partners. We work with many of the industry’s best manufacturers including the likes of Shure, Ernie Ball, Korg, Orange Amplifiers and more. Keep your eyes peeled for exclusive offers.
Remember that ICMP maintains a stock of instruments, amps and electronics that can be borrowed free of charge from our facilities helpdesk for recording, practice and rehearsal. All ICMP students can use our music facilities for personal practice free of charge outside of time tabled hours.
Food is another essential, yet potentially big cost in London but eating well and healthily doesn't need to come at a price. Top tips to keep your costs low include:
Packed lunches - these will save you big time when on the go.
Use a list - put this together before going shopping and try and avoid impulse buys.
Make big dishes, cool, then freeze - this avoids wasting food and money.
Bills, bills, bills
Remember to put a certain amount of money aside each month for utility bills such as Broadband, gas, electricity and water."
Setting up regular payments is a good way of managing your money and will help make sure you don’t miss a payment. If you're able to, see if you could save by switching your energy supplier. You can compare energy suppliers online (using a free service such as uSwitch).
Check out this Which? Guide for more on how to reduce your energy bill.
Whether it be gigs, student nights or open mic events, your social life can be the biggest drain on your finances as a student. It's worth trying not go too crazy when your loan lands, especially during that first week of term. Allocate yourself a certain amount of entertainment budget and try to stick to it if possible.
Insure your instrument
You might be surprised by how much your instrument(s) are actually worth. But instrument insurance in London is well worth taking out. Like any busy, capital city, things happen and things go missing so it's worth protecting yourself from any mishap.
Check out online comparison sites for the best deals. Or alternatively, look into joining the Musicians' Union (MU) as a student member. MU members receive up to £2,000 of instrument and related musical equipment cover, anywhere in the world as part of their membership.
Budget at home
If this is the first time you're living away from your parents, then the cost of household goods like toothpaste and washing up liquid might come as something of a surprise.
Again, setting some money aside is a good idea, shop in saver outlets and take advantage of special offers or value brands."
Do you live in shared accommodation? Then organise a shared kitty where you put in change to cover bin bags, toothpaste, washing up liquid and the like. It’s dull but at the same time will avoid arguments in the long run.
Visit the UCAS website for more tips on how to budget successfully.
Study music in London with ICMP
If you're interested in developing your musicianship, learning from our regular industry guests and collaborating within the vibrant ICMP creative community, then speak to our Admissions Team. They're on hand to help you find the right course that matches your ability and aspirations.
Contact the team on 020 7328 0222 or via email firstname.lastname@example.org and start your music career today.