Students spend 5% more in 2009

New research from the Halifax shows that the average student now spends 5% more on university term time costs than in 2008. This is despite 59% of students saying that they have cut back on spending due to the current economic climate.

Term time costs highest in London and the South East

The Halifax research showed that the total average weekly term time costs in London was just shy of £250 at £247.90. The next most expensive region for university term time costs is the South East at £207.10, closely followed by the Eastern and South West regions. In contrast, students in the North East and Northern Ireland pay under £160 per week.

London students pay the most for weekly food shop

The average weekly food shop and take-away treat in London costs £55.80 per week. In contrast, students in the North East pay over £20 less for their total food spend at £32 per week.

Cigarette spending is lower in 2009

Positively, student spending on cigarettes was the only item in the weekly term time budget to decrease - from an average spend of £1.70 per week in 2008 to £1.60 per week in 2009.

Accommodation is the most expensive weekly spend

University digs are the most expensive item in a student's weekly budget at an average cost of £77.20 per week. This is followed by spending on food, including the weekly shop and take-away meals at £41.10 per week. Students spend an average of £21.60 per week on alcohol.

The average weekly accommodation bill in the Eastern region was just shy of £100 at £98.30, closely followed by London at almost £95. By comparison, students in North East pay a more affordable £54.60.

Mike Regnier, current account director for Halifax, said: "Our research shows that many students are spending over £200 on weekly living expenses, despite thinking that they are cutting back.

"At the moment it's more important than ever for students not only to set a budget and stick to it, but also to minimise the cost of any borrowing. One way of easily ensuring costs are kept to a minimum is by selecting a bank account with an interest free overdraft."