enjoy! london is fabulous. housing is expensive compared to other places for what you get but most other things you can find anything from free to stupidly expensive. it just takes a little looking!
have you got housing sorted/provided?
a few ideas of cheaper/free to stuff to look for:
several places (south bank centre, churches, small concert places) have free lunch time recitals.
there are lots of festivals in london which often include free events, for example the london jazz festival.
the south bank often has interesting things going on for free.
lots of the museums and art galleries are free
there are several great parks for walking, regents park and hampstead heath are both lovely. if you like walking also look for the capital ring and london loop, free guides online and they point out unusual things.
in summer there are sometimes free open air film screenings
if you do like beer, have a look for sam smiths pubs (a smaller chain), pint for £2 or less in london.
foodwise, get to know when the supermarket(s) you use 'reduce to clear'; often from around 5 onwards, best stuff generally around 8. i was in the north and there were often cheap fruit/veg stalls around.
look for student schemes, national theatre/opera/whatever your interested in
in summer you can stand at the globe for £5 though you'll need to book in advance as only time i tried on the night or night before it had sold out.
clothing. erm, well in jan it's likely to be 2-10 deg c. and up to around 20 C in may i would've thought if you're lucky! do expect lots of rain. i think layers would be the best way to pack so you can wear more in winter and less when it warmer. for winter/spring i use a hoodie/thinner coat as my outer layer which means i can use either or both to suit the weather.
i'll stop waffling but give me a message if you want more, i also know bloomsbury well.