Money Money Money

Former Member

How much should I be looking at taking to university with me?

My parents are paying tuition fees, but my loan will all be going onto accommodation, as well as about another grand of savings. I know uni's expensive and all that, but I've only just started thinking about the practicalities of it. I'm going to set up a savings account this week, so I just want some idea of how much of my wages I can keep for 'now', without meaning I'm gonna be living off bread and water at uni.

The only costs I've actually thought about are my accommodation and tuition fees, so what other things am I gonna have to consider, and.. well, what would be a sensible amount to cover them? I don't want to have to work stupid hours when I get there to make up for any shortfall!

Former Member

This article breaks down all the things you need to budget for as a student.
See the links on the LHS for more info on student money.

I'm, sure other students could also help you with more personal advice though...

Former Member

i'm only in my first year and i'm already into my second overdraft i really wished i had saved up before i went to uni!

but i'm still surviving and i suppose if you dont drink much then you wont have much to worry about on the lack of funds side lol

Former Member

i suppose if you dont drink much then you wont have much to worry about

unfortunatly, that is so true. :yes:

Former Member

Have you thought about your deposit? Or TV licence?

Don't forget you'll have your overdraft, but please don't do what I did and blow it in a matter of weeks. Easier said than done!

Former Member

At Uni talks they've said that I need about £6000 per annum for accommodation, fees et al.

I think that's a bit stingey to be honest.

Do what I've done - work out all the things you need money for and the rough amounts that you'll need for each thing. It'll leave you a lot more prepared.

Former Member

my biggest outgoing at uni is my rent, after that its my tuition fees and then food and going out money. Im lucky because on my corse i dont have to buy many books or things but on a lot of corses you have to buy things. My friend is doing textiles and spends £30 on things aswell as havin spent £200 on material since september.

Former Member

~*STRESSED*~ wrote:

How do you do that though?

I'm still not in debt

Make sure you pay for insurance

It's easily done, trust me.

You're not in debt? So you don't have student loans?

Laura, you should check with your parents insurance. You may well find that you are covered under theirs.

Former Member

~*STRESSED*~ wrote:

I was referring to other loans and overdrafts and stuff.

I have a student loan...I try not to think of that as debt though...lol.

ahh you're in denial. it's called a loan for a reason.

littlemissy

Scarlet wrote:

At Uni talks they've said that I need about £6000 per annum for accommodation, fees et al.

I think that's a bit stingey to be honest.

Do what I've done - work out all the things you need money for and the rough amounts that you'll need for each thing. It'll leave you a lot more prepared.

The last 4 years I have lived on less than £6000. And that is paying for all my accommodation, food etc myself.

It is bloody hard work being a student but you can do it. As long as you are sensible.

As someone else said, sit down, try and budget how much you spend at the moment, where all your money goes etc and work it out from there. Then see if there is anything you could maybe cut out? I made a lot of sacrifices when I went to uni.

Everyone is different and everyones spending patterns will be different too.

Former Member

im from the isle of man and im classed as an overseas student so our government pays all my fees for me. all i have to worry about is food and accommodation costs which should be sorted out fairly soon!

although my cousin was at uni a few years ago and she had to pay, and she said she was broke practically the whole time she was there and wishes she had saved up before hand
so if i were you id put a regular amount in the bank or something just in case

Former Member

I managed to survive on about £1500 a term. If your outgoings are £6000 then you are spending beyond your means, assuming you work according to uni advice, and I would suggest that you are wasting money on shite too.

If you spending £1000 a term on accomodation, I would expect this to be catered. Therefore all you need to find money for it books and socialising. An average textbook for an arts degree costs about £25, you'll need 5-6 a year.

I didn't save up before and I lived. Granted I ran up my whole overdraft, and my parents gave me a grand a year, but that's what happens.

Don't think of the student loan as debt- it's not. It's basically just a tax in effect: it goes out of your paypacket as tax, so think of it like that.

Former Member

Kermit wrote:

I managed to survive on about £1500 a term. If your outgoings are £6000 then you are spending beyond your means, assuming you work according to uni advice, and I would suggest that you are wasting money on shite too.

If you spending £1000 a term on accomodation, I would expect this to be catered. Therefore all you need to find money for it books and socialising. An average textbook for an arts degree costs about £25, you'll need 5-6 a year.

I didn't save up before and I lived. Granted I ran up my whole overdraft, and my parents gave me a grand a year, but that's what happens.

Don't think of the student loan as debt- it's not. It's basically just a tax in effect: it goes out of your paypacket as tax, so think of it like that.

why are you so wise sometimes i was gona say the thing about it being effectively tax

i go ucl in london, at the moment at home so have no rent problems, only spend £20 week on travel however last year my rent was £55/week and i had maximum london student loan + £1000 bursary, privately id expect my rent to be £100/week for somewhere scummy

on the whoel i spent about 1500-2000 a term which was basically my loan and bursary per term, and i dont have a 3rd term at my uni just exam period thats it

if youre spending more than £2500 per term youre being highly irrepsonsible so id budget £1500 and £500 for unexpected costs etc etc

littlemissy

~*STRESSED*~ wrote:

My accomodation is £3000 for the year next year and was £2500 this year, how on earth did you do that? How much was ur accomodation?

In my first year it was about £700 a term so that was £2100, the other 3 years was £3000 a year. I had to pay £250 a month for my private lettings. Edinburgh is an expensive place to live. Simple as.

And I still managed to live off £6000 a year.

It isn't easy as I would've liked all the little luxuries of brand new clothes each week, getting the latest cds all the time and getting really nice, expensive food as well as having the cash to go out twice a week. However, I didn't, so I didn't do all these things.

I spent money on what I needed to and if I had any money left over then I had that for either clothes or a night out.

Former Member

at most uni halls you aren't covered by your parents insurance for your stuff- how much it is depends on what you take...mine was£95.

food
tv licence
travel expenses possibly?
"fun" budget
books
stationary
toiletries

keep a little dosh stash for emergency clothes buying too - socks and undies disapear frequently ive found (damn uni washers!) and things need to be replaced sometimes.

Former Member

littlemissy wrote:

The last 4 years I have lived on less than £6000. And that is paying for all my accommodation, food etc myself.

I'm a first year, but thus far *touch wood* I've lived on less than that (i.e. within my loan), too. Rent might change that next year (bloody London) so I've got a job as well now.

Former Member

If your parents are paying tuition fees and you have to pay the accomodation out of your loan, you will be looking at somewhere between £30-60 per week

And despite what people may tell you, it's not at all hard to live on such budget
Here are a few tips from moi
*Buy food that will last for a long time near the start of term. Buy fresh food as and when you need it
*Take out money in small installments when you need it
*Keep a rough idea of how much you have to live on per week. Do not go over it
*Don't spend stupid amounts on going out and getting drunk. I know of so many people that are hideously in debt because they will go out 3-4 times a week and spend £10-20 each time. It's really their stupid fault for getting into such financial trouble
*Don't feel that you have to spend to compete
*Things like clothes, writing materials, food, pots, pans etc try and get from your parents when you go home
*Air your clothes out of the window after each time you have worn them. You can do this 2-3 times before they get dirty enough to require a wash
*Put all spare change in a cup/container and use that if you only need to get something small from the shop

Former Member

lethifold wrote:

If your parents are paying tuition fees and you have to pay the accomodation out of your loan, you will be looking at somewhere between £30-60 per week

£30-60 per week?!

My rent is £71.58 per week, and thats in the cheapest halls here. Non catered. personally I'd budget a bit more for rent than £30-60.

Former Member

I meant you are likely to have £30-60 a week to live on

littlemissy

piccolo wrote:

I'm a first year, but thus far *touch wood* I've lived on less than that (i.e. within my loan), too. Rent might change that next year (bloody London) so I've got a job as well now.

It is an easy thing to achieve, providing you are sensible about how you spend your money. Definitely.

Former Member

my friend a grant of £1000 odd quid cos he's from poor family and was in some shceme and he spent it all in one week on coke so i'd say take a lot of money wif ya...unless ur a goody too shoes and don't take drugs in which case you'll be alright but if you're in my boat you'll need shit lods of money...might "accidently" break some bones and claim...some chance of that happening though...

Former Member

I've spent more than 11 000 each year that I've been at uni, a large proportion of that is on going out and wasting money on various things. So be careful not to get carried away!

Former Member

turlough wrote:

my friend a grant of £1000 odd quid cos he's from poor family and was in some shceme and he spent it all in one week on coke so i'd say take a lot of money wif ya.....

That's clever...

turlough wrote:

.unless ur a goody too shoes and don't take drugs in which case you'll be alright but if you're in my boat you'll need shit lods of money...might "accidently" break some bones and claim...some chance of that happening though.....

Yeah you could be a goody "too" shoes and not waste thousands on drugs.
Or you could be an idiot like this guy

Former Member

groovechampion wrote:

That's clever...


Yeah you could be a goody "too" shoes and not waste thousands on drugs.
Or you could be an idiot like this guy

but you said you spent a lot of you money on drink?

Former Member

lucifer devil wrote:

but you said you spent a lot of you money on drink?

Yeah thats stupid too...

Wasn't just drink either.

I'm not suggesting she is a goody two shoes or uncool if she doesnt waste her money like me.

Former Member

"My accomodation is £70 a week next year. Very expensive I know " - Mine's £86 per week, for self-catered en-suite accomm. I say to myself I have £30 per week to live on, and can normally just about do it: £15 for food, then £15 for going out. Being in first year is cheaper as the union is close by, so less transport costs. I am definitely glad I don't drink a lot, and like someone else said, I know loads of people who have gone into overdrafts as they go out 4 times a week and drink £20's worth of alcohol a go.