Home Student Life & Education
We've started our first discussion for our Christmas campaign which is focusing on religion or cultural beliefs that help you when you're feeling down. Some of the responses will be used anonymously on social media as a video. If you'd like to take part, head over to this thread.

money question- for people at uni

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
i'm going to uni in september and luckily, because i have no brothers or sisters, my parents are going to pay for my living expenses so i don't have to get a loan (ill get one for the fees though). they're going to give me money each week, just wondering how much people usually get from a loan or how much they need/manage to live on?

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Have you thought about taking out the loan and investing it or putting it in an ISA or something like that?

    Do you mean an amount to live on after rent? Will you need a bus pass? Taking a TV? (TV licence?)

    Are you considering getting a job as well?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    katchika wrote: »
    Have you thought about taking out the loan and investing it or putting it in an ISA or something like that?

    Do you mean an amount to live on after rent? Will you need a bus pass? Taking a TV? (TV licence?)

    Are you considering getting a job as well?

    what is an ISA? i'm not going to take out a loan as i don't really need to so it would be pointless debt!

    yes i do mean amount to live on after rent- probably won't take a tv, won't need a bus pass.

    just wondering what most people need per week? (food, going out etc)

    yep i'll probably get a part time job
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    what is an ISA? i'm not going to take out a loan as i don't really need to so it would be pointless debt!

    yes i do mean amount to live on after rent- probably won't take a tv, won't need a bus pass.

    just wondering what most people need per week? (food, going out etc)

    yep i'll probably get a part time job
    I get £50 a week from my dad, because my loan doesn't even cover my rent, and that will pay for about two weeks worth of food if I buy online (supermarkets are evil places). I don't go out much but it depends on where you're going to uni on how much going out will cost. It's much cheaper for me to go out (Newcastle) than it is for my twin sister (Greenwich/London).
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    what is an ISA? i'm not going to take out a loan as i don't really need to so it would be pointless debt!

    An ISA is a type of savings. The idea of it is a student loan only has interest linked to the rate of inflation. If you take out student loan regardless of whether you need it or not, put in account with a higher interest rate than on student loan (not hard) and make interest on it. When you graduate, pay back loan, keep interest, have made money. Voila!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    My loan was about £3500 for the year and that covered my rent (£57 per week) and then a bit extra. I was totally shit with money and used up 2 student overdrafts :p

    I spent quite a bit on going out and clothes. Average food bill was £30 per week.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Although as such you won't need the maintenance loan, its still worth getting. An ISA is a savings account where it just earns interest and doesn't get taxed, you can put a max of £3000 in a mini ISA each financial year. The interest you earn on it can obvisouly make it go over £3000, you just persoanlly can't put any more in. Just leave your loan in an ISA and let it earn interest. By the end of uni, you can just pay all the maintenance loan back and keep the amount that was earnt by interest. Also you never know when you might need that extra money, books, hollidays etc.

    I'm first year at manchester uni at the moment, self catering. I try to keep shopping to £20 a week but u'll be surprised how easily you can spend lots more going out, especially in the cities. It does help tho that places like manchester are cheap.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    thanks guys :)
    wow i never thought of gaining interest on it, it seems quite obvious now! will probably do that!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I'd recommend taking the loan out too. Mine goes straight into an ISA so that when I finish I can pay it straight back and have a few hundred left which the interest has made me or even use the money as a deposit on a house.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    How much you'll need will vary hugely depending on whether you are self catering or not, what your hobbies are, what your social life is like and where you are..
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I got £90 a week but you need no more than £50-£70
Sign In or Register to comment.