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Living on £15k in Manchester?
Former Member
Posts: 1,876,323 The Mix Honorary Guru
This is only hindsight as there's every chance I won't get the job. But basically, my dream job has cropped up at manchester uni and would require me to move near the uni campus. The wage is around £15700 a year. But after tax, national insurance, student loan repayments (I'm not sure how much these would amount to) - would it actually be possible to afford to rent somewhere near the university (would obviously have to be shared)? Bearing in mind I also have phone bills, food etc to pay for?
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I'd feel like a millionaire if I didn't always budget to spend 101% of what I have!
I think the student loan would be something like paying back £7 ish a month on that wage.
Good luck with the job application!
Obviously there is a lot to consider before moving and it's great that you're thinking ahead. As the others have said you could easily get by on this wage, but it just depends what kind of life-style and spending habits you have. If you create a budget from now and stick to it then this will help.
As for student loan repayments - you don't pay any repayments until you earn the minimum repayment threshold which is £15,000 gross and you only make payments from wages that are above this amount.
Read this page (http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034867) for more info as it is complex and I don't think I am explaining it well!
Good luck and keep us posted!