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My finances for uni ?

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Post on TSR and win a prize! Find out more... 10-04-2014
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    Right so im off in september, and ive just been looking at the grant and loan i will be getting

    £5200 Loan

    £700 Grant

    and £500-1000 of my own personal savings.

    Now after factoring in hall prices which is £4200 for the year, that will only leave me between £2300 and £2800 for the entire year which is around £68 or £53 a week respectively, I want to have the university lifestyle of going out most nights (first term obviously) and i dont want to always have the worry of running out of money, i will obviously try and get a part time job when i get to uni

    Will these finances be enough to have a good freshers week ? and in your opinion do you think the £500-£1000 Savings of mine will last the entire first term

    Thanks Guys
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    It should be enough. Have you included the cost of books, etc?
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    (Original post by OU Student)
    It should be enough. Have you included the cost of books, etc?
    Nope, only because i dont know aha, im doing a management course so i doubt there would be as many books as say a law course
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    (Original post by cgvince)
    Right so im off in september, and ive just been looking at the grant and loan i will be getting

    £5200 Loan

    £700 Grant

    and £500-1000 of my own personal savings.

    Now after factoring in hall prices which is £4200 for the year, that will only leave me between £2300 and £2800 for the entire year which is around £68 or £53 a week respectively, I want to have the university lifestyle of going out most nights (first term obviously) and i dont want to always have the worry of running out of money, i will obviously try and get a part time job when i get to uni

    Will these finances be enough to have a good freshers week ? and in your opinion do you think the £500-£1000 Savings of mine will last the entire first term

    Thanks Guys
    Have you checked if you are entitled to a bursary from the uni? Also you'll have all summer to work and save up a bit more cash for freshers/first term
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    Sounds pretty good to me. £50 is probably just right to live off at uni, with a few nights out and buying food and other stuff. I don't really know what you're complaining about.
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    (Original post by cgvince)
    Nope, only because i dont know aha, im doing a management course so i doubt there would be as many books as say a law course
    I wouldn't necessarily assume that you won't have many books though. I'm on an economics course and typically we have one text book per module that is necessary, thats about 5 books per semester that you need to buy, and their in the range of £50-£100

    just a warning, but it does really vary course to course, uni to uni
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    (Original post by fran.ha)
    Sounds pretty good to me. £50 is probably just right to live off at uni, with a few nights out and buying food and other stuff. I don't really know what you're complaining about.
    Do you really think 50 is enough to have a few nights out a week and buy food and toiletries with? Surely a night out is £20 minimum?
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    I read this as "My fiancees for uni"
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    (Original post by littleone271)
    Do you really think 50 is enough to have a few nights out a week and buy food and toiletries with? Surely a night out is £20 minimum?
    You don't need to buy toiletries every week. And they can be cheap too if you look out for offers. Ditto food.
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    (Original post by OU Student)
    You don't need to buy toiletries every week. And they can be cheap too if you look out for offers. Ditto food.
    Oh I know that and as the OP is male it's bound to be much cheaper as he won't need make-up and he probably won't use fake tan or many skin products or hair spray etc.

    I only spend about a fiver every couple of months on things like moisturiser, exfoliater, cleanser etc. because I always buy really cheap products but make-up is totally different. I'd probably spend about £15 a month on fake tan and false eyelashes lol and then my foundation is £12.99, primer is probably about £20 and then there's mascara, eyeliner, eyeshadows, brushes, lippy, bronzer, blusher, powder, hand cream, nails, body lotion, hair spray, face wipes, cotton wool, fake tan mitts, shampoo, conditioner, shower gel, razors, shaving foam etc. I obviously wouldn't buy that every week but I'd need to have a certain allowance for all that stuff and if all I had was £50 a week to live on then finding £80ish every couple of months might be a bit difficult.

    Assuming that he wouldn't need all that crap I'd still think that he'd spend around £25 a week on food and toiletries if he wants to eat well and not have to wipe his bum with newspaper lol and then ontop of that he'd have travel costs which would vary depending on where he goes, nights out which must be £20 unless his definition of night out is just going for a couple of pints in the pub next door. I know it's probably doable but I don't think I'd find it particularly easy even if I was male.
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    (Original post by ellejaytee)
    I wouldn't necessarily assume that you won't have many books though. I'm on an economics course and typically we have one text book per module that is necessary, thats about 5 books per semester that you need to buy, and their in the range of £50-£100

    just a warning, but it does really vary course to course, uni to uni
    Hi. I have applied to do Economics at either Leicester or Birmingham and would please like some advice.

    Which uni do you go to and how many/long is each semester there.

    Also what finances do you have for your living costs.

    Thanks alot
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    (Original post by ...mo...)
    Hi. I have applied to do Economics at either Leicester or Birmingham and would please like some advice.

    Which uni do you go to and how many/long is each semester there.

    Also what finances do you have for your living costs.

    Thanks alot
    I'm at Bath and have 5 modules per semester, with two semesters each year.

    I get a full bursary and maintenance grant so I'm pretty ok for money, I probably should keep track of it better, but I know that I am safe for money. I also worked full time last year during my placement and have some savings I can fall back on.

    As an idea, I spend about £20 a week on food, and I don't go out an awful lot (final year and lots of work), but I am a member of a sport club and that costs £120 for the whole year, and I need to buy bus passes which cost £90 for 13 weeks. I can't think of a whole lot more of my costs right now, like I said I should keep better track of them.
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    (Original post by ellejaytee)
    I'm at Bath and have 5 modules per semester, with two semesters each year.

    I get a full bursary and maintenance grant so I'm pretty ok for money, I probably should keep track of it better, but I know that I am safe for money. I also worked full time last year during my placement and have some savings I can fall back on.

    As an idea, I spend about £20 a week on food, and I don't go out an awful lot (final year and lots of work), but I am a member of a sport club and that costs £120 for the whole year, and I need to buy bus passes which cost £90 for 13 weeks. I can't think of a whole lot more of my costs right now, like I said I should keep better track of them.
    Thank you for replying

    You said a placement year. Like Bath, Aston have I think Aston have more than 50% of students go on a placement. I currently have a 4 year sandwhich offer for finance but was thinking about Economics instead.

    Do you think it would be worth me spending the extra year in the industry of shall i go with the year course?

    Also where did you go and what was the placement/pay like

    Thanks
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    (Original post by littleone271)
    Do you really think 50 is enough to have a few nights out a week and buy food and toiletries with? Surely a night out is £20 minimum?
    Once you're a couple of weeks into term, nights out tend to die down. £20? I go out on less than a tenner and have about £6k to last a full year. (Nursing courses are 45+ weeks). You'll have more than enough to live off.
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    (Original post by glf2110)
    Once you're a couple of weeks into term, nights out tend to die down. £20? I go out on less than a tenner and have about £6k to last a full year. (Nursing courses are 45+ weeks). You'll have more than enough to live off.
    How do you go out on less than a tenner? Surely it costs about a fiver just to get into a club?
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    (Original post by ...mo...)
    Do you think it would be worth me spending the extra year in the industry of shall i go with the year course?
    You may find that doing the placement will make getting a job easier after uni.
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    (Original post by OU Student)
    You may find that doing the placement will make getting a job easier after uni.
    Thanks for replying

    Is it worth spending a year out?

    Where did you go and how was the placement/pay? Did they offer you a job?

    Thanks
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    (Original post by ...mo...)
    Thanks for replying

    Is it worth spending a year out?

    Where did you go and how was the placement/pay? Did they offer you a job?

    Thanks
    I didn't necessarily find this directly, but i knew how to handle recruitment for graduate jobs better.

    I did my placement at the bank of england and got around average pay for public sector, although some people working at investment banks were able to earn around £50,000 on placement.
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    (Original post by littleone271)
    How do you go out on less than a tenner? Surely it costs about a fiver just to get into a club?
    Student nights at student clubs. We also have good nights at our Halls JCR, SU and we make our own fun.
    I avoid the main stream ones like Oceana, soooooo expensive.
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    (Original post by cgvince)
    Right so im off in september, and ive just been looking at the grant and loan i will be getting

    £5200 Loan

    £700 Grant

    and £500-1000 of my own personal savings.

    Now after factoring in hall prices which is £4200 for the year, that will only leave me between £2300 and £2800 for the entire year which is around £68 or £53 a week respectively, I want to have the university lifestyle of going out most nights (first term obviously) and i dont want to always have the worry of running out of money, i will obviously try and get a part time job when i get to uni

    Will these finances be enough to have a good freshers week ? and in your opinion do you think the £500-£1000 Savings of mine will last the entire first term

    Thanks Guys
    I think it might be quite tough unless you do get that p/t job. You'll certainly have enough for fresher's week because you can budget that as a 'special week' when you do go out more and pay for things like clubs etc. But then that will reduce the rest of the year's amount.

    The reason I think it will take good budgeting is all the hidden costs of uni. like the deposit for the university accomodation (check if your uni charges one and how much it is) They will hold this money and even though technically you haven't spent it, it will reduce your available funds. During the first two terms at uni. you will also have to save up for the deposits and rent in advance to secure the following year's private accomodation. This is usually a bit hefty and you won't usually have your first deposit back from the university when you have to pay this out.

    These are cash flow issues really, hence the overdraft facility becomes important to smooth them out. BUT don't spend the overdraft as 'spending money' as you'll then leave yourself short for these other expenses.

    I suppose I'm saying you need to make a budget that includes travelling, eating, books, variable costs like deposits, going out etc. Most universities say you need c. £8000 per annum. You'll be short by c.£1100 in the first year (after using your savings) and £2100 in the second and third years. You can easily make this up by working p/t and especially in the summer hols but there isn't much room to get the budget wrong and splash out all over the place. As well as a budget do a cash flow, taking into account when money comes in and out so that you know when you're shorter of money or when you can spend more in advance of some coming in. Thus you might use up your savings more quickly than you anticipated at first what with paying out for Fresher's week, deposits, covering any wait for grant etc but that would be okay because then hopefully the part time work would kick in. In term two the money from the loans would go further because there are no extra costs this time.... In term three the costs will go up again due to the need to secure accomodation for next year... etc etc...

    Good luck.

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