How to work out how much money you'll have for a week at university?

Hi! So I'm trying to work out how much money I will have after paying my accommodation out of my student finance so I know how much I will have for a week.

I get paid in three instalments and have to pay my rent in the same way.
So in total my student loan is: £7617 across the 3 instalments which is 2,614.05

My rent is £5,522.05 across three instalments.
For the 1st term it is 2,160.64
For the second term 2,306.85
for third is: 1,054.56

If my calculations are correct then I think I only get about £20 a week, I'm hoping i'm wrong. So do any of you have any methods on how to work out how much you'll have per week. :frown:

(edited 9 years ago)

Reply 1

MrEFeynman

£7,617.00 - £5,022.05 = £2,594.95 left over to spend, for your 9 months at Uni.

9 months = 39 weeks.
£2,594.95 / 39 = £66.537 per week. Rounding this up, gives you roughly £66.54 per week.

Reply 2

Wonderer1

Original post by MrEFeynman

£7,617.00 - £5,022.05 = £2,594.95 left over to spend, for your 9 months at Uni.

9 months = 39 weeks.
£2,594.95 / 39 = £66.537 per week. Rounding this up, gives you roughly £66.54 per week.

OH, I think maybe I was doing something wrong in my calculations I guess I never took out the easter and christmas holidays off or something. Thank you. :smile:

Reply 3

MrEFeynman

Original post by Wonderer1

OH, I think maybe I was doing something wrong in my calculations I guess I never took out the easter and christmas holidays off or something. Thank you. :smile:

You're welcome, good luck.

Reply 4

nohaynada

You'll have to get an overdraft though because they're in installments.

Or get a part time job.

Reply 5

VickyDoodle

I always did it by installment, but that meant that I'd end up having more money some terms than others.

Loan, minus rent, minus textbooks divided by the amount of weeks until next loan comes in. --> Minimum amount available
Loan, minus rent and textbooks, divided by amount of weeks left until holidays --> Maximum amount available
I always tried to stay under the minimum amount so I had money left over for the holidays, but then it's ok if you go over it 'cause you're way under your maximum! ^^

Reply 6

Wonderer1

Original post by nohaynada

You'll have to get an overdraft though because they're in installments.

Or get a part time job.

Nah, I don't need it, Student finance pays me days before my rent is due so it works out nicely. I may get it just in case but it isn't technically needed. :smile:

Reply 7

nohaynada

Original post by Wonderer1

Nah, I don't need it, Student finance pays me days before my rent is due so it works out nicely. I may get it just in case but it isn't technically needed. :smile:

£2,614.05 - £2,160.64 = £453.41 for the first term, that's going to be enough?

Reply 8

marple

If you're moving into a student house in 2nd year you will need to budget to pay a deposit/rent over the summer. It can be quite a lot and is usually paid well before you get your second year loan.

Reply 9

Wonderer1

Original post by nohaynada

£2,614.05 - £2,160.64 = £453.41 for the first term, that's going to be enough?

Yeah it is. I already worked it out now with help of MrEFeynman I worked out that I will get £37.60 a week plus I have £50 going in my bank every month from another source so I will be plenty fine. May get a part time job at university not sure.

Reply 10

Wonderer1

Original post by marple

If you're moving into a student house in 2nd year you will need to budget to pay a deposit/rent over the summer. It can be quite a lot and is usually paid well before you get your second year loan.

Thanks for the advance warning! I'm moving into halls of residence and I will be in my first year but I will keep this in mind next year. :smile:

Reply 11

MrBean1994

With money from the government, university and my dad, I'm looking at £240-250 per week after rent. (Only if I don't want to save anything though)Can't wait for unayyy

(edited 9 years ago)

Reply 12

rayquaza17

Original post by MrBean1994

With money from the government, university and my dad, I'm looking at £240-250 per week after rent. (Only if I don't want to save anything though)Can't wait for unayyy

Are you just showing off, or do you have anything useful to add to the thread?

Reply 13

MrBean1994

Original post by rayquaza17

Are you just showing off, or do you have anything useful to add to the thread?

Showing off a tad and someone else shared their weekly budget, so I shared mine. Get over it.

Reply 14

Wonderer1

Original post by MrBean1994

With money from the government, university and my dad, I'm looking at £240-250 per week after rent. (Only if I don't want to save anything though)Can't wait for unayyy

Erm, good for you. However, what the other poster said was correct. The only purpose for posting this thread was to get tips on how to work out a weekly budget, this is irrelevant. There is another thread, however, that is specific for people to post their weekly allowances so you may want to post there instead. ^_^'