How much for enough to live off?

Original post by T-the-Dreamer

So I got an offer for the room of my choice at the University of Leicester. When I applied it seemed ideal and I thought I'd have enough left over to live a decent year with. But setting the amount I'm gonna be paying again, I worry I won't have enough.

The room is around £5800 and I'll be entitled to surround £9000 worth of loans and grants. That leaves £3200 for the year. Is that OK? I'm not looking to live like a king (though the room I applied for might say otherwise) but I WANs be OK.

Posted from TSR Mobile

You are an adult now. Make decisions for yourself. If you want to know if the amount is fine make a budget.

Think:
£3200 - food, transport, toiletries, social
you have £260 per month or about £60 per week
Food - easily £15
Transport - you live in campus I guess so it should be £0 most weeks
toiletries - £15 give or take £5
that leave us £30 for socials and savings
From the above, you can see that you won't be clubbing much but you can still party at someone's place, you just have to buy the drinks which is cheaper.

It is doable but you will live a very party-humble life.

Reply 7

Original post by T-the-Dreamer

So I got an offer for the room of my choice at the University of Leicester. When I applied it seemed ideal and I thought I'd have enough left over to live a decent year with. But setting the amount I'm gonna be paying again, I worry I won't have enough.

The room is around £5800 and I'll be entitled to surround £9000 worth of loans and grants. That leaves £3200 for the year. Is that OK? I'm not looking to live like a king (though the room I applied for might say otherwise) but I WANs be OK.

Posted from TSR Mobile

£3200 is LOADS to live on for the year after rent!!!! I've got £2300 to live on each year after rent for my masters, and I will be at uni for 44 weeks of the year (about 10 weeks longer than any undergraduate course) so if I can live on that for 10 weeks longer than you, £3200 is a large amount to live on!

Reply 8

Original post by Precious Illusions

Lidl/Aldi will be your friends, OP.

What about you? Won't you be OP's friend? :biggrin:

Reply 9

Original post by Precious Illusions

Well that's at least £250 a month. So that's a good £60 a week, which is plenty IMO. What do you have to pay for? Rent is paid so what else is there to worry about? Food? Toilettries? Phone contract? Nights out etc? Just budget and you'll be fine tbh.

I don't think OP can afford to have a phone contract or go out that much. It would be wiser for him to keep a significant chunk of the money as an emergency fund.

Reply 10

Original post by Physflop

£3200 is LOADS to live on for the year after rent!!!! I've got £2300 to live on each year after rent for my masters, and I will be at uni for 44 weeks of the year (about 10 weeks longer than any undergraduate course) so if I can live on that for 10 weeks longer than you, £3200 is a large amount to live on!

I think 44 weeks is an undergrad length. Masters are normally about 51 weeks.

Reply 11

Truflais

20

Original post by Juichiro

I don't think OP can afford to have a phone contract or go out that much. It would be wiser for him to keep a significant chunk of the money as an emergency fund.

Going out etc doesn't need to be expensive with predrinking etc. I meant if OP already has a phone contract then that's just another cost to consider. And food can be very cheap, I'd say you can easily get away with spending £15-£20 max a week on groceries. That leaves OP with £40 a week for going out/alcohol etc.

Reply 12

Original post by Precious Illusions

Going out etc doesn't need to be expensive with predrinking etc. I meant if OP already has a phone contract then that's just another cost to consider. And food can be very cheap, I'd say you can easily get away with spending £15-£20 max a week on groceries. That leaves OP with £40 a week for going out/alcohol etc.

He also needs to put toiletries costs (see eau de toilette, shower gel, etc) I am putting that at £15 because I don't know OP's gender or how much toiletries needs he has. That leaves us £25 for going out but he also needs to consider an emergency fund, otherwise he is going to leave on the edge all the time. Also, he needs money for photocopies and the occasional bus travel.

Reply 13

T-the-Dreamer

OP

6

Thanks for all the replies. I should mention I don't drink and do not go out for the most part so having money leftover is a big bonus.

I should have attempted to make a budget but me being the type to overthink everything in life thought that I would miss out something. So I thought it would be safer to just ask.

Thinking about it, after the rent, which includes utilities, I only need money for groceries and the odd luxury now and then. Lidl and I are also well acquainted :smile:

Posted from TSR Mobile

Reply 14

Original post by Juichiro

I think 44 weeks is an undergrad length. Masters are normally about 51 weeks.

Masters are 44 weeks.... The whole year is basically 51 weeks! Undergrad is more like 33 weeks, I am talking about actual teaching weeks here. My masters I get 2 weeks off at xmas, 2 weeks at easter and 4 weeks in summer. You get more than double that in an undergrad course

Reply 15

Original post by Physflop

Masters are 44 weeks.... The whole year is basically 51 weeks! Undergrad is more like 33 weeks, I am talking about actual teaching weeks here. My masters I get 2 weeks off at xmas, 2 weeks at easter and 4 weeks in summer. You get more than double that in an undergrad course

I am talking about the whole academic year. For undergrads it's 44 weeks. For Masters it's 51 weeks (dissertation done over the summer).

Reply 16

Original post by Juichiro

I am talking about the whole academic year. For undergrads it's 44 weeks. For Masters it's 51 weeks (dissertation done over the summer).

Yes thats right, but if you were just staying at uni for the actual university time, so September-June and going home at xmas and easter, you would only need to budget for about 33-37 weeks, hence my masters budget is set around 44 weeks. Either way, £3200 is still plenty of money to live on

Reply 17

Original post by Physflop

Yes thats right, but if you were just staying at uni for the actual university time, so September-June and going home at xmas and easter, you would only need to budget for about 33-37 weeks, hence my masters budget is set around 44 weeks. Either way, £3200 is still plenty of money to live on

If you rent a uni room, you still have to pay for the time you are not in. And yes, when you are at home in Christmas you don't spend money on living costs but you spend it on gifts so the money is still spent. Only in Easter, you save your money.

Reply 18

Original post by Juichiro

If you rent a uni room, you still have to pay for the time you are not in. And yes, when you are at home in Christmas you don't spend money on living costs but you spend it on gifts so the money is still spent. Only in Easter, you save your money.

Yeah, but this 3200 is after already paying rent. I'm a stinge so not much of my money goes on presents haha. And you get long holidays to work, so that initial budget can quite easily increase if you're struggling

Reply 19