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How much should I have in savings for Uni?

I have around 2K in savings and i’m also working so I should have some more after working the summer. Is this enough for uni? I wont ask my mum for money as I hate asking her for money. How much in savings should I have before going to uni?

Reply 1

CardiffUni Rep

Official Rep

Original post by cora980

Hi there

Congratulations on getting into uni and working to contribute to your savings! How much you need for uni totally varies on factors such as what city you will be living in, how much your rent is, how much your student loan is, will you be working part time through.

There is no exact figure which can be deemed 'enough', though you've made a great start :smile:

Let me know if you have any more questions!

Jaz - Cardiff student rep

Reply 2

University of Huddersfield

Official Rep

@cora980

It doesn't always feel comfortable asking family for money, but if your mother is aware that you want to go university, she might already be thinking about how she can help you.

Don't be afraid to have a conversation with her about it. She may have been saving money for a long time so that she can help, even if that's not the case, at least you will know what she can or can't do to help.

Are you taking out a student loan? Is your course eligible for a bursary or does your university have any scholarships available or funding support?
Are you planning to commute or move for university? How long is your course?

The main expenses for university are the tuition fees and accommodation, so if you know how you will pay for these things, then 2K is a good start for the first year, but do think about the additional years and how much you will be able to work during term time/ during the holidays.

It might be worthwhile to explore what finance is available to you and how your university might be able to help.

All the best,

Oluwatosin – 2nd year student – University of Huddersfield

Reply 3

hallamstudents

Official Rep

Original post by cora980

Hey there @cora980 !
This completely depends on your personal circumstances. For example, for me I had around £1.5k saved and received a food and necessities allowance of £200 a month. This was more than enough for first year and for second year I didn't have as much savings but we kept the allowance the same. I think 2k will be more than enough for you for first year. It depends whether your plans are to get a job after that and how much that amount is supposed to cover. Will you be getting student finance on top of this? I think if you are that'll definitely be more than enough. Does this 2k count towards your accommodation? If the 2k + your student finance is for your rent then I'd suggest maybe it's not enough but that's going off general accommodation prices. I'm not sure what your accommodation prices are so it could be different.

Hope this helped!
Lucy - Digital Student Ambassador SHU

Reply 4

University of Bath

Official Rep

Hi there,

Thats great you've started preparing with savings! There is no amount which is "enough" for university. I know people who have started with a lot of money and people who have started with nothing - myself included. Its all about budgeting and managing while you're there. I think 2K is a great start

I recommend taking out some student loans to help covering essentials. You could also talk to your univeristy about additional financial support available and maybe even look into a part time job.

I understand the hesitance in asking for money but if your mother is offering/happy to there is no shame in accepting the help!

Hope this helped,
- Sophie (uni of Bath)