Is student finance enough?

I am given the maximum student finance for my first year starting September 2023 which is 10k. My accommodation will cost 4.2k, and from what I've heard, food should cost around 2k give or take every year. And another 1k for basic home utensils like dishes, toothbrush etc. So does that mean i will have 2k sitting around for emergencies?

Reply 1

No1FanGirl

OP

2

I am given the maximum student finance for my first year starting September 2023 which is 10k. My accommodation will cost 4.2k, and from what I've heard, food should cost around 2k give or take every year. And another 1k for basic home utensils like dishes, toothbrush etc. So does that mean i will have 2k sitting around for emergencies?

Reply 2

normaw

Clearing and Applications Advisor, Universities Forum Helper

19

Original post by No1FanGirl

I am given the maximum student finance for my first year starting September 2023 which is 10k. My accommodation will cost 4.2k, and from what I've heard, food should cost around 2k give or take every year. And another 1k for basic home utensils like dishes, toothbrush etc. So does that mean i will have 2k sitting around for emergencies?

[Threads merged - please don't make mutiple threads on the same subject]

Compared with a lot of unis, your accommodation is pretty cheap so you should be able to manage fine. My son spends around £35-40 per week on food and essentials. Are bills included in your accommodation? Will you have any travel costs to and from campus? Don't forget to budget for entertainment, societies, clubs, etc.- you need to enjoy yourself while you're at uni.

(edited 9 months ago)

Reply 3

username6272307

6

Original post by No1FanGirl

I am given the maximum student finance for my first year starting September 2023 which is 10k. My accommodation will cost 4.2k, and from what I've heard, food should cost around 2k give or take every year. And another 1k for basic home utensils like dishes, toothbrush etc. So does that mean i will have 2k sitting around for emergencies?

Yeah i think u will be fine, but your accomodation is so much cheaper than mine. How come?

Hi there!

Current Cardiff uni student here

Congratulations on getting into university! I was in a similar situation to you in my first year and worked alongside in order to have enough savings for the summer. I'm not sure how much things have changed because of the inflation. However, the loan that you have been given is a great start, I would just remind you to track your finances and insure that you have enough saved for summer rent and any other plans that you might have.

I hope this helps :smile:

Jaz- Cardiff student rep

Original post by No1FanGirl

I am given the maximum student finance for my first year starting September 2023 which is 10k. My accommodation will cost 4.2k, and from what I've heard, food should cost around 2k give or take every year. And another 1k for basic home utensils like dishes, toothbrush etc. So does that mean i will have 2k sitting around for emergencies?

Reply 5

lalexm

16

Original post by No1FanGirl

I am given the maximum student finance for my first year starting September 2023 which is 10k. My accommodation will cost 4.2k, and from what I've heard, food should cost around 2k give or take every year. And another 1k for basic home utensils like dishes, toothbrush etc. So does that mean i will have 2k sitting around for emergencies?

From my daughters experience, you need about £4K min over and above your accommodation cost, so you should be fine, particularly if you get a part time job to have extra money for going out, clothes shopping, holidays etc.

(edited 9 months ago)

Reply 6

University of Sunderland Student Ambassador

Official Rep

11

Original post by No1FanGirl

I am given the maximum student finance for my first year starting September 2023 which is 10k. My accommodation will cost 4.2k, and from what I've heard, food should cost around 2k give or take every year. And another 1k for basic home utensils like dishes, toothbrush etc. So does that mean i will have 2k sitting around for emergencies?

Hi there,

Depends on you personally, where you'll be staying and cost of living. Questions like would you be going for outings, shopping or just buying things impromptu. Also consider your health and how much it'll cost, things like paying for clubs, societies or gym. There are quite a number of things to consider but I think 2k should be able to cover all these things but it doesn't hurt to look for a part time job while in Uni. My advice would be to open a savings bank account to not spend it carelessly because it's there. Lastly, think about future or long term plans. Hope this helps!

Benedicta,
Digital Ambassador-UoS

Reply 7

Lancaster Student Ambassador

Official Rep

15

Original post by No1FanGirl

I am given the maximum student finance for my first year starting September 2023 which is 10k. My accommodation will cost 4.2k, and from what I've heard, food should cost around 2k give or take every year. And another 1k for basic home utensils like dishes, toothbrush etc. So does that mean i will have 2k sitting around for emergencies?

That should be enough depending on your lifestyle. Obviously social events when stacked up will take a decent chunk of that loan off, but it's also a good learning experience with personal finance. I was on minimum loan and had to budget a lot of my spending, get various university jobs and have parents help out a bit from time to time.

I think you should be fine on maximum student loan. You have a very basic template of where that 10K is going, so as long as you stick to it and budget what you're spending (write notes, or if your bank shows you your spending, keep tabs on it, bank statements etc).

That said, if you find you're spending more than you predicted, there are always jobs around for you to apply to as well as loads of university jobs (ambassadors like me, for example) that you'll get paid for. Those shifts do add up and save your balance, trust haha.

Hope this helps,
Dom

Is student finance enough?

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