Money saving help

Hi,
Idk if I’m posting this in the wrong forum, I probably am, but I need help and I wanted to ask anonymously. Im receiving 11k from student finance (including grants etc) and I don’t have anything to spend it on. I do need to get some things for uni but I doubt I’ll spend over 2/3k so I’m still left with a large sum of money. Im commuting so some of my money will also go to train and bus fares and I live with my parents so I don’t pay rent etc. I don’t know what to do with the money, shall I put it into a savings account or shall I invest or something? Idk

Reply 1

londonmyst

19

Try to save at least 1/3 of your total annual maintainence loans and any bursaries you receive for a rainy day or towards a property deposit.

Have you had a look at peer to peer lending sites?
Are you interested in starting your own business or investing in someone else's startup?

Reply 2

martin7

20

Original post by Anonymous

Hi,
Idk if I’m posting this in the wrong forum, I probably am, but I need help and I wanted to ask anonymously. Im receiving 11k from student finance (including grants etc) and I don’t have anything to spend it on. I do need to get some things for uni but I doubt I’ll spend over 2/3k so I’m still left with a large sum of money. Im commuting so some of my money will also go to train and bus fares and I live with my parents so I don’t pay rent etc. I don’t know what to do with the money, shall I put it into a savings account or shall I invest or something? Idk

It's best to keep a decent chunk of money in easily-accessible savings. The usual advice is to try to have 3-6 months of your usual income in easily accessed savings, which acts as a buffer against unexpected costs (e.g. boiler breaks down and needs replacing, significant work on your car, losing your job).

Investing in stocks and shares is normally advised as a longer-term way of saving -- for example, because the stock market goes up and down in the shorter term, it's best to look at investment in stocks and shares as being a longer-term investment. You ideally want to diversify an investment in shares -- you don't invest your money in just one or two companies.

Reply 3

Muttley79

20

Original post by Anonymous

Hi,
Idk if I’m posting this in the wrong forum, I probably am, but I need help and I wanted to ask anonymously. Im receiving 11k from student finance (including grants etc) and I don’t have anything to spend it on. I do need to get some things for uni but I doubt I’ll spend over 2/3k so I’m still left with a large sum of money. Im commuting so some of my money will also go to train and bus fares and I live with my parents so I don’t pay rent etc. I don’t know what to do with the money, shall I put it into a savings account or shall I invest or something? Idk