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Money in the bank

So i'm planning on heading off to Uni next year but the cost of holidays this year is worrying me about the money i need to take to uni. With my savings plan i should hopefully have about 1000-2000. I was wondering if anyone has any advice on whether this will be enough? Thanks
Reply 1
Avatar for Kre
Kre
18
It entirely depends on how much maintenance loan/grant you're entitled to. If you come from a low income family, you'll be given enough support to cover your accommodation and living costs (within reason), or if you're family are very wealthy it shouldn't be a problem. The problem occurs when you're in the middle where you get minimum loan and your parents can't afford to give you a lot of cash at uni. £2000 sounds like a sensible amount though.
Enough for what?

It should be enough to cover the one off expenses at the start of first year, such as deposit for halls, etc and leave you a bit left over for an emergancy fund. If you manage £2000, it will probably cover all your deposits (assuming you never get one back) and give you a decent emergancy fund if things come up.

However, if your loan doesn't cover all your living expenses, £2000 over 3 years probably won't make up the difference.
Reply 3
Avatar for suchy1996
suchy1996
OP
Thanks for the replies, both really helped me, appreciate it! Well my parents earn quite abit so my loan will be low but they said they will pay for accommodation so my money wont particularly go towards that. The 2000 would be used towwrds emergency funds, food, going out etc. I also have a job which can be transferred to where the uni is so I will have a source of income. Was just after a little guidance as to how much I will probably spend? So 2000+ would decent amount?
Reply 4
Avatar for jelly1000
jelly1000
21
Original post by suchy1996
Thanks for the replies, both really helped me, appreciate it! Well my parents earn quite abit so my loan will be low but they said they will pay for accommodation so my money wont particularly go towards that. The 2000 would be used towwrds emergency funds, food, going out etc. I also have a job which can be transferred to where the uni is so I will have a source of income. Was just after a little guidance as to how much I will probably spend? So 2000+ would decent amount?


If your parents are paying for accomodation & you'll have a job at uni then you should be fine with 2k (assuming you are taking the 3k student maintainance loan out as well).

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