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Budgeting for Uni

I'm going to Sheffield Hallam University this September, and this will be my first time being financially independent. I am going to be living in Halls, my maximum budget being 115 per week, but the most expensive halls I've chosen are 113 a week, my first choice being about 105 a week. I got my Student Finance letter saying my maintenance loan will be £8000.
After rent, I'll have about £3400 approximately, which is about 60 a week. How do you suggest I split this money up and budget it? I have a job and should be eligible for a £2000 grant, but I want to see if I can survive purely on the loan, save up my wage, and use the grant if I get it for my art supplies. Any tips are appreciated
Original post by mollyjm
I'm going to Sheffield Hallam University this September, and this will be my first time being financially independent. I am going to be living in Halls, my maximum budget being 115 per week, but the most expensive halls I've chosen are 113 a week, my first choice being about 105 a week. I got my Student Finance letter saying my maintenance loan will be £8000.
After rent, I'll have about £3400 approximately, which is about 60 a week. How do you suggest I split this money up and budget it? I have a job and should be eligible for a £2000 grant, but I want to see if I can survive purely on the loan, save up my wage, and use the grant if I get it for my art supplies. Any tips are appreciated


You could easily manage on £20-25 for food a week if you re sensible, then only you ll know yourself how much you feel you need for clothes and any other things like your phone bill.
Original post by mollyjm
I'm going to Sheffield Hallam University this September, and this will be my first time being financially independent. I am going to be living in Halls, my maximum budget being 115 per week, but the most expensive halls I've chosen are 113 a week, my first choice being about 105 a week. I got my Student Finance letter saying my maintenance loan will be £8000.
After rent, I'll have about £3400 approximately, which is about 60 a week. How do you suggest I split this money up and budget it? I have a job and should be eligible for a £2000 grant, but I want to see if I can survive purely on the loan, save up my wage, and use the grant if I get it for my art supplies. Any tips are appreciated


You’ll have way more than £60 per week. Uni is only 2 10 week terms ( at UCL anyway, check ur uni if it’s different- could be 12 week terms) and then term 3 is just for exams. So divide £3400 by 20, and you’ll have £170 left weekly.
Original post by SherlockD
You’ll have way more than £60 per week. Uni is only 2 10 week terms ( at UCL anyway, check ur uni if it’s different- could be 12 week terms) and then term 3 is just for exams. So divide £3400 by 20, and you’ll have £170 left weekly.


You don’t pay for uni accommodation for the whole year, what about Christmas and Easter? Aren’t u gonna go home then? Don’t calculate rent for the whole 52 weeks, work it out only for term time cos I feel ur calculations are a bit off atm
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mollyjm
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Original post by SherlockD
You’ll have way more than £60 per week. Uni is only 2 10 week terms ( at UCL anyway, check ur uni if it’s different- could be 12 week terms) and then term 3 is just for exams. So divide £3400 by 20, and you’ll have £170 left weekly.


I divided the 3400 by 44 because that's how long my accommodation contract is. I don't know how long the terms are at Sheffield Hallam so I can't work it out that way
Original post by mollyjm
I divided the 3400 by 44 because that's how long my accommodation contract is. I don't know how long the terms are at Sheffield Hallam so I can't work it out that way


uni accommodation is so expensive......its a ripoff, but likely you cant cook and need the "sheltered experience". The smartest thing to do is however live slightly off campus... and a student loan goes quickly... a couple of nights out makes a big dent. Be very careful and set meal plans, lidl and aldi are your friends. Avoid waitrose and mini tescos!
(edited 6 years ago)
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Original post by Realitysreflexx
uni accommodation is so expensive......its a ripoff, but likely you cant cook and need the "sheltered experience". The smartest thing to do is however live slightly off campus... and a student loan goes quickly... a couple of nights out makes a big dent. Be very careful and set meal plans, lidl and aldi are your friends. Avoid waitrose and mini tescos!


My 3 accommodation choices are about a 10/20 minute walk from campus. I'm currently learning how to cook, I have Aspergers and I find cooking very hard so I will probably keep my food very simple, like pasta or salad so that should stay fairly cheap, and I believe there's a lidl not far from the city centre

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