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A great idea for budgeting and spending costs for Uni... watch

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    Hey guys, I don't really leave many messages on this forum, however...I have been budgeting and doing boring stuff like that, and I have came to a kinda cool and practical way of having enough money every week to survive! Here goes:

    Right, let's say you get a £1250 overdraft yeah? And you have the student loan as well?

    You could...pay yourself £100 a week from the overdraft, this way it would last you all year round. And then over the summer holidays (when you're at home and not spending as much) you could get a full-time job and pay it off for the following academic year.

    Also, if you get yourself a part-time job at University, say...10 hours at £5 an hour. That's another £50 a week, which gives you £150!

    Your student loan could be used to pay for the boring stuff like Accommodation and stuff, thus leaving you with £150 (minimum) every week to spend however you like (socialising, eating out, cd's etc).

    I have personally decided that, this would be most practical for myself...and would help me to keep the inevitable debt one gets into at University at a minimum

    MadLove
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    (Original post by MadLove)
    pay yourself £100 a week from the overdraft, this way it would last you all year round.
    The sums don't add up :confused:

    You could only keep that up for 12.5 weeks...
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    Um...all I can say is...****! lolol! Oh well, nevermind! Um...well, £25 a week then! Er...I failed maths, can't you tell?

    Oh nooo...my budgeting has gone to pot now

    Thank you beekeeper, for ruining my dreams and my aspirations lolol :P

    Yeah...£25 a week. Now this means your gonna have to work an extra 10 hours (20 hours in total), to make up for my terrible maths! bleugh

    MadLove



    (Original post by beekeeper_)
    The sums don't add up :confused:

    You could only keep that up for 12.5 weeks...
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    (Original post by beekeeper_)
    The sums don't add up :confused:

    You could only keep that up for 12.5 weeks...
    Yes, but that was his point, the £100 a week would last over the term then you earn more during the holidays...though the chance of earning £1,000 over 4 weeks during winter is doubtful - I honestly wish it was possible though!
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    I'll prostitute myself...um, or get an office job :P
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    (Original post by dobbs)
    Yes, but that was his point, the £100 a week would last over the term then you earn more during the holidays...though the chance of earning £1,000 over 4 weeks during winter is doubtful - I honestly wish it was possible though!
    You would still have the annual £1250 limit anyway, so it would only work for he first term...
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    also, 50 a week with your job = 200 not 150.

    My loan won't even cover my accommodation, never mind my fees. Luckily my parents will help me out quite a bit, i'm still going to have to work all year round though. xx
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    Nooo...£50 a week, plus the £100 from the overdraft = £150 a week! :P

    How much is your accommodation like, must be a ridiculous amount if your loan wont cover it?
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    ^^ exactly, MadLove you're gonna find it expensive when you get to London - accommodation can be anything between £80 and £100/week, then you've got food, bills (if your accommodation doesn't include them), travel and then all the other stuff that you'll want to spend money on - clothes, music, going out, etc.
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    My UoL accomodation costs just over £5000 pa, and i've been offered just over £4000 loan.
    On top of fees, transport and living costs, i'll have a shortfall of about £3700, and i'm not sure how much the folks are going to chip in. Possibly about £2500, so i should really start thinking about finance...
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    ahh ok sorry, i misunderstood you, i thought that was you working out your monthly earnings. Well fees is 1175 and accomm is around 3800 (but that's for catered accommodation, so i won't be spending much on food) I'll post the exact cost later, i can't seem to get the website that will tell me the exact cost to load. So i'm basically paying 5k and then anything else i want to do needs to come from spending money, which i need to save or earn. My parents are going to give me 200 a month though, but i think i need a little bit more than 50 a week to live on. Especially with travelling expenses and going out more, so i will need to work. I'm going on a couple of holidays this Summer, so i'm not going to be able to save much. Hopefully i will earn enough to cover Fresher's Week and get me started before i find a job. xx

    EDIT: I got my accomm costs a little bit wrong, the actual cost will be £3,487.50 That's still more than my loan though. xx
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    (Original post by Kingspharm)
    ^^ exactly, MadLove you're gonna find it expensive when you get to London - accommodation can be anything between £80 and £100/week, then you've got food, bills (if your accommodation doesn't include them), travel and then all the other stuff that you'll want to spend money on - clothes, music, going out, etc.
    would £75 per week pay for food and going out e.t.c excluding accommodation in london?

    I budgeted for, have money sorted for my accommodation for all 4 years, and then £75 a week for everything else excluding car insurance if i'm allowed to take it.
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    You won't need your car in London surely? People have recommended 25-30 on food. which would leave you 45-50 on going out/cds/dvds/clothes/presents etc. Is that enough? How many times a week do you think youwould like to go out? I personally don't think that's enough, especially for London, but then with transport i spend abou 20 on a night out. That normally includes a taxi though. xx
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    It depends how extravagant you are, but certainly £75/week is around the right level for a comfortable standard of living.
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    (Original post by mousey)
    You won't need your car in London surely? People have recommended 25-30 on food. which would leave you 45-50 on going out/cds/dvds/clothes/presents etc. Is that enough? How many times a week do you think youwould like to go out? I personally don't think that's enough, especially for London, but then with transport i spend abou 20 on a night out. That normally includes a taxi though. xx
    i can put it up if need be, maybe £100 a week, but that seems a bit too much. I need my car to go to west london once a month, don't like public transport that much.

    £25-30 on food alone is not that much imo, i would budget at least £50 for food. I think i'll budget £90 for food/going out.
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    (Original post by nas7232)
    I need my car to go to west london once a month, don't like public transport that much.
    If you're planning on driving anywhere in London, you're ****ed. You're going to have to use public transport, mate. Taking a car is expensive and pointless - don't forget, in addition to insurance and normal running costs, you may also need to pay £8 a day for the Congestion Charge and a huge amount for parking in the city. Just take the train.
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    does anyone know what med students do? i have a feeling it is A LOT harder to fit in a job. what can i do?
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    (Original post by MadLove)
    Hey guys, I don't really leave many messages on this forum, however...I have been budgeting and doing boring stuff like that, and I have came to a kinda cool and practical way of having enough money every week to survive! Here goes:

    Right, let's say you get a £1250 overdraft yeah? And you have the student loan as well?

    You could...pay yourself £100 a week from the overdraft, this way it would last you all year round. And then over the summer holidays (when you're at home and not spending as much) you could get a full-time job and pay it off for the following academic year.

    Also, if you get yourself a part-time job at University, say...10 hours at £5 an hour. That's another £50 a week, which gives you £150!

    Your student loan could be used to pay for the boring stuff like Accommodation and stuff, thus leaving you with £150 (minimum) every week to spend however you like (socialising, eating out, cd's etc).

    I have personally decided that, this would be most practical for myself...and would help me to keep the inevitable debt one gets into at University at a minimum

    MadLove
    but you haven't allowed for the fact that the basic loan doesn't cover fees and accommodation, so i for one will already be dipping into overdraft for that!
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    (Original post by Dr. Blazed)
    If you're planning on driving anywhere in London, you're ****ed. You're going to have to use public transport, mate. Taking a car is expensive and pointless - don't forget, in addition to insurance and normal running costs, you may also need to pay £8 a day for the Congestion Charge and a huge amount for parking in the city. Just take the train.
    :rolleyes: The CC doesn't operate 24 hours a day you know, it is possible to drive without being bum ****ed by Red Ken.

    If you're living in the very middle of Zone 1, then I quite agree, it's not worth having a car and it will be very expensive. Anywhere Zone 2 outwards, I'd say a car is just as essential as it is anywhere else in the country.
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    (Original post by nas7232)
    i can put it up if need be, maybe £100 a week, but that seems a bit too much. I need my car to go to west london once a month, don't like public transport that much.

    £25-30 on food alone is not that much imo, i would budget at least £50 for food. I think i'll budget £90 for food/going out.
    Unless you're eating, like, M&S gold-plated food, £25-30 is MORE THAN adequate for a week for one person.

    Kingspharm - I'd argue that you don't really need a car in quite a few other places, not just central London :p:
 
 
 

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