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How much money did you save up for uni? Do you need to? watch

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    (Original post by lw:))
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    Take your total loan+grant amount. (A)
    Take the cost of your accommodation. (B)

    (A) - (B)

    Is this enough for you to live off, for the whole year? If not, how much short are you? (C)

    You need to save (C).


    I didn't need to save any as my parents paid for my accommodation and I got max loan and grant, so I was ok for money. In second and third years I've paid for accommodation myself out of my loan and grant. If your loan won't cover your accommodation though, you definitely need to save money!
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    this depends on so many factors...

    1. how much student finance are you eligible to receive? google 'student finance calculator'
    2. how much is your accommodation
    3. how much are your parents willing to contribute, if anything?
    4. current savings
    5. if you are going to work during uni
    6. what quality of life you're planning on having. the higher that is, the more you have to save.

    personally i would have an emergency fund of about £100 available. you always run out of money towards the end of term, or have to buy a random textbook or piece of course equipment.
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    If you are in 6th form at the minute, I'd definitely suggest saving now. And if you don't need it, you'll have a nice load of savings when you leave uni, which will be useful if you take a while to find a job.

    General rule:
    If your parents earn very little - the government will throw money at you and you prob won't need to save
    If your parents earn £40,000+ between them - you will get little support from the government, and will have to rely on your parents for money. If you think they won't give you anything, you need to start saving.
    If your parents are rich and generous, you should be fine.
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    (Original post by M_E_X)

    I didn't need to save any as my parents paid for my accommodation and I got max loan and grant, so I was ok for money. In second and third years I've paid for accommodation myself out of my loan and grant. If your loan won't cover your accommodation though, you definitely need to save money!
    Eh?!?

    So, your parents earn a relatively small amount, hence you get maximum loan and grant... yet they can afford to pay all your accomodation? That doesn't sound right....
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    (Original post by neillya1)
    Eh?!?

    So, your parents earn a relatively small amount, hence you get maximum loan and grant... yet they can afford to pay all your accomodation? That doesn't sound right....
    i was just thinking the same...
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    They're probably self employed and fiddling the sytem. I knew a fair few people who got away with getting loads of money cos their parents have their ways and means.
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    If it wasn't for my parents, I would have had to quit. Even with their help I'm struggling. It's not impossible to go in without savings, but if you can save up a grand before each year.
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    I didn't save, but probably should have done. I spent all my loan on **** last year and have nothing this year. Wheee c:

    Basically, budget. Figure out what's going in and out and what the different is.
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    you shouldnt need to save up money
    though if you like a lavish lifestyle or just cannot budget for yourself you might as well get a bit upfront
    i currently have no money as i wasted it all last year, well worth it though :P
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    (Original post by neillya1)
    Eh?!?

    So, your parents earn a relatively small amount, hence you get maximum loan and grant... yet they can afford to pay all your accomodation? That doesn't sound right....
    (Original post by fallen_acorns)
    i was just thinking the same...
    Yes - that's right.

    (Original post by modgepodge)
    They're probably self employed and fiddling the sytem. I knew a fair few people who got away with getting loads of money cos their parents have their ways and means.
    They are self employed, and they certainly play within the taxmans rules .

    e: they only paid for my accom in first year. Last year and this year, I paid for it (~£6100 and ~£6400, it's going up! )

    (Original post by TGosling1234)
    you shouldnt need to save up money
    though if you like a lavish lifestyle or just cannot budget for yourself you might as well get a bit upfront
    i currently have no money as i wasted it all last year, well worth it though :P
    Some halls cost more than the basic loan amount, so if she doesn't get a grant she will have to either rely on her parents or save up.
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    (Original post by M_E_X)
    Yes - that's right.


    They are self employed, and they certainly play within the taxmans rules .

    e: they only paid for my accom in first year. Last year and this year, I paid for it (~£6100 and ~£6400, it's going up! )


    Some halls cost more than the basic loan amount, so if she doesn't get a grant she will have to either rely on her parents or save up.
    £6000+ on accomodation?!?!

    Where are you staying, Balmoral Castle??
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    (Original post by neillya1)
    £6000+ on accomodation?!?!

    Where are you staying, Balmoral Castle??
    In St Andrews, in halls.

    Anyway! This is getting a bit off topic. If I were you I would look at how much the accommodation costs at your uni, work out if you're going to get a grant or not, and whether your parents will give you any money. You might need to save money to add to your loan just to pay for your accommodation, nevermind for living costs!
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    (Original post by neillya1)
    Eh?!?

    So, your parents earn a relatively small amount, hence you get maximum loan and grant... yet they can afford to pay all your accomodation? That doesn't sound right....


    That's how this **** works, yo. People from poor families come out on top. Us normal chaps get raped, our loans don't cover our costs and we don't expect our parents to pay for ****, harsh world, yeh? ;p
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    I have saved up a few grand from working for the last few years. I have put aside a few bones every month since when I started working when I was 16 as I don't want to put a lot of financial pressure on my parents, who don't need to pay a few hundred quid a month helping me survive.
    Saying that, I have a fair bit left from my maintenence loan so I am in a pretty good situation money wise. good times.
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    (Original post by M_E_X)
    Some halls cost more than the basic loan amount, so if she doesn't get a grant she will have to either rely on her parents or save up.
    true, my halls were very cheap
    and i didnt get a full loan, parents had to give me my maintenance money
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    (Original post by concubine)
    That's how this **** works, yo. People from poor families come out on top. Us normal chaps get raped, our loans don't cover our costs and we don't expect our parents to pay for ****, harsh world, yeh? ;p
    Not the nicest (or most intelligent) thing you could have posted.
    You're complaining because your parents didn't fund you through university? Don't be so crass and bitter.

    Truth is, people from poor families get a little more money (not a huge amount) is because people from well-off families are much more likely to go to university. It isn't fair, but it's not just because your parents are expected to fund you through university. It's to encourage poor students.
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    (Original post by thecoldground)
    Not the nicest (or most intelligent) thing you could have posted.
    You're complaining because your parents didn't fund you through university? Don't be so crass and bitter.

    Truth is, people from poor families get a little more money (not a huge amount) is because people from well-off families are much more likely to go to university. It isn't fair, but it's not just because your parents are expected to fund you through university. It's to encourage poor students.
    It's a £4000 grant in my case. Four GRAND. That IS a lot. I would never expect my Dad to give me 4 grand a year.
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    (Original post by modgepodge)
    It's a £4000 grant in my case. Four GRAND. That IS a lot. I would never expect my Dad to give me 4 grand a year.
    The grant isn't necessarily designed to just match the amount of money an 'average' family would provide their child with. It is to incentivize students from poor backgrounds to go to university, as they are historically much less likely to go than students from wealthier families.
 
 
 
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