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    I'm applying for university to start 2015. I am wondering about how easy/hard it is to actually balance your finances out. I live with a single parent in Newcastle who doesn't make much money, and therefore I don't want to depend on any of her money. I know I will get the highest maitenance grants etc. and I currently have a part time job that I'll be continuing when I go to uni.

    What I'm wondering is will I actually be able to live without any help from my family (if I am good with my money which I am now and hopefully will be with my student loan) because I know a lot of my friends that are constantly having to borrow money/go far into their overdrafts just to pay rent etc. I'm applying for northern universities so I think the halls I will be living in will be no more than 4k per year.

    Obviously no one can answer for me as you don't know how I'll spend my money, but I'd love to know if anyone has been in the same type of situation or has any tips for financing that I may find helpful? Thanks!
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    (Original post by danimeatsix)
    I'm applying for university to start 2015. I am wondering about how easy/hard it is to actually balance your finances out. I live with a single parent in Newcastle who doesn't make much money, and therefore I don't want to depend on any of her money. I know I will get the highest maitenance grants etc. and I currently have a part time job that I'll be continuing when I go to uni.

    What I'm wondering is will I actually be able to live without any help from my family (if I am good with my money which I am now and hopefully will be with my student loan) because I know a lot of my friends that are constantly having to borrow money/go far into their overdrafts just to pay rent etc. I'm applying for northern universities so I think the halls I will be living in will be no more than 4k per year.

    Obviously no one can answer for me as you don't know how I'll spend my money, but I'd love to know if anyone has been in the same type of situation or has any tips for financing that I may find helpful? Thanks!
    Buy food like pasta in bulk with flatmates. Take turns cooking. Go for the Sainsbury 'basics'/Tesco Value and you're good to go.
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    You should be able to get a bursary from your uni as well.
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    (Original post by danimeatsix)
    I'm applying for university to start 2015. I am wondering about how easy/hard it is to actually balance your finances out. I live with a single parent in Newcastle who doesn't make much money, and therefore I don't want to depend on any of her money. I know I will get the highest maitenance grants etc. and I currently have a part time job that I'll be continuing when I go to uni.

    What I'm wondering is will I actually be able to live without any help from my family (if I am good with my money which I am now and hopefully will be with my student loan) because I know a lot of my friends that are constantly having to borrow money/go far into their overdrafts just to pay rent etc. I'm applying for northern universities so I think the halls I will be living in will be no more than 4k per year.

    Obviously no one can answer for me as you don't know how I'll spend my money, but I'd love to know if anyone has been in the same type of situation or has any tips for financing that I may find helpful? Thanks!
    If you get the maximum loan you'll probably also get additional financial support from your uni as well. With this, along with a part time job, if you are sensible, you should be able to manage your finances.

    A lot of students get less than the full amount of loan- this may be why your friends are struggling to pay rent. They may also not be budgeting very well, or have made poor choices when it comes to accommodation. If you're very worried about affording accommodation, do have a look at how much renting a room in a shared house would cost- sometimes this can be cheaper than halls, although you may have to factor in different bills.

    As you have a part time job now, you should make sure you save up some money for the start of uni- you won't get your student finance until you've enrolled on your course, and you will need money to live on until it comes through. You may also have to pay deposits for accommodation before this.

    When you get to uni, it's also worth finding out about any financial support they have for students in difficulty. There are often hardship funds and similar available if you end up having real financial problems.

    In a less expensive city, it should be easily possible to live on about £50 a week, excluding accommodation costs. You can probably earn this from around 8-10 hours of part time work a week. You can also work extra hours in the long summer holidays to save up an emergency fund, and enable your self to afford a few treats.
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    (Original post by SlowlorisIncognito)
    If you get the maximum loan you'll probably also get additional financial support from your uni as well. With this, along with a part time job, if you are sensible, you should be able to manage your finances.

    A lot of students get less than the full amount of loan- this may be why your friends are struggling to pay rent. They may also not be budgeting very well, or have made poor choices when it comes to accommodation. If you're very worried about affording accommodation, do have a look at how much renting a room in a shared house would cost- sometimes this can be cheaper than halls, although you may have to factor in different bills.

    As you have a part time job now, you should make sure you save up some money for the start of uni- you won't get your student finance until you've enrolled on your course, and you will need money to live on until it comes through. You may also have to pay deposits for accommodation before this.

    When you get to uni, it's also worth finding out about any financial support they have for students in difficulty. There are often hardship funds and similar available if you end up having real financial problems.

    In a less expensive city, it should be easily possible to live on about £50 a week, excluding accommodation costs. You can probably earn this from around 8-10 hours of part time work a week. You can also work extra hours in the long summer holidays to save up an emergency fund, and enable your self to afford a few treats.
    Yeah I'm aware some of my friends loans don't even cover the cost of their rent, which is crazy.. Thanks for the help though.
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    (Original post by danimeatsix)
    Yeah I'm aware some of my friends loans don't even cover the cost of their rent, which is crazy.. Thanks for the help though.
    Weird as it sounds, you are in a better position than some people. If people are relying on parents to make up their loan, and their parents chose not to or can't for some reason, they are essentially screwed.

    People from low income families are fairly well supported at uni in most cases, and as you don't have to worry about finding a job when you get to uni, you really should be alright.

    Some people do also go a bit mad in the first few weeks of term, either spending loads on socialising, or buying things they can't really afford (like games consoles). If you've already thought about budgeting and how to pay for things, it's a bit easier to avoid getting drawn into this.
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    (Original post by SlowlorisIncognito)
    Weird as it sounds, you are in a better position than some people. If people are relying on parents to make up their loan, and their parents chose not to or can't for some reason, they are essentially screwed.

    People from low income families are fairly well supported at uni in most cases, and as you don't have to worry about finding a job when you get to uni, you really should be alright.

    Some people do also go a bit mad in the first few weeks of term, either spending loads on socialising, or buying things they can't really afford (like games consoles). If you've already thought about budgeting and how to pay for things, it's a bit easier to avoid getting drawn into this.
    Awesome, I just wasn't totally aware of how much help I'd actually be getting, and also speaking from experience I'm good with money, but I've also never had 2 grand go in my bank at one time! I'm sure I'll be sensible with it but I just liked to know it if was actually doable haha. Thanks.
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    (Original post by danimeatsix)
    Awesome, I just wasn't totally aware of how much help I'd actually be getting, and also speaking from experience I'm good with money, but I've also never had 2 grand go in my bank at one time! I'm sure I'll be sensible with it but I just liked to know it if was actually doable haha. Thanks.
    I totally know what you mean. While I was at uni, I actually had two accounts- a student account for everyday spending and an online account. I had my loan paid into the online account, and just transferred what I needed for that week or month into my student account (where my wages were also paid). If you're living in accommodation which is paid for termly, you could also pay this out of the account your student loan is in.

    If you have two accounts with the same bank, it's usually really easy to transfer money between them online, and I found it a good way to keep on top of my money. It won't work for everyone, as you do need to be a bit organised but I found it useful.

    It's also really hard to know what you're going to spend on different things until you actually get to uni and different people will have different priorities.
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    (Original post by SlowlorisIncognito)
    I totally know what you mean. While I was at uni, I actually had two accounts- a student account for everyday spending and an online account. I had my loan paid into the online account, and just transferred what I needed for that week or month into my student account (where my wages were also paid). If you're living in accommodation which is paid for termly, you could also pay this out of the account your student loan is in.

    If you have two accounts with the same bank, it's usually really easy to transfer money between them online, and I found it a good way to keep on top of my money. It won't work for everyone, as you do need to be a bit organised but I found it useful.

    It's also really hard to know what you're going to spend on different things until you actually get to uni and different people will have different priorities.
    Souns like something I'd benefit from tbh. I'm looking to open a savings account ready for an emergency fund but I've never really tried to save a large amount of money before so we'll just have to see how that goes!
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    I used to add up my annual income, divide by 12 then pay my self a salary from one account to another.

    Look up You Need A Budget.
    YNAB. Theres a 30 day free trial. It's free for students.
    You set your budget on your computer. This syncs with your smartphone.

    Www.youneedabudget.com

    Previously any money I would have burned a hole through my pocket like I was wearing butter trousers.

    Now I know I only have £40 spending money left this month. I don't even notice the money in my account because I know I need it for other things. I've already budgeted entirely for may with the money in my account, and I'm about to pay for 1 years car insurance in a lump sum fornthe first time ever.

    Check out the website, watch the tutorials.
 
 
 
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