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Why do students try and live above their means? Watch

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    Hi, i'm a first year student. I've had my own money since 16 (not a lot just a few hundred pounds every month) so that may influence what i'm about to say.

    Anyway, I've noticed that alot of students try and live above their means financially. For example, just now i'm back from the shop and a young man behind me was saying to his friend that he was spending £150 a week and is £500 under his overdraft, I also had a conversation with a classmate who is £700 into his overdraft and was bragging about spending £100 on alcohol.

    Ok, so I don't get this. Why would you spend more money than you can afford and get into debt when you can't afford to pay it back, do they not realise that the debt will rise with interest? At the moment I live on £300 a week and I watch my finances with a hawk so for these people to be living on £50 a week and then going into debt and trying to live a lavish lifestyle seems crazy to me!

    Then you've got the people who get a £3,000 maintance grant and go and waste it on Macbooks or something that they don't need! (Often I find it is people from working class backgrounds)

    I can't believe how frivous these people are! You would think they would be trying to save or buy the cheapest thing there is!
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    because there financially immature and havent learnt the value of money
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    It can be a learned behaviour, if parents have poor financial habits their kids pick it up. Some are sensible like you seem to be. Also, at 18, just leaving home for the first time, it's exciting. Perhaps they just spend because they can.
    In terms of the "working classes" that can be peer pressure. If you are mixing with those who have money and things you will want the same.
    You are on a solid amount £300 per week, or do you mean a month?
    I would.t worry about others. Just be sensible with your own money.
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    No, my budget is £300 a week. I am fortunate to have that due to my family background. I am glad my parents allowed me to handle my own money from an early age, these people have clearly not.

    I can't believe how crazy they are!? Where is a student going to get the money to pay it back?

    Either way, they are wasting their time pretending to be rich, it is obvious.
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    For some it'll be the first time they've had that kind of money and instead of saving it wisely it's just burnt a hole in their pockets.
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    im sure you've spent money on things you don't need.
    stop moaning.
    they're young! let people live differently to you.
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    You aren't going into debt because you have a pretty good income for a student. They probably have less money to spend, so are going to live beyond their means whether it is £100 a week or £200 a week. Might as well be hanged for a sheep as a lamb.

    Also they don't understand exactly how soul destroying being in debt can be yet.
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    (Original post by chickenfoot)
    im sure you've spent money on things you don't need.
    stop moaning.
    they're young! let people live differently to you.
    Yes I have, but the difference is that I have bought things that I can AFFORD. I'm not going out and spending hundreds of pounds every month on things that I can't afford and getting myself into an endless cycle of debt.

    It is a very childish mentality, they are trying to let on that they are from some wealthy background. It is obvious that they are not wealthy because they sit and talk about money all the time when a wealthy person would not mention money as they do not need to worry about it.

    Also £100 to a truly wealthy person is tuppance.
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    (Original post by HFBS)
    You aren't going into debt because you have a pretty good income for a student. They probably have less money to spend, so are going to live beyond their means whether it is £100 a week or £200 a week. Might as well be hanged for a sheep as a lamb.

    Also they don't understand exactly how soul destroying being in debt can be yet.
    Yeah. I think that's why alot of working class people never better themselves, they're always wasting their money and trying to buy things that they cannot afford.
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    (Original post by s0mebodymaybe)
    There essentially getting free money. Most know their degrees are only going to lead to a job in retail or on benefits 5 years down the line. May aswell get a glimpse of the good life whilst they got the chance. Its ok the tax payer will pick up their mess as always.
    I'm referring to students going into debt by going into their overdraft when they don't need to.
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    (Original post by Frostyjoe)
    Yeah. I think that's why alot of working class people never better themselves, they're always wasting their money and trying to buy things that they cannot afford.
    You sound incredibly judgemental. My point was that you have £300 a week to spend, and it sounds like you spend it all. Why not try living on £100 a week and see how you do. See if you occasionally feel like saying "stuff this" and blowing money you can't afford.
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    So? They're still going to have to pay off the student loan!

    Either way, I still think it would be mature to live within your means, especially when you are a student.
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    I was very careful with my money I graduated and I still had thousands in my bank. This is what I noticed most students did they'd go out every night splash hundreds of pounds then complain that they're broke
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    They are young, they are enjoying their freedom and a new phase in their life. Unless they are maxing out multiple credit cards and having the bailiffs at their door, I see no harm.
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    Because they don't appreciate the value of money and have no experience of finance, budgeting, or common sense.

    It's very annoying to hear of people wasting grants and whatever, but in the end it'll fall badly on them if they don't sort themselves out so just focus on yourself and your own money.
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    (Original post by Frostyjoe)
    No, my budget is £300 a week. I am fortunate to have that due to my family background. I am glad my parents allowed me to handle my own money from an early age, these people have clearly not.

    I can't believe how crazy they are!? Where is a student going to get the money to pay it back?

    Either way, they are wasting their time pretending to be rich, it is obvious.
    Why are you bothered about what other students have? If you have a budget of £300 a week, then perhaps the people you are criticising could manage perfectly well on that?

    When people get to uni, for some of hem its the first time they have had significant money in their own account (even if its borrowed) and so they spend a bit. part of growing up and learning how to handle it. they cnat all be as perfect as you.
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    (Original post by NekoAngel13)
    For some it'll be the first time they've had that kind of money and instead of saving it wisely it's just burnt a hole in their pockets.
    This sounds about right.
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    (Original post by _icecream)
    I was very careful with my money I graduated and I still had thousands in my bank. This is what I noticed most students did they'd go out every night splash hundreds of pounds then complain that they're broke
    I know. A few months ago I sat and listened to a girl talk about how she spent all of her maintenance grant on a Macbook and other computer devices in one go.

    Now all she does is whine about having no money and she has had to go and get a job.

    These students are very fortunate to get a grant and they don't appreciate it, I didn't get a grant and I would've made great use out of it!
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    (Original post by Frostyjoe)
    Yeah. I think that's why alot of working class people never better themselves, they're always wasting their money and trying to buy things that they cannot afford.
    Wow could you be any more judgmental?
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    (Original post by 999tigger)
    Why are you bothered about what other students have? If you have a budget of £300 a week, then perhaps the people you are criticising could manage perfectly well on that?

    When people get to uni, for some of hem its the first time they have had significant money in their own account (even if its borrowed) and so they spend a bit. part of growing up and learning how to handle it. they cnat all be as perfect as you.
    I'm not bothered, i'm just shocked at how easily they spend money and get into debt and how they don't give a ****!

    I'd be hyperventilating at the moment if I had all that debt!
 
 
 
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