How much should I have in savings for uni?

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username1373182
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Good evening all,

I am currently 17 and will be starting university in September 2017. I currently earn around £300 a month, but I'm employed at my school so I only work on school days and in school hours. If I work a full solid month, I would be getting around £300 a month, but as a result of school holidays I could be earning as little as £125 a month.

My original target was £50 a month. After coming to the conclusion that it will bag me around £450 (I only have the job until April), I decided that I needed to put more in.

I am aiming to put in £150-200 every month for 8 months (or so). I don't really spend a great deal of money on anything, mainly just clothes and traveling around.

So, by April 2017, I will have a maximum of around £1600 (+ any extra from family) around £2000.

Is this enough as 'reserve' or 'security' money? Note, I use the quotes because I will probably end up spending it on on going out or something stupid.

Obviously taking out maintenance loan.

Is it enough, and how much are you taking? Cheers
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peaaceandl0ve
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It completely depends on how much you get from Student Finance, and how much your rent costs. Presuming that you're not relying on your parents for handouts, you'll need around £2500 for living costs (food, transport, entertainment, textbooks etc), and then the price of your rent (if you have standard shared bathroom self-catered accommodation then around £3.5-£4k/year, though that depends on the city). So you need to ensure you have at least £6k altogether from your own savings and SF combined. I personally started uni with around £2.5k in saved wages, but budgeted very hard this year and managed to live off and pay rent using SF alone, and so luckily still have this £2.5k saved away. Ultimately it all depends on your personal financial situation, but I would advise you get a summer job earning £80+ a week once your school job finishes, because it's always best to be safe than sorry
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username1373182
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(Original post by peaaceandl0ve)
It completely depends on how much you get from Student Finance, and how much your rent costs. Presuming that you're not relying on your parents for handouts, you'll need around £2500 for living costs (food, transport, entertainment, textbooks etc), and then the price of your rent (if you have standard shared bathroom self-catered accommodation then around £3.5-£4k/year, though that depends on the city). So you need to ensure you have at least £6k altogether from your own savings and SF combined. I personally started uni with around £2.5k in saved wages, but budgeted very hard this year and managed to live off and pay rent using SF alone, and so luckily still have this £2.5k saved away. Ultimately it all depends on your personal financial situation, but I would advise you get a summer job earning £80+ a week once your school job finishes, because it's always best to be safe than sorry
Well SF covers my rent and a £20/week food bill. The savings are mainly for going out and socialising. Don't need to worry about transport, as the uni I hope to go to has a free bus from the campus to the town! thanks for your help!
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Reue
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Most people go to uni with no savings and either leech off of parents or work whilst there. Obviously the more you can save beforehand the better, especially if it's working and easy job or one you enjoy. I had about 5k in savings before starting uni and left with about 2k which funded my gap year afterwards.
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Emma:-)
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(Original post by Reue)
Most people go to uni with no savings and either leech off of parents or work whilst there. Obviously the more you can save beforehand the better, especially if it's working and easy job or one you enjoy. I had about 5k in savings before starting uni and left with about 2k which funded my gap year afterwards.
I agree.
Could you not get a summer job after you finish your current job in april (or asap after then). That should help you save up a bit of money.
Plus you could look into getting a job whilst at uni.
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Devify
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It depends on how much you'll get from SF and how much you'll need to live from. You can also have a weekends job while at uni to get the extra you need.

Personally I rent privately and just my loan covers my rent and bills for a whole year (including summer) plus leaves me with £30 a week for food (whole year again). I also have some savings and bursary money from uni so if I chose to, I could easily live even if I couldn't find a job while at uni.

Just save as much as you can really, the more the better.
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niteninja1
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(Original post by abrack)
Good evening all,

I am currently 17 and will be starting university in September 2017. I currently earn around £300 a month, but I'm employed at my school so I only work on school days and in school hours. If I work a full solid month, I would be getting around £300 a month, but as a result of school holidays I could be earning as little as £125 a month.

My original target was £50 a month. After coming to the conclusion that it will bag me around £450 (I only have the job until April), I decided that I needed to put more in.

I am aiming to put in £150-200 every month for 8 months (or so). I don't really spend a great deal of money on anything, mainly just clothes and traveling around.

So, by April 2017, I will have a maximum of around £1600 (+ any extra from family) around £2000.

Is this enough as 'reserve' or 'security' money? Note, I use the quotes because I will probably end up spending it on on going out or something stupid.

Obviously taking out maintenance loan.

Is it enough, and how much are you taking? Cheers
I get 10702 as maintenance and have 5k in savings
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username1373182
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(Original post by niteninja1)
I get 10702 as maintenance and have 5k in savings
How the hell is that even possible?! Living in London I guess?
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username1373182
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(Original post by Devify)
It depends on how much you'll get from SF and how much you'll need to live from. You can also have a weekends job while at uni to get the extra you need.

Personally I rent privately and just my loan covers my rent and bills for a whole year (including summer) plus leaves me with £30 a week for food (whole year again). I also have some savings and bursary money from uni so if I chose to, I could easily live even if I couldn't find a job while at uni.

Just save as much as you can really, the more the better.
Thanks!
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niteninja1
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(Original post by abrack)
How the hell is that even possible?! Living in London I guess?
Yep
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jamesthehustler
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(Original post by abrack)
Good evening all,

I am currently 17 and will be starting university in September 2017. I currently earn around £300 a month, but I'm employed at my school so I only work on school days and in school hours. If I work a full solid month, I would be getting around £300 a month, but as a result of school holidays I could be earning as little as £125 a month.

My original target was £50 a month. After coming to the conclusion that it will bag me around £450 (I only have the job until April), I decided that I needed to put more in.

I am aiming to put in £150-200 every month for 8 months (or so). I don't really spend a great deal of money on anything, mainly just clothes and traveling around.

So, by April 2017, I will have a maximum of around £1600 (+ any extra from family) around £2000.

Is this enough as 'reserve' or 'security' money? Note, I use the quotes because I will probably end up spending it on on going out or something stupid.

Obviously taking out maintenance loan.

Is it enough, and how much are you taking? Cheers
it should be alright I mean that I am keeping an emergency fund of about £10,000 (about $13,000) but I am living large and head to California
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ingeniumlabs
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(Original post by username1373182)
Well SF covers my rent and a £20/week food bill. The savings are mainly for going out and socialising. Don't need to worry about transport, as the uni I hope to go to has a free bus from the campus to the town! thanks for your help!
How in gods name can you eat for £20 a week? Do you just eat beans on toast 24x7? 1 bag of shopping is £20-30.
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