Budget Watch

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ruthiepoothie
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#1
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I am trying to work out what kind of budget to set myself per week for everything not including accomodation....and not counting freshers week!

I am going to be in self-catered halls and i can walk to uni......

Would about £50 per week be ok? too much?? too little??

Any help would be great!!

Ruthie xx
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SciFi25
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#2
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(Original post by ruthiepoothie)
Would about £50 per week be ok? too much?? too little??
That would be about right i would have thought. I am struggling to find a way of reducing my budget to below that!!
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ruthiepoothie
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(Original post by SciFi25)
That would be about right i would have thought. I am struggling to find a way of reducing my budget to below that!!
ok cool- so i'm looking at around £500 per term?? and £1500 ish per year :eek:

Ruthie xx
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majinbuu
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I'm living on campus and in catered halls, and i'm budgeting £25 a week. £50 sounds about right cuz you have to buy your own food, but don't have to pay for transport - I read somewhere though, I think it was in the Independent, that they recommend living on £600 a month if you're in self-catered halls :eek:
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ruthiepoothie
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(Original post by majinbuu)
I'm living on campus and in catered halls, and i'm budgeting £25 a week. £50 sounds about right cuz you have to buy your own food, but don't have to pay for transport - I read somewhere though, I think it was in the Independent, that they recommend living on £600 a month if you're in self-catered halls :eek:
£600 a month probably includes your accomodation fees as well.....but that still seems an awful lot....are you sure its not £600 per term??

Ruthie xx
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SciFi25
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Yeah, sound cool! I am going to have to get a job while I am at uni then!! Cos otherwise I don't have the money to survive the first day!! lol!
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ruthiepoothie
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(Original post by SciFi25)
Yeah, sound cool! I am going to have to get a job while I am at uni then!! Cos otherwise I don't have the money to survive the first day!! lol!
I have enough money to last me until christmas, but i'm paying for everything myself :eek: so i will have to work over the christmas hols and maybe a few hours during term time depending how busy i am!!

Ruthie xx
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majinbuu
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I just had a look and it says £600 a month for if you're living in student accomodation in like your second year..I think it includes paying for bills and stuff, still seems like a lot though, £125 a week
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majinbuu
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lol- you can tell i'm not doin maths at uni... £150 a week
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ruthiepoothie
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(Original post by majinbuu)
lol- you can tell i'm not doin maths at uni... £150 a week
yes but you have maybe £80 for accomodation...then heating and telephone bills....then you are nearly at £100 then you need food and going out money...it soon adds up!! If you included your accomodation and tuition fees in your weekly budget you would need a lot more than £25!!

Ruthie xx
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majinbuu
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*faints* more than £150 a week - I haven't got a clue how i'm gonna be able to afford that in my second year :eek: I suppose if you're sharing a house with some people then the living costs/accomodation will be less
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who_me
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#12
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I will be starting uni already in my overdraft...JOY
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lilsunflower
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#13
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How much should we need for catered accomodation? I hope to live comofortably, but I won't be drinking or clubbing at all... so that should be less of a burden on the budget.
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RichardH
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Make sure to account for a deposit for a house to rent in Y2, this will probably be around £200 in your second term. Also people always forget to include things like insurance which will be a one time payment of £50-100 in the first term. I didn't bother to budget last year and spend around £500/month on average excluding rent but you can live on much less.

Play around with Sainsbury’s / Tesco online to find what a weeks worth of food will cost you and add 15% for eating meals out etc. Find out cost of drinks in pubs early on in the term and work out what a night out costs, and then take the cash out instead of cards. When working this out you should be working out the amount of alcohol/price as opposed to price per drink, a local pub sold drinks called terminators, two would be enough for one person for a night and they were only £4 each.

If you’re working next summer going into overdraft isn't really a worry if its interest free, if you don’t need the overdraft buy a bond or something with it and get a nice 6% of the £1250 for yourself for the end of the year, the bank is basically giving you free money. Don't bother with the student credit cards for borrowing money but you may as well use them to build a credit rating, you can also check your balance online to see what you’re spending. The interest rates are insane though so make sure to pay off every month, last year Barclays gave £30 in Waterstones vouchers for signing up.

Your loan will probably cover nothing over your rent in the first two terms but if your rent is calculated by the amount of days in the term you will have a nice bit to spare for the third term, I had £600 which knocked a lot off my overdraft, if you have figures of what you need to pay you can calculate the extra money into your budget for terms one and two or ignore budgeting for term 3 and use it for living costs.
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*Laura*
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Mine came to a lot more than £50 a week self catered, excluding accommodation. Per week I worked out about:

Food - £25
Travel home and the odd bus - £10
Toiletries - £6
Clothes - £5
Phone - £7.50
Leisure - £15
laundry - £6
TV licence - £2.50

Plus there's books and other things I won't have thought of, and it's already almost £80.
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pinkegokane
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well, i've messed about with some figures now i've got my loan payment dates and stuff. it came to this:

total: £60 a week
that divided up:

food: £25
going out: £15
other: £20

fixed expenses i estimate as being:

ethernet connection: £100
course fees: £1150
freshers week: £100

that leaves me about £130 for exigencies. my parents are paying for accomodation fees. that lot uses up my student loan for the year. i have to dip into my overdraft near christmas tho as i don't get the second part of my loan til january 17th and i run out of money around december 10th (helpful, right before christmas... :rolleyes: ). i also somehow end up with £290 at the end of the year which can be ploughed back into things such as christmas and birthday presents and other exigencies (i'm sure they're gonna amount to more than £130).

having said all that, my maths is stupidly poor so i've probably mixed something up or miscalculated
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Drunk1000
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#17
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£55 p/w (food, travel, etc)

+ £50/£60 p/w for alcohol/going out (paid for by p/t job)

-------------------------------------------------------------------------

How much are people expecting to spend during the first week (Freshers)?
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Hyvry1
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I have a question for all the people that have already done their first year. How much in the whole year did it cost you? (this includes freshers week and not between terms and years). I ask this because i have saved £3700 of my own money and with my loan (which adds £3k) i have £6700. I have my tuition fees being payed by my parents. I am very sure what i have is enough, but i don't want to use it all. I think £5000-5500 will be enough (ignoring tuition fees) to cover the year.
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emom100
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#19
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last year I averaged about 60 quid a week on living expenses, clothes going out etc so I probably spent about 1800 across the whole year. My accomodation was around 3400 and was catered (except for lunches) so i spent jsut over 5200. My porblem however has been this summer. I didn't think i would spend very much but i've gone a bit nuts on shopping, holiday, driving etc so i've left myself feeling a little bit poor. So on average i've probably spent more per wek in the summer than i did whilst i was at uni and i was totally unprepared for that.

Next year i'm going to try and get my average spend down to about 40 quid a week and one of the big things i'm going to change was that fact that last year a lot of the time i was lazy and didn't make my own lunch. This probably cost me around 300 quid for the whole year and it does really mount up
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RichardH
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(Original post by Hyvry1)
I have a question for all the people that have already done their first year. How much in the whole year did it cost you? (this includes freshers week and not between terms and years). I ask this because i have saved £3700 of my own money and with my loan (which adds £3k) i have £6700. I have my tuition fees being payed by my parents. I am very sure what i have is enough, but i don't want to use it all. I think £5000-5500 will be enough (ignoring tuition fees) to cover the year.

I spent just over £6000 but it’s easy to cut that in half excluding rent and live reasonably,
£2500 - Rent
£700 - Travel, this included a trip to Paris though which was around £500
£700 - Electronics, new digital camera, replacement parts for computer after the board fried.
£1100 - Food
£900 - Going out
£200 - Books
£500 - misc (clothes/soap/insurance)

A lot of it depends where you are, if you are in London your expenses will be more than a less developed area, I'm in Plymouth where living costs are very low. You also have a lot more than most students start with so you shouldn't have a lot to worry about if you watch your outgoings.

I managed to keep my spending on books down by getting all but one of them second hand, Amazon Marketplace will allow you to get £35 books second hand for as little as £5 in many cases. A lot of it depends on the demand, getting a book a couple of editions back will save you a lot as there is much less demand, of course you should check your university library to see the old editions cover the subject as well but this is very likely with books that have been reprinted a lot. Don't use Waterstones unless you have vouchers from your bank or have checked Amazon prices, you can often get the books on Amazon for a good 20%+ less.

I'm aiming to knock at least £1000 perhaps £1500 of last years budget this year and it should be pretty easy so long as I keep food/electronics spending down.

The most expensive living expenses are food and going out, if you can control these you should have nothing to worry about.

If you can live on the stereotypical student diet of beans/tuna etc you will find food no problem. I can't stand that stuff myself so I will have to put more effort into cooking, it's easy to spend £2 on that carton of Covent Garden soup but you can make something similar for much less. I would usually spend a good £50 a week on food but most people can do £25 or even less.

Going out you should learn which pubs/clubs are cheapest on for the day you plan to go out, most will have offers on certain days, look for amount of alcohol/£ to decide what to drink as opposed to number of drinks/£, most places have great value on doubles but rather expensive singles.

Edit: If you don't have a contract phone don't get one until you have been at uni for a month to see if your calls on PAYG are costing more than they on contract. You won't likely use your phone as much even though your going out more as people communicate a lot over MSN (if your halls have internet). Contracts arn't nice at the end of term when you have little in your bank and an expensive phone is just something to lose when you are drunk.

Mobile communications will probably mainly via be text messaging as other people want to save money; they also don't want to phone you if you might be in a lecture. Your halls will likely have an internal phone system which will allow you free calls to other people within the university, I find I use less credit on my phone at uni than at home. If your on Orange PAYG get the "Out Here" pack if you don't already have it, you will get 5 free texts a day for a year for £15, this cuts down your credit use a lot as you will probably send that many on a normal day.
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