Is £10k a lot? Watch

Chemnitz
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I currently have around £10,000 in my account as I'm currently on a gap year and saving up for uni. How much did you all have when you started uni? Do you think I'll need a job during term time? Thanks for any replies!!
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I'mComingOxford
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don't go uni. buy V-bucks. it's definately going to be worth it.
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Anonymoususer16
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Yes 10k is a great amount of savings. What I would do personally is put that 10k into a savings account and don't touch it! Then get a job at uni and live off the money you make, then when you leave uni you'll have money saved to put towards a car etc even buying a flat/house.
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Zarek
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It better savings than many people starting uni have - your saving habit is a good one. I had zilch. But it's probably only funds a proportion of your first year. An enjoyable part time job would be good too. I worked in the SU bar which was enjoyable, pretty flexible and relatively well paid.
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Chemnitz
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(Original post by Anonymoususer16)
Yes 10k is a great amount of savings. What I would do personally is put that 10k into a savings account and don't touch it! Then get a job at uni and live off the money you make, then when you leave uni you'll have money saved to put towards a car etc even buying a flat/house.
That's a really good idea! I could maybe invest some in stocks and shares, do you know any good ISAs?
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username4380524
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10k is money I can only dream of at this moment in time so yeh it is a lot.
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Chemnitz
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(Original post by Zarek)
It better savings than many people starting uni have - your saving habit is a good one. I had zilch. But it's probably only funds a proportion of your first year. An enjoyable part time job would be good too. I worked in the SU bar which was enjoyable, pretty flexible and relatively well paid.
Thanks. I'll probably work for the next 6 months and quit my job in early summer to go travelling for a while. Now I'm just praying I get an offer for uni!
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Chemnitz
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(Original post by lesleylogan)
10k is money I can only dream of at this moment in time so yeh it is a lot.
Thanks, are you working at the moment or at uni?
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Zarek
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(Original post by Chemnitz)
That's a really good idea! I could maybe invest some in stocks and shares, do you know any good ISAs?
See if you can get some free advice from your bank. There are tracker funds available with low fees and without need to get expensive advice. Virgin Money and Money Saving websites might also be worth a look. Doubt you'll life off the annual growth mind. If you're feeling really prudent you could put some of it in to a stakeholder pension fund for the long term future.
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RogerOxon
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(Original post by Chemnitz)
I currently have around £10,000 in my account as I'm currently on a gap year and saving up for uni. How much did you all have when you started uni? Do you think I'll need a job during term time? Thanks for any replies!!
IMO, for your age, yes, but it can also go quickly. I'd keep it in cash to enable you to be less limited by money whilst at university. Most investments are longer term.
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RogerOxon
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(Original post by I'mComingOxford)
don't go uni. buy V-bucks. it's definately going to be worth it.
What are the winning lottery numbers going to be? You appear to have paid as much attention in Economics as you did in English classes
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Chemnitz
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(Original post by Zarek)
See if you can get some free advice from your bank. There are tracker funds available with low fees and without need to get expensive advice. Virgin Money and Money Saving websites might also be worth a look. Doubt you'll life off the annual growth mind. If you're feeling really prudent you could put some of it in to a stakeholder pension fund for the long term future.
I'll look into virgin money - they have a pretty good stocks and shares isa which diversifies your investments and you can decide on whether it's higher or lower risk
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username4380524
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(Original post by Chemnitz)
Thanks, are you working at the moment or at uni?
Working at the mo though hopefully going to uni in the near future.
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Athematica
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10k is enough that if anything goes wrong you have something to fall back on (Emergency fund) plus some funds for either a holiday or lifestyle change (flat, car). Keep a few grand in cash (6 months monthly spend) then the rest put into a saver until you have something you plan to buy and withdraw at that point only

Shares are long term investments meaning unless you plan to keep them there for 5-10 years or more, high interest savings accounts are a better bet. Though, recently, some current accounts have higher interest rates for the first year so keep an eye out and maybe just switch every year.
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Chemnitz
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(Original post by lesleylogan)
Working at the mo though hopefully going to uni in the near future.
So you're on a gap year too? Which unis are you applying to?
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Notoriety
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Depends how big your loan will be. If you're getting 3k loan, and no parental support, you're fooked.
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username4380524
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(Original post by Chemnitz)
So you're on a gap year too? Which unis are you applying to?
Well it would hopefully be one in Edinburgh. Napier
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I'mComingOxford
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(Original post by RogerOxon)
What are the winning lottery numbers going to be? You appear to have paid as much attention in Economics as you did in English classes
69420911 hopefully.

thanks for the compliment but it's not new.
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Chemnitz
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(Original post by Athematica)
10k is enough that if anything goes wrong you have something to fall back on (Emergency fund) plus some funds for either a holiday or lifestyle change (flat, car). Keep a few grand in cash (6 months monthly spend) then the rest put into a saver until you have something you plan to buy and withdraw at that point only

Shares are long term investments meaning unless you plan to keep them there for 5-10 years or more, high interest savings accounts are a better bet. Though, recently, some current accounts have higher interest rates for the first year so keep an eye out and maybe just switch every year.
Thanks for replying. What do you think about these ISAs?
https://uk.virginmoney.com/virgin/is...ks-and-shares/
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Chemnitz
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(Original post by Notoriety)
Depends how big your loan will be. If you're getting 3k loan, and no parental support, you're fooked.
I still have some time to accumulate more (my aim is to get to 20k by the time I start uni although that is slightly ambitious). But yeah I'll get a £6k loan if I'm in London, and I'll probably get a job as well tbh
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