How much should I be saving Watch

isiaiah d
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I am currently getting around £800-£850 a month after rent, before food. I plan on going to uni next year, how much of this should I be saving/how much can I spend on food/clothes? (Im currently on a year out if that helps)
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claireestelle
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(Original post by isiaiah d)
I am currently getting around £800-£850 a month after rent, before food. I plan on going to uni next year, how much of this should I be saving/how much can I spend on food/clothes? (Im currently on a year out if that helps)
look at student loan calcuator which should give you an idea of what you'll get, it ll vary massively depending on where you go.
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Zarek
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I would go for as much as you can afford with a guide of 10-15% of what you earn as a minimum. Making a list of all your bill to subtract from you income from to determine whats available to save or have fun with is also useful. Regular, long term saving, even of a small amount, is a good habit.
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isiaiah d
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(Original post by Zarek)
I would go for as much as you can afford with a guide of 10-15% of what you earn as a minimum. Making a list of all your bill to subtract from you income from to determine whats available to save or have fun with is also useful. Regular, long term saving, even of a small amount, is a good habit.
Thanks, I don't have to worry about bills as it's all included in rent I am just cautious of the fact that London will be expensive to study in next year.
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isiaiah d
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(Original post by claireestelle)
look at student loan calcuator which should give you an idea of what you'll get, it ll vary massively depending on where you go.
do you know how I would account for siblings? (one of them is at uni also)
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Zarek
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(Original post by isiaiah d)
Thanks, I don't have to worry about bills as it's all included in rent I am just cautious of the fact that London will be expensive to study in next year.
You can estimate a food and clothing budget by gut feel or by tracking your spending for a few months. I've never found a good tool for estimating this. As you say the more you can afford to save now the better, but you need to have some money for fun at every time in life in my opinion..
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isiaiah d
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(Original post by Zarek)
You can estimate a food and clothing budget by gut feel or by tracking your spending for a few months. I've never found a good tool for estimating this. As you say the more you can afford to save now the better, but you need to have some money for fun at every time in life in my opinion..
ok, thanks, I think I'm doing well so far then.
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claireestelle
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(Original post by isiaiah d)
do you know how I would account for siblings? (one of them is at uni also)
they exclude about 1200 of your household income, so if you make it that amount lower it would make it a little more accurate. you can find rent prices online for london should give you an idea how much you ll need for that.
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