can someone help me work out my budget?

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Glimmerz
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#1
Report Thread starter 2 years ago
#1
from my maintenance loan, how do I work out how much I can spend weekly? because I won't be going uni for 12 months either, it's usually September to may or something. could someone help me out?

I'll send a pic of my maintenance money coming in and money to be paid to my accommodation too, if anyone offers to help.

this involves maths, even tho I got a 7 in my GCSE I'm still **** at it
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claireestelle
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#2
Report 2 years ago
#2
(Original post by Glimmerz)
from my maintenance loan, how do I work out how much I can spend weekly? because I won't be going uni for 12 months either, it's usually September to may or something. could someone help me out?

I'll send a pic of my maintenance money coming in and money to be paid to my accommodation too, if anyone offers to help.

this involves maths, even tho I got a 7 in my GCSE I'm still **** at it
i would plan to budget for living costs during the summer even if you aren't living on campus as you may not find a job in that time. i'd take your rent off the yearly amount of maintanance then just divide it by 52 or figure out how much you recon you'll need at the weeks you won't be at uni take that off the total then divide it by the weeks you are there. Also account to be spending quite a bit more during freshers.
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Emily_B
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#3
Report 2 years ago
#3
Student finance don't lay for the full 13 months anyway, just termtime You should get your maintenance loan in termly installments. Student finance should give you a breakdown of when to expect payments and how much; you should also get a breakdown from the university or landlord 're rent and how much they expect when.

Take your termly rent off your loan, then divide the rest between number of weeks you're there that term.
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Spanx
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#4
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#4
Split the income into weeks or months, take off the accomomdation, factor in other costs... see if you've got a negative number which won't be unsurprising.
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lizzyuk
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#5
Report 2 years ago
#5
minus any bills such as accommodation, phone bill, Netflix etc from your maintenance loan to work out overall roughly what you will have left for the year. I would then double-check your term dates and work out how many weeks you will be at uni or at least the teaching weeks. So for me, I'm getting a maintenance loan of about £8000 and my accommodation is £5000 for the year including utility bills. so I have £3000 left over for the year, my phone bill is £15 per month, I pay for Netflix £8 and Spotify £5 so that's £28 a month on other bills. I'm spending roughly 8 months at uni so £28*8 = 224, minus that from my loan leaves me £2776. I have £2776 left for 8 months, each month is roughly 4 weeks so I have 32 weeks so divide £2776 by 32 should give me how much I should be allowed to spend each week which is £86.
In essence, minus rent money from maintenance loan, work out any other monthly/weekly bills you have and minus that from the maintenance loan, find out how many weeks you are at university for (and if you have to provide for yourself when you are back home) then divide the maintenance loan by that many weeks. My advice would be to have 2 accounts at least, 1 current account and a savings account and each week whatever money is left put into savings for a rainy day or any unexpected bills.
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texet
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#6
Report 2 years ago
#6
(Original post by claireestelle)
i would plan to budget for living costs during the summer even if you aren't living on campus as you may not find a job in that time. i'd take your rent off the yearly amount of maintanance then just divide it by 52 or figure out how much you recon you'll need at the weeks you won't be at uni take that off the total then divide it by the weeks you are there. Also account to be spending quite a bit more during freshers.
I believe it is either 44 weeks or 52 weeks, or depending on the course, how long until the year ends if they do not have accommodation.
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