How on earth do you afford cost of living while on a year in industry placement

Watch
jason0597
Badges: 14
Rep:
?
#1
Report Thread starter 8 months ago
#1
OK, so, suppose I secure a year in industry placement for the year 2021-2022. I presumably would have to move to wherever the job is (I want to work in the nuclear industry so I may move to some small town in the middle of nowhere next to a nuclear plant)

Average salary they give you is £16,500. Assuming you work a full 12 months (so, starting in September 2021 and ending in September 2022, without a summer break inbetween), that's £16,500 gross salary for a year. Remember that there are ~2009 working hours in a year, so £16,500/2009hr = £8.21/hr, which is suspiciously similar to the minimum wage of £8.21/hr (before they raised it a couple of months ago).
So, you're paid minimum wage for 12 months, which after tax comes out to £14,860 net per year, or ~£1,230 per month.

Does that mean that for these 12 months I will have to live by myself on £1,230 per month? So I will have to pay rent, council tax, utilities, transportation costs, groceries, all on £1,230 per month?

It just seems so crazy. I'm doing some basic calculations and from what I'm finding here I can only just barely make it to the end of each month living paycheck to paycheck with no room for savings...
0
reply
ajj2000
Badges: 20
Rep:
?
#2
Report 8 months ago
#2
sounds about right. I think you can also claim a partial student loan of around £2,500 a year which is of course tax free.
0
reply
----_----
Badges: 15
Rep:
?
#3
Report 8 months ago
#3
You can also take out a student loan but that should be enough. Renting a room in a small town in the middle of nowhere wouldnt cost too much either.
Also because youre still with the uni, you might still be able to apply for hardship funds if you need it (depending on the uni and their policies)
0
reply
peep90
Badges: 14
Rep:
?
#4
Report 8 months ago
#4
I did a placement. Was able to live off the amount I was paid from my placement, the money I got from student finance and also my overdraft. Most months I also put some money away into my savings.
Last edited by peep90; 8 months ago
0
reply
MKaur18
Badges: 21
Rep:
?
#5
Report 8 months ago
#5
(Original post by jason0597)
OK, so, suppose I secure a year in industry placement for the year 2021-2022. I presumably would have to move to wherever the job is (I want to work in the nuclear industry so I may move to some small town in the middle of nowhere next to a nuclear plant)

Average salary they give you is £16,500. Assuming you work a full 12 months (so, starting in September 2021 and ending in September 2022, without a summer break inbetween), that's £16,500 gross salary for a year. Remember that there are ~2009 working hours in a year, so £16,500/2009hr = £8.21/hr, which is suspiciously similar to the minimum wage of £8.21/hr (before they raised it a couple of months ago).
So, you're paid minimum wage for 12 months, which after tax comes out to £14,860 net per year, or ~£1,230 per month.

Does that mean that for these 12 months I will have to live by myself on £1,230 per month? So I will have to pay rent, council tax, utilities, transportation costs, groceries, all on £1,230 per month?

It just seems so crazy. I'm doing some basic calculations and from what I'm finding here I can only just barely make it to the end of each month living paycheck to paycheck with no room for savings...
That seems affordable with the partial student loan.

Rent is about £600/month in the city.
Food is £200/month including eating out.

You spend on bill etc = £150/month max
Entertainment eg bowling, cinema = £50/month max.

You have £300 free each month around about.
0
reply
bordergirl13
Badges: 11
Rep:
?
#6
Report 8 months ago
#6
I'm in the middle of a year's internship after being a school leaver. I had no money to begin with, so for the first month it was dipping into savings, and asking parents for a partial loan. I get £20k pa with my internship, and after the first month, I survived paying £750 a month on rent, and around £60 food. The trick is, you house share and when looking for a house, always try and get bills included. If not, then make sure you figure out how much extra bills will be, and work out if you can afford it. I know other students who ARE on placement, and they've survived quite easily on placement, however I work in Finance, so this may be different with diff industries. I think your best bet is to ask someone who's done placement already and see what their experience was like, and if you should save up and get a summer job to give you a bit of cash to buffer.
(Original post by jason0597)
OK, so, suppose I secure a year in industry placement for the year 2021-2022. I presumably would have to move to wherever the job is (I want to work in the nuclear industry so I may move to some small town in the middle of nowhere next to a nuclear plant)

Average salary they give you is £16,500. Assuming you work a full 12 months (so, starting in September 2021 and ending in September 2022, without a summer break inbetween), that's £16,500 gross salary for a year. Remember that there are ~2009 working hours in a year, so £16,500/2009hr = £8.21/hr, which is suspiciously similar to the minimum wage of £8.21/hr (before they raised it a couple of months ago).
So, you're paid minimum wage for 12 months, which after tax comes out to £14,860 net per year, or ~£1,230 per month.

Does that mean that for these 12 months I will have to live by myself on £1,230 per month? So I will have to pay rent, council tax, utilities, transportation costs, groceries, all on £1,230 per month?

It just seems so crazy. I'm doing some basic calculations and from what I'm finding here I can only just barely make it to the end of each month living paycheck to paycheck with no room for savings...
0
reply
jason0597
Badges: 14
Rep:
?
#7
Report Thread starter 8 months ago
#7
(Original post by MKaur18)
That seems affordable with the partial student loan.

Rent is about £600/month in the city.
Food is £200/month including eating out.

You spend on bill etc = £150/month max
Entertainment eg bowling, cinema = £50/month max.

You have £300 free each month around about.
I'm not allowed a maintenance loan though, I'm an EU student
(Original post by bordergirl13)
I'm in the middle of a year's internship after being a school leaver. I had no money to begin with, so for the first month it was dipping into savings, and asking parents for a partial loan. I get £20k pa with my internship, and after the first month, I survived paying £750 a month on rent, and around £60 food. The trick is, you house share and when looking for a house, always try and get bills included. If not, then make sure you figure out how much extra bills will be, and work out if you can afford it. I know other students who ARE on placement, and they've survived quite easily on placement, however I work in Finance, so this may be different with diff industries. I think your best bet is to ask someone who's done placement already and see what their experience was like, and if you should save up and get a summer job to give you a bit of cash to buffer.
Yeah I'm studying chemical engineering with a plan to go into nuclear, I don't think my earnings will be as great as yours. I'll find others to speak to though, thanks for the advice!
0
reply
EnglishRose1999
Badges: 6
Rep:
?
#8
Report 8 months ago
#8
(Original post by jason0597)
OK, so, suppose I secure a year in industry placement for the year 2021-2022. I presumably would have to move to wherever the job is (I want to work in the nuclear industry so I may move to some small town in the middle of nowhere next to a nuclear plant)

Average salary they give you is £16,500. Assuming you work a full 12 months (so, starting in September 2021 and ending in September 2022, without a summer break inbetween), that's £16,500 gross salary for a year. Remember that there are ~2009 working hours in a year, so £16,500/2009hr = £8.21/hr, which is suspiciously similar to the minimum wage of £8.21/hr (before they raised it a couple of months ago).
So, you're paid minimum wage for 12 months, which after tax comes out to £14,860 net per year, or ~£1,230 per month.

Does that mean that for these 12 months I will have to live by myself on £1,230 per month? So I will have to pay rent, council tax, utilities, transportation costs, groceries, all on £1,230 per month?

It just seems so crazy. I'm doing some basic calculations and from what I'm finding here I can only just barely make it to the end of each month living paycheck to paycheck with no room for savings...
Unfortunately that sounds right

I live near Hinkley Point, which is in Bridgewater and the prices for living round here are relatively cheap, especially if you rent a room in a shared house. I think Hinkley Point offer workers accommodation but I'm not sure about the price of it, so it may be cheaper to rent privately.

There's actually 2 Hinkley Point power stations, Hinkley Point C is basically still being built but still employs loads of people, and Hinkley Point B has been around for ages. I'd definitely look into them for placements, pretty sure C provides tours for people interested too (obvs not at the moment though).
0
reply
MKaur18
Badges: 21
Rep:
?
#9
Report 8 months ago
#9
(Original post by jason0597)
I'm not allowed a maintenance loan though, I'm an EU student

Yeah I'm studying chemical engineering with a plan to go into nuclear, I don't think my earnings will be as great as yours. I'll find others to speak to though, thanks for the advice!
I calculate this without the additional loan being covered ie without the student loan.

It is very possible and you will be able to do it.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Do you have the space and resources you need to succeed in home learning?

Yes I have everything I need (142)
62.01%
I don't have everything I need (87)
37.99%

Watched Threads

View All