Anonymous #1
#1
Report Thread starter 1 month ago
#1
Hi,

My mum is planning on keeping my maintenance loan and onlt giving it to me on a weekly basis depending on how much I need per week.

Is this a good idea or not??

Also, how much do you spend in a week roughly whilst being at uni?
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Anonymous #2
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Report 1 month ago
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(Original post by Anonymous)
Hi,

My mum is planning on keeping my maintenance loan and onlt giving it to me on a weekly basis depending on how much I need per week.

Is this a good idea or not??

Also, how much do you spend in a week roughly whilst being at uni?
Your mum should not be allowed to do that.
If the maintenance loan (presumably from Student Finance) is in your name, you have every right to receive the maintenance loan directly. She has no right to collect the loan for herself and then split money off for you. It is your money and you are entitled to it in full.

In fact, that behaviour may be encroaching into the realms of illegality- but I will leave that judgement to others who are more knowledgeable than myself.

It is a VERY bad idea.



As for how much money you spend per week- it depends on a lot of factors: do you live on campus, do you rent, do you commute, do you eat out often, do you do much in the way of social events, what are your course costs like, etc?
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Bilbo's Pocket
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#3
Report 1 month ago
#3
(Original post by Anonymous)
Hi,

My mum is planning on keeping my maintenance loan and onlt giving it to me on a weekly basis depending on how much I need per week.

Is this a good idea or not??

Also, how much do you spend in a week roughly whilst being at uni?
Hi,

If you have had problems with wasting money in the past, your Mum has made a somewhat understandable move. If not, your Mum should really give you all of it because part of being at university is learning about budgeting, you will never have an appreciation for how expensive things actually are if you aren't the one in charge of your own finances and will lead to more money being wasted in the long-run!

Additionally, having a weekly amount is quite inflexible simply because you might want to go out with some mates more times than anticipated or you want to have a more expensive day-out!

Living at university is relatively cheap once you have a planned menu and shop at the right places: Aldi for long-life things (pasta, rice, sauces) and frozen goods (like fish, chips, diced onions, peppers and other vegetables like peas, carrots etc) and Sainsbury's or Tesco for fresh things as Aldi tends to be pretty hit and miss in that area. Being self-catered with a planned menu can come to around £18-23/wk if you plan effectively.

However, what is expensive is your accommodation. Even though you pay accommodation in blocks of 3 months it's worth bearing in mind each week you have £x less dependent on your contract. If your maintenance loan is £7230 for example and your accommodation costs £150/wk, £6300 of that cannot be spent on anything but your accommodation which is why you having your loan is crucial so you know how much you need to budget and not go into overdraft (which is a bank's polite way of saying debt which you should always avoid!) in this case you would have £930 or £28-30/wk (excluding holidays) to last your entire year. And to further that, with living at uni it would mean each week you would have only have £5-12/wk to spend on more leisurely things such as going out.

If you have a job, your finances will not be so restricted however.

Hope this helps!
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Chronoscope
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#4
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Terrible idea (unless there's a massive backstory of you being irresponsible with money) especially since at uni you're technically meant to be as independent as you can. If you have you're own bank account you should be able to ring up Student Finance and ask them to change the details for you
Last edited by Chronoscope; 1 month ago
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Anonymous #1
#5
Report Thread starter 1 month ago
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What if I was to do a direct debit every week

My accom is 40 weeks contract so what if I split my loan into 40 and transferred that amount per week
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martin7
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(Original post by Anonymous)
What if I was to do a direct debit every week

My accom is 40 weeks contract so what if I split my loan into 40 and transferred that amount per week
You need to look at what options the accommodation provider offers for paying. The most likely options, I suspect, will be termly and/or monthly. I think it unlikely you’ll have the option to pay weekly.
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ROTL94
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#7
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Horrendous idea. You're an 18 year old who will be living independently you need to learn how to manage your money and the best way to do that is by being in complete control of your finances, not have it be given to you weekly in drips and drabs like it's pocket money.
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Anonymous #3
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End of the day, its your loan and you will be paying that back. Dont give your parents a penny just because they look after you, you need it more than them.
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