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Uni living costs

By the time I'm in uni I will have £5,800 saved for daily living for three year degree I am doing. I have done the math and would have £160 a month to spend on groceries and other stuff i need to survive. Would that be enough?
(edited 9 months ago)
Original post by Tilly0561
By the time I'm in uni I will have £5,800 saved for daily living for three year degree I am doing. I have done the math and would have £160 a month to spend on groceries and other stuff i need to survive. Would that be enough?

Hey there @Tilly0561 !
That's very impressive you've managed to manage your savings and budget for your whole course. I definitely think £160 a month would be enough this year for food and essentials, however with the way things are going at the moment you can't predict what food prices are going to be like in a years time. There's also the issue of urgent things you may have to spend money on. For example, in my first semester of university my TV, my hair straighteners and my Xbox all broke within the first couple of months of me being there. It was a nightmare but something I couldn't have prepared for. Things like that are important to take into account when budgeting because sometimes these things do happen and they're out of your control.

Have you also taken into account opportunities that may come up such as trips away with universities and joining societies? A lot of people don't realise that joining a society does cost money. i don't want you to limit the opportunities you take just because you're on such a strict budget. Things are changing all the time so yes £160 might be enough now but it might not be in two years time. For context, I usually spend around £200 a month of food and necessities but I do eat a lot of fresh food and buy lots of protein-rich things like yoghurts and powder which does end up costing a lot more.

Have you considered getting a job in the long-run? Not in first year, I'm sure you've got everything you need to get you through that and still have a good time, but in future when things start going up more in price (because they probably will). I got my first part-time job in the second semester of my second year and it didn't affect my studies at all. Don't limit yourself to sticking to such a rigid budget for the full time you're there because things do change and other things might pop up that you can't plan for.

Hope this helped!
Lucy - Digital Student Ambassador SHU
Original post by Tilly0561
By the time I'm in uni I will have £5,800 saved for daily living for three year degree I am doing. I have done the math and would have £160 a month to spend on groceries and other stuff i need to survive. Would that be enough?

Hello,

If the £160 is just for food and groceries, then it may be enough, but for other monthly expenses, it may not be enough. There is a range of other expenses you may incur such as essential travel, course material, going out, and trips just to mention a few. I would also advice you to work part-time for a manageable number of hours to supplement your savings.

Kind regards,
Juzer
Cov Uni Student Ambassador
Hi @Tilly0561,

Well done on saving and planning ahead!

I think that £160 a month would be enough for groceries and essentials, but I would recommend thinking about other expenses, for example travel costs, course books and trips, social events, and emergencies (which of course you cannot always plan for, but it would be good to have an emergency fund just in case).

It might be worth looking into part-time work in your town/city or with your actual university, as there are usually lots of well-paid, flexible opportunities for students that won't interfere with your studies.

I hope this helps, and let me know if you have any more questions!
Isabella
Original post by Tilly0561
By the time I'm in uni I will have £5,800 saved for daily living for three year degree I am doing. I have done the math and would have £160 a month to spend on groceries and other stuff i need to survive. Would that be enough?
Original post by Tilly0561
By the time I'm in uni I will have £5,800 saved for daily living for three year degree I am doing. I have done the math and would have £160 a month to spend on groceries and other stuff i need to survive. Would that be enough?


Hi Tilly! Well done on saving so much already! If it is just for groceries, around £160 a month is about right but there can be lots of hidden costs when you're living alone (e.g. when things break unexpectedly!) and these can be hard to budget for! A lot of students at university get a part time job which helps them to afford things like trips away and other social events. It is also worth looking at any bursaries / grants your university may offer!
I currently use Monzo at uni, it's a banking app that helps you budget by having specific pots and this is really helpful! I have also linked a Cost of Living page from our university here which should help you to decide what budget is right for you! I hope this helps :smile:
Rebecca :smile:
Original post by Tilly0561
By the time I'm in uni I will have £5,800 saved for daily living for three year degree I am doing. I have done the math and would have £160 a month to spend on groceries and other stuff i need to survive. Would that be enough?

Are you going to apply for a maintenance loan from student finance?
Assuming you will work in the summers, get a maintenance loan I think you’ll be alright. More then most people have when they start.

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