Maintenance loan not covering rent? & Budgeting help
I got an offer from a UAL that Im pretty much 100% on taking. The journey from home is too much for me (2-2.5 hours each way) so I'm most likely going into halls.
Issue is my student loan will leave me like 3k short of yearly rent for the cheapest options, let alone other expenses (groceries, going out, living). I'm not too worried on travelling expenses as I'm planning on taking my bike or walking where I can to cut costs. The accoms I'm considering are all in walking distance to cheaper supermarkets (Lidls, Morrisons, etc.) as well as campus so should be able to keep a low cost on weekly shopping if I plan right.
I am also planning on picking up a part time job where I can, but obviously need to find a good balance that doesn't leave me burnt out, or unable to afford food. I'm already working and have some money in savings but wont be enough to cover all of it, I am planning on putting majority of my summer earnings into uni savings.
I know some about student bank accounts and overdrafting, but open to more info & recommendations!
TLDR; What do I need to make sure I budget for? Is there other financial aids available (not parents - theyre unable to offer any financial support)? Is it better to pay rent termly or monthly in this situation? Any uni financial advice is welcome and needed
Issue is my student loan will leave me like 3k short of yearly rent for the cheapest options, let alone other expenses (groceries, going out, living). I'm not too worried on travelling expenses as I'm planning on taking my bike or walking where I can to cut costs. The accoms I'm considering are all in walking distance to cheaper supermarkets (Lidls, Morrisons, etc.) as well as campus so should be able to keep a low cost on weekly shopping if I plan right.
I am also planning on picking up a part time job where I can, but obviously need to find a good balance that doesn't leave me burnt out, or unable to afford food. I'm already working and have some money in savings but wont be enough to cover all of it, I am planning on putting majority of my summer earnings into uni savings.
I know some about student bank accounts and overdrafting, but open to more info & recommendations!
TLDR; What do I need to make sure I budget for? Is there other financial aids available (not parents - theyre unable to offer any financial support)? Is it better to pay rent termly or monthly in this situation? Any uni financial advice is welcome and needed
Original post by s1mpv0dka
I got an offer from a UAL that Im pretty much 100% on taking. The journey from home is too much for me (2-2.5 hours each way) so I'm most likely going into halls.
Issue is my student loan will leave me like 3k short of yearly rent for the cheapest options, let alone other expenses (groceries, going out, living). I'm not too worried on travelling expenses as I'm planning on taking my bike or walking where I can to cut costs. The accoms I'm considering are all in walking distance to cheaper supermarkets (Lidls, Morrisons, etc.) as well as campus so should be able to keep a low cost on weekly shopping if I plan right.
I am also planning on picking up a part time job where I can, but obviously need to find a good balance that doesn't leave me burnt out, or unable to afford food. I'm already working and have some money in savings but wont be enough to cover all of it, I am planning on putting majority of my summer earnings into uni savings.
I know some about student bank accounts and overdrafting, but open to more info & recommendations!
TLDR; What do I need to make sure I budget for? Is there other financial aids available (not parents - theyre unable to offer any financial support)? Is it better to pay rent termly or monthly in this situation? Any uni financial advice is welcome and needed
Issue is my student loan will leave me like 3k short of yearly rent for the cheapest options, let alone other expenses (groceries, going out, living). I'm not too worried on travelling expenses as I'm planning on taking my bike or walking where I can to cut costs. The accoms I'm considering are all in walking distance to cheaper supermarkets (Lidls, Morrisons, etc.) as well as campus so should be able to keep a low cost on weekly shopping if I plan right.
I am also planning on picking up a part time job where I can, but obviously need to find a good balance that doesn't leave me burnt out, or unable to afford food. I'm already working and have some money in savings but wont be enough to cover all of it, I am planning on putting majority of my summer earnings into uni savings.
I know some about student bank accounts and overdrafting, but open to more info & recommendations!
TLDR; What do I need to make sure I budget for? Is there other financial aids available (not parents - theyre unable to offer any financial support)? Is it better to pay rent termly or monthly in this situation? Any uni financial advice is welcome and needed
Being short by £3k a year before you consider living costs is going to be a big challenge, even with a part-time job. Ask your parents if they can give you £30-£40 per week for food when you are at uni. If you continued to live at home, I presume they would still feed you so they will be saving if you live away.
Your accommodation provider determines when you pay rent - it is often split into three lump sums at the start of each term (around the time maintenance loan instalments arrive). Some providers might offer other payment options.
Seriously consider deferring entry to 2025 so that you can take a gap year to work and save for uni. You will have a much better uni experience if you are not constantly worried by finances.
Yes, SFE expects wealthier parents to chip in and poor people get the max amounts. It was never a fair system. I have known plenty of students whose parents earned well, but never gave their kids a dime. Universities do provide bursaries and you should ask them about this.
(edited 1 month ago)
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