Stressed about money whilst at uni
I just got my maintenance loan quote from sfe and I’ll be getting £7,588, my accommodation costs £7,308 so that leaves me £250 for the whole year for food/ laundry/ drinking.
Of course I will get a part time job but it’s going to be tight. I’ve got £2,300 in my savings that I worked for over my gap year. I saved more but just bought a new laptop and camera equipment for my course. I really don’t want to use all of the savings I worked hard for when I thought I’d have at least £20 a week for food from my maintenance loan- instead I have £30 a month!
My parents are fuming and are blaming me for the money sfe said they’ll give me.. I can’t sleep I’m so stressed. My parents are concerned they’ll have to bail me out and keep giving me money, my mum offered to pay for my annual bus pass which I appreciate.
I don’t know what to do, I’m considering just not going to uni. I have considered setting aside £1.5k of my savings for my food for the year and keeping the other half just for savings plus a job would help.
I’ve been looking into benefits of student bank accounts- I’ve found that NatWest give you £100 when you open an account and a tastecard with £500 overdraft for first term (I really don’t want to get into debt with the overdraft though).
Of course I will get a part time job but it’s going to be tight. I’ve got £2,300 in my savings that I worked for over my gap year. I saved more but just bought a new laptop and camera equipment for my course. I really don’t want to use all of the savings I worked hard for when I thought I’d have at least £20 a week for food from my maintenance loan- instead I have £30 a month!
My parents are fuming and are blaming me for the money sfe said they’ll give me.. I can’t sleep I’m so stressed. My parents are concerned they’ll have to bail me out and keep giving me money, my mum offered to pay for my annual bus pass which I appreciate.
I don’t know what to do, I’m considering just not going to uni. I have considered setting aside £1.5k of my savings for my food for the year and keeping the other half just for savings plus a job would help.
I’ve been looking into benefits of student bank accounts- I’ve found that NatWest give you £100 when you open an account and a tastecard with £500 overdraft for first term (I really don’t want to get into debt with the overdraft though).
Yeah you are right that getting an overdraft is not a good idea. You'll end up paying high interest rates. Just a few suggestions: (1) you mentioned "food/ laundry/ drinking" - I would think that drinking (alcohol?) is not a necessity and maybe something to leave to a later time when you have accumulated more savings? (2) have you tried asking your parents or relatives for a loan? it's better than taking a loan from a bank and be saddled with paying interest (3) it may help to work out an actual budget and keep all your receipts to keep track of your spending. Hang in there! I think it's better to dig into savings than to give up on uni. You can continue to save as you work, especially during the uni breaks.
Hi Anon & Anon,
I'm really sorry to hear about this difficult situation, however I would say please try not to be too stressed, because you are not the only one who feels like this and there are hundreds of students just like you out there.
Have you tried looking into your university's scholarship and bursary schemes? (Bath example linked) Here at Bath, we have the Bath bursary which gives you £1000 cash per year if you have a certain household income - and also the accommodation bursary which gives you a £500-1000 reduction on your first year rent. Take a look at your university's webpages, they're bound to have something similar!
I'd also recommend trying to shop & cook on a budget - making use of reduced-price items in shops, batch cooking and using any student discounts you may be entitled to are great ways to do this.
I'd also definitely second the advice to ask parents for a loan - even if its just a small amount to tide you over which you can pay back later when you start earning enough (either from your part time job or when you start working after uni).
I would say having a tight budget is not a reason to opt out of going to uni and missing out on achieving your potential and getting set for the future you want. Live modestly and save when you can, defo consider part time work (student ambassador work is my number 1 recommendation!) and utilise the people around you for support. They all want you to succeed 🙂 - you strike me as someone who has worked very hard to get to where you have got, and I'm confident that things will turn out really well for you in the end - just don't give up!
Hope that helps
Holly
University of Bath
I'm really sorry to hear about this difficult situation, however I would say please try not to be too stressed, because you are not the only one who feels like this and there are hundreds of students just like you out there.
Have you tried looking into your university's scholarship and bursary schemes? (Bath example linked) Here at Bath, we have the Bath bursary which gives you £1000 cash per year if you have a certain household income - and also the accommodation bursary which gives you a £500-1000 reduction on your first year rent. Take a look at your university's webpages, they're bound to have something similar!
I'd also recommend trying to shop & cook on a budget - making use of reduced-price items in shops, batch cooking and using any student discounts you may be entitled to are great ways to do this.
I'd also definitely second the advice to ask parents for a loan - even if its just a small amount to tide you over which you can pay back later when you start earning enough (either from your part time job or when you start working after uni).
I would say having a tight budget is not a reason to opt out of going to uni and missing out on achieving your potential and getting set for the future you want. Live modestly and save when you can, defo consider part time work (student ambassador work is my number 1 recommendation!) and utilise the people around you for support. They all want you to succeed 🙂 - you strike me as someone who has worked very hard to get to where you have got, and I'm confident that things will turn out really well for you in the end - just don't give up!
Hope that helps
Holly
University of Bath
Original post by Anonymous
I just got my maintenance loan quote from sfe and I’ll be getting £7,588, my accommodation costs £7,308 so that leaves me £250 for the whole year for food/ laundry/ drinking.
Of course I will get a part time job but it’s going to be tight. I’ve got £2,300 in my savings that I worked for over my gap year. I saved more but just bought a new laptop and camera equipment for my course. I really don’t want to use all of the savings I worked hard for when I thought I’d have at least £20 a week for food from my maintenance loan- instead I have £30 a month!
My parents are fuming and are blaming me for the money sfe said they’ll give me.. I can’t sleep I’m so stressed. My parents are concerned they’ll have to bail me out and keep giving me money, my mum offered to pay for my annual bus pass which I appreciate.
I don’t know what to do, I’m considering just not going to uni. I have considered setting aside £1.5k of my savings for my food for the year and keeping the other half just for savings plus a job would help.
I’ve been looking into benefits of student bank accounts- I’ve found that NatWest give you £100 when you open an account and a tastecard with £500 overdraft for first term (I really don’t want to get into debt with the overdraft though).
Of course I will get a part time job but it’s going to be tight. I’ve got £2,300 in my savings that I worked for over my gap year. I saved more but just bought a new laptop and camera equipment for my course. I really don’t want to use all of the savings I worked hard for when I thought I’d have at least £20 a week for food from my maintenance loan- instead I have £30 a month!
My parents are fuming and are blaming me for the money sfe said they’ll give me.. I can’t sleep I’m so stressed. My parents are concerned they’ll have to bail me out and keep giving me money, my mum offered to pay for my annual bus pass which I appreciate.
I don’t know what to do, I’m considering just not going to uni. I have considered setting aside £1.5k of my savings for my food for the year and keeping the other half just for savings plus a job would help.
I’ve been looking into benefits of student bank accounts- I’ve found that NatWest give you £100 when you open an account and a tastecard with £500 overdraft for first term (I really don’t want to get into debt with the overdraft though).
It sounds like you're facing a tough financial situation, and it's completely understandable to feel stressed about it. It’s great that you’re already considering your options and thinking ahead. Here are a few things that might help:
•
University Jobs: Look into part-time jobs on campus, like being a student ambassador or working in the library. These jobs often offer flexible hours and can fit around your studies.
•
Student Discounts: Make the most of student discounts and apps like Student Beans or UNiDAYS. You can save a lot on essentials, food, and even occasional treats.
•
University Support: Check if your university offers any financial support schemes or hardship funds. Many universities have resources in place to help students in tight situations.
•
Cooking at Home: Learning to cook can really stretch your budget. Simple, homemade meals are much cheaper than eating out or buying pre-made food.
•
Budgeting: Set aside a portion of your savings, as you’ve already considered, to cover your food and essential costs. A budget will help you see where your money is going and make the most of what you have.
Please, let me know if you have any questions,
Ilya
(edited 1 month ago)
Original post by Anonymous
I just got my maintenance loan quote from sfe and I’ll be getting £7,588, my accommodation costs £7,308 so that leaves me £250 for the whole year for food/ laundry/ drinking.
Of course I will get a part time job but it’s going to be tight. I’ve got £2,300 in my savings that I worked for over my gap year. I saved more but just bought a new laptop and camera equipment for my course. I really don’t want to use all of the savings I worked hard for when I thought I’d have at least £20 a week for food from my maintenance loan- instead I have £30 a month!
My parents are fuming and are blaming me for the money sfe said they’ll give me.. I can’t sleep I’m so stressed. My parents are concerned they’ll have to bail me out and keep giving me money, my mum offered to pay for my annual bus pass which I appreciate.
I don’t know what to do, I’m considering just not going to uni. I have considered setting aside £1.5k of my savings for my food for the year and keeping the other half just for savings plus a job would help.
I’ve been looking into benefits of student bank accounts- I’ve found that NatWest give you £100 when you open an account and a tastecard with £500 overdraft for first term (I really don’t want to get into debt with the overdraft though).
Of course I will get a part time job but it’s going to be tight. I’ve got £2,300 in my savings that I worked for over my gap year. I saved more but just bought a new laptop and camera equipment for my course. I really don’t want to use all of the savings I worked hard for when I thought I’d have at least £20 a week for food from my maintenance loan- instead I have £30 a month!
My parents are fuming and are blaming me for the money sfe said they’ll give me.. I can’t sleep I’m so stressed. My parents are concerned they’ll have to bail me out and keep giving me money, my mum offered to pay for my annual bus pass which I appreciate.
I don’t know what to do, I’m considering just not going to uni. I have considered setting aside £1.5k of my savings for my food for the year and keeping the other half just for savings plus a job would help.
I’ve been looking into benefits of student bank accounts- I’ve found that NatWest give you £100 when you open an account and a tastecard with £500 overdraft for first term (I really don’t want to get into debt with the overdraft though).
Hi Anon,
I understand that your situation may be quite stressful, here are some ways I saved money when coming to university:
•
Part time job. This is essential in order to boost your weekly budget. I recommend checking indeed or handshake to see any part time jobs going in the area. You could even see if you could work at your university, such as an ambassador. I know many people who work in hotels, bars, retail and more, there is always jobs around!
•
Student support. You could contact student support about your situation and they can point you in the direction of the financial support they offer. This could be bursary's, scholarships or general advice around finances.
•
Making food in bulk. I highly recommend meal preps/ making food in bulk in order to save money. This ensures you aren't wasting food. I recommend looking at meals you can freeze once prepared.
•
Cheap supermarkets. If possible, try shop at an affordable supermarket such as Aldi. Aldi has great deals and is my personal favourite shop for affordable food!
•
Student discounts. Sites such as student beans or uni-days has loads of discount available, so I highly recommend regularly checking them out to see what savings there is!
I believe with these tips and a part-time job, this should reduce your financial stress. There is the option to look for more affordable university's if you really cannot afford your current one. Personally I pay around £4.5k for 44 weeks at my accommodation, which includes my bedroom and an ensuite. However, I do hope this all works out for you and you get to go to the university you want!
I hope this advice helps, please feel free to ask me any questions,
-Sophia (Business and Management)
It sounds as though (as is very common) you and your parents may not have appreciated that they are *expected* to make a financial contribution - it's not 'bailing you out', it is considered their duty to do so. Granted that it may be very difficult financially for some either just because of their overall circumstances, or because they'd not taken this into account, sometimes understanding this - and that other parents do just get on and do it... can nudge them (forcefully) into getting with the programme...
I know it is bonkers when you are now an adult, but until you turn 25, the income of those you've been living with is taken into account (or if they don't share financial information, that cuts what you get too) - so they shouldn't be blaming you, you could blame them (not necessarily recommended). They cannot however be legally compelled to contribute...
I'm really sorry. Do contact your university for information and support around this.
I know it is bonkers when you are now an adult, but until you turn 25, the income of those you've been living with is taken into account (or if they don't share financial information, that cuts what you get too) - so they shouldn't be blaming you, you could blame them (not necessarily recommended). They cannot however be legally compelled to contribute...
I'm really sorry. Do contact your university for information and support around this.
(edited 3 weeks ago)
Original post by Anonymous
I just got my maintenance loan quote from sfe and I’ll be getting £7,588, my accommodation costs £7,308 so that leaves me £250 for the whole year for food/ laundry/ drinking.
Of course I will get a part time job but it’s going to be tight. I’ve got £2,300 in my savings that I worked for over my gap year. I saved more but just bought a new laptop and camera equipment for my course. I really don’t want to use all of the savings I worked hard for when I thought I’d have at least £20 a week for food from my maintenance loan- instead I have £30 a month!
My parents are fuming and are blaming me for the money sfe said they’ll give me.. I can’t sleep I’m so stressed. My parents are concerned they’ll have to bail me out and keep giving me money, my mum offered to pay for my annual bus pass which I appreciate.
I don’t know what to do, I’m considering just not going to uni. I have considered setting aside £1.5k of my savings for my food for the year and keeping the other half just for savings plus a job would help.
I’ve been looking into benefits of student bank accounts- I’ve found that NatWest give you £100 when you open an account and a tastecard with £500 overdraft for first term (I really don’t want to get into debt with the overdraft though).
Of course I will get a part time job but it’s going to be tight. I’ve got £2,300 in my savings that I worked for over my gap year. I saved more but just bought a new laptop and camera equipment for my course. I really don’t want to use all of the savings I worked hard for when I thought I’d have at least £20 a week for food from my maintenance loan- instead I have £30 a month!
My parents are fuming and are blaming me for the money sfe said they’ll give me.. I can’t sleep I’m so stressed. My parents are concerned they’ll have to bail me out and keep giving me money, my mum offered to pay for my annual bus pass which I appreciate.
I don’t know what to do, I’m considering just not going to uni. I have considered setting aside £1.5k of my savings for my food for the year and keeping the other half just for savings plus a job would help.
I’ve been looking into benefits of student bank accounts- I’ve found that NatWest give you £100 when you open an account and a tastecard with £500 overdraft for first term (I really don’t want to get into debt with the overdraft though).
Hi
Please try not to worry - many students are in a similar situation.
There are many different options available to you. Many Unis will have a 'Hardship fund' which is available to students who are struggling in terms of finances so that could be an option.
In terms of the student bank accounts - there is an option within the accounts to not have an overdraft so that could always be something that you select.
I hope this helps,
Matt
Wrexham Uni Reps
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