Getting over fear of spending money for uni

So I have the option of living at home for a uni close to home or moving out to a uni far away from home. I much prefer the uni away from home but I'm really struggling to justify the cost for it. I will receive minimum loan and will have a little bit of help from my parents but they have said they can't contribute that much, which is of course very understandable. However I am in a lucky position that I have a large amount of money saved, around enough for a house deposit which I could use to top up the difference. I have worked out that if in the worst case scenario I couldn't get a job, I would need to take around £4000 out of my savings each year, and that's with me trying to save money (which isn't a problem tbh as I've been very stingy all my life). I would still have money left over by the time uni is finished but I'm not sure if I can justify it when by living at home I could be adding to those savings, although still living quite stingy. I know this is probably a ridiculous thing to be saying and I know it's very privileged but I get so much anxiety over using my money even though it's there to be used; I keep just telling me self I need to save as much as I can for the future. Does anyone have any advice?

Reply 1

HoldThisL

21

These days I kind of struggle to justify the expense of university to people asking. The loan that is still being (under)sold as a tax has a long term or even life long impact on your wealth (the ability to buy a house, retire, etc) and if you can save any amount of money on your loan, I recommend it in some circumstances

What's the difference in the two universities? If they were much of a muchness in terms of prestige/job prospects, I would stay home. The additional cost + drain on your savings will be sharp unless you plan on earning comfortably above the graduate average in your early career

That said, don't let money overrule joy. If the two universities are night and day or living at home is not practical/enjoyable, maybe it's worth the money for you

Reply 2

LJMUStudentReps

Official Rep

16

Hi Anonymous!

I’m a current final year student at LJMU. I moved to Liverpool from a small village near Manchester and had similar concerns when applying to university. I also receive minimum maintenance loan and no other financial help, so I understand the struggle.

Before I tell you why and how I’ve moved away for uni, I want to acknowledge the reality of the financial aspect. Firstly, Yes university is expensive and moving away for university can be even more expensive. Budgeting can be hard and when you are on minimum loan you may have to work and budget more than other students. You have to think about rent, food bills, travel expenses and social life expenses. It can be really hard at time!

Despite all this I decided to move away for uni and to be honest I’m glad I did. Firstly, you gain that independence which is great for personal development. You learn how to function as an adult and be your own person. Also, the social aspect of living in halls is amazing. You meet so many great people and get to live with your mates. Moving away from home also means you have a better range of universities to choose from. This can be great when you have a specific field you wish to go into and you know certain universities are great for that area of study. Additionally, I found it easier to engage with my course as I lived so close to all the facilities and resources.

Now I’ll talk about how I did it as a minimum loan student:

- I quickly found a job. One of my first tasks when I moved into halls was to look for work. I am managed to find a well paying part time job with the help of the UNITEMPS department of LJMU. UNITEMPS help students find jobs and they have departments in many universities across England. If you are thinking of working alongside your studies then maybe check if your chosen unis have a UNITEMPS.

- I had to learn how to hardcore budget. I allow myself an allowance every week and STUCK TO IT. This meant that I never felt skint because I always knew I would have that set amount of money to get me through the week. Sometimes this meant going without those new clothes or one more night out, but ultimately it’s worth the peace of mind.

- I took advantage of all the deals and freebies on offer. Universities give out so much free stuff lol! I would frequently check the student union website and university instagram to see when giveaways were happening. LJMU often have giveaways of toiletries, food items, vouchers and merchandise. This made those more expensive weeks so much easier. City centre shops and restaurants also usually offer great student discounts.

- I was also in a similar position to you with wanting to buy a house eventually. In my first early I opened a lifetime ISA. This is a government scheme aimed at first time buyer which give you a 25% government bonus on the money you save. Whenever I had some spare money from extra shifts I would put it away in my ISA and now I’m coming towards the end of my degree I have a reasonable amount saved for a house deposit. So it’s definitely doable!

I hope this helps give you an idea of how it would be if you did chose to move away! Ultimately, you should do whatever is best for you and your future.

Best of luck!

Tilly
LJMU Student Rep.

Reply 3

ageshallnot

21

Original post by Anonymous

So I have the option of living at home for a uni close to home or moving out to a uni far away from home. I much prefer the uni away from home but I'm really struggling to justify the cost for it. I will receive minimum loan and will have a little bit of help from my parents but they have said they can't contribute that much, which is of course very understandable. However I am in a lucky position that I have a large amount of money saved, around enough for a house deposit which I could use to top up the difference. I have worked out that if in the worst case scenario I couldn't get a job, I would need to take around £4000 out of my savings each year, and that's with me trying to save money (which isn't a problem tbh as I've been very stingy all my life). I would still have money left over by the time uni is finished but I'm not sure if I can justify it when by living at home I could be adding to those savings, although still living quite stingy. I know this is probably a ridiculous thing to be saying and I know it's very privileged but I get so much anxiety over using my money even though it's there to be used; I keep just telling me self I need to save as much as I can for the future. Does anyone have any advice?

Hmm... Why can't your parents top you up? After all, they must earn enough to put you on the minimum loan.

Reply 4

UCLan Ambassador

Official Rep

15

Original post by Anonymous

So I have the option of living at home for a uni close to home or moving out to a uni far away from home. I much prefer the uni away from home but I'm really struggling to justify the cost for it. I will receive minimum loan and will have a little bit of help from my parents but they have said they can't contribute that much, which is of course very understandable. However I am in a lucky position that I have a large amount of money saved, around enough for a house deposit which I could use to top up the difference. I have worked out that if in the worst case scenario I couldn't get a job, I would need to take around £4000 out of my savings each year, and that's with me trying to save money (which isn't a problem tbh as I've been very stingy all my life). I would still have money left over by the time uni is finished but I'm not sure if I can justify it when by living at home I could be adding to those savings, although still living quite stingy. I know this is probably a ridiculous thing to be saying and I know it's very privileged but I get so much anxiety over using my money even though it's there to be used; I keep just telling me self I need to save as much as I can for the future. Does anyone have any advice?

Hi there,

Money is something a lot of people are thinking about currently so I don't blame you for trying to make the right decision when it comes to this. It's a very important decision and I'm sure you'll make the right decision for yourself!

Moving out can have it's advantages but also disadvantages as does not moving out. Something that may seem very simple yet effective is creating a pros and cons list. Seeing all the pros and cons written down makes the decision process that little bit easier. 'What is important to me?' Ask yourself this, as knowing what you want to get out of university other than the degree is another step in the decision process. For me, it was being at a university with great student support and one that had great facilities for creatives, which for me outweighed the saving money element. However, we are all different. Why do you prefer the uni that is further away? You will be studying this course for 3 or more years so going somewhere you really like is important even if it means you won't be saving as much.

Have you attended any open days? Open days allow you to get a feel for the university, the course and it's campus. The open days really helped me in deciding where to study as I was able to picture myself studying there. You can ask all of your questions and get a flavour of the course. Research into how expensive student life is in the cities, there is so much information out there but you could equally ask current students and staff about this at an open day.

Have you thought about working part time whilst studying instead of going into your savings? Many students work alongside their studies. I did. I didn't in my first year as I got the maximum loan and it was during covid so there wasn't much to do and spend money on. However, during second year and onwards my loan decreased each year, so working alongside my studied was a must. There are often student ambassador roles at universities, which are great and work around your uni timetable. Woking whilst studying is also another opportunity to make new friends and connections.

Budgeting is something I wish I started to do a lot sooner and now always recommend it to students whether they are moving out or not. It is a important skill to develop. Budgeting plans, cooking in bulk and meal prepping will allow you to save some money too. Tracking your spending will be able to help you stay on track and notice what you spend the most on etc. Having saved some money already, I'm sure you will make the right decisions when it comes to your finances. Best of luck! 🙂

Hope this helps, ^Zac

Reply 5

hallamstudents

Official Rep

18

Original post by Anonymous

So I have the option of living at home for a uni close to home or moving out to a uni far away from home. I much prefer the uni away from home but I'm really struggling to justify the cost for it. I will receive minimum loan and will have a little bit of help from my parents but they have said they can't contribute that much, which is of course very understandable. However I am in a lucky position that I have a large amount of money saved, around enough for a house deposit which I could use to top up the difference. I have worked out that if in the worst case scenario I couldn't get a job, I would need to take around £4000 out of my savings each year, and that's with me trying to save money (which isn't a problem tbh as I've been very stingy all my life). I would still have money left over by the time uni is finished but I'm not sure if I can justify it when by living at home I could be adding to those savings, although still living quite stingy. I know this is probably a ridiculous thing to be saying and I know it's very privileged but I get so much anxiety over using my money even though it's there to be used; I keep just telling me self I need to save as much as I can for the future. Does anyone have any advice?

Hi there,

I completely understand how you feel. University is very expensive and it can be hard, especially before you go, to justify spending that amount of money. I have also been in a similar position to you in regards to having the minimum loan which can be hard, especially if you are in a city which is quite expensive. I got quite lucky in that my first choice was Hallam and Sheffield is one of the cheapest university cities (although still not cheap) but I know that some places can be a lot more expensive.

I chose to live in halls, despite being about a hour away from my uni so I could've commuted if I really wanted to. However, living in halls was something I really wanted to experience so this was more important for me than saving the extra bit of money. I think the first thing to think about it what your genuine preference is - which university is better? Do you care about living in halls? Is money saving your first priority? This is different for everyone but what I will say is if your genuine preference is to live away from home then do it as it is a great opportunity that you may not get again!

If you do decide to stay away from home in halls, here are some of my tips to save some money:

•

Firstly, finding a job. My advice would be to just start looking as soon as you get to uni (or just before if you can find anything online) as lots of people will be wanting to find jobs. Bars, restaurants etc are good places as they will often be evening/weekend work so will fit around your uni lectures, or retail work is good too. A few of my friends have worked in supermarket chains so they can try and transfer in the summer which seems to work well. I found my job as a student ambassador which has been a great job as it is very flexible so once you start you could always see if there are any campus jobs available!

•

I like to set myself a budget for each week. At the start of the month, work out how much your rent/bills are, how much you need for food etc. Then see how much you will be getting in from work or if you have any loan left over and then work out how much you can spend per week. This really helps me!

•

I also think that batch cooking where you can saves some money. Cooking for one can be quite expensive and can produce a lot of food waste, so see if you can batch cook and put some in the freezer. You may have limited freezer space, but it still is a good idea.

•

Have a list of meals you can make easily and try and make sure some of these are cheap meals in case you are struggling a bit with money at the end of the month. Try and have some basics stocked up like pasta as you can buy a bigger bag which works out cheaper and it won't go off.

•

Finding student deals if you go out for food or drinks. Make the most of your student discount!

•

Shop at Aldi or Lidl if you can. I know there might not always be one nearby but it is a good idea to try and shop here to help you save some money.

I hope some of this helps!

Lucy - SHU student ambassador.

Reply 6

Reality Check

22

Original post by Anonymous

So I have the option of living at home for a uni close to home or moving out to a uni far away from home. I much prefer the uni away from home but I'm really struggling to justify the cost for it. I will receive minimum loan and will have a little bit of help from my parents but they have said they can't contribute that much, which is of course very understandable. However I am in a lucky position that I have a large amount of money saved, around enough for a house deposit which I could use to top up the difference. I have worked out that if in the worst case scenario I couldn't get a job, I would need to take around £4000 out of my savings each year, and that's with me trying to save money (which isn't a problem tbh as I've been very stingy all my life). I would still have money left over by the time uni is finished but I'm not sure if I can justify it when by living at home I could be adding to those savings, although still living quite stingy. I know this is probably a ridiculous thing to be saying and I know it's very privileged but I get so much anxiety over using my money even though it's there to be used; I keep just telling me self I need to save as much as I can for the future. Does anyone have any advice?

If you can afford to move out, then move it. It's the best chance you'll have for forging a new life for yourself, and you can hopefully avoid living at home at 25+, which is really not ideal for either you or your parents.

Reply 7

Zarek

21

I would move away from home. A big part of the uni experience is flying the nest and living independently for the first time. It’s also an opportunity to learn budgeting skills. Perhaps you can get a part time job to help with finances as well

Reply 8

Manchester Met - Student Rep

Official Rep

16

Original post by Anonymous

So I have the option of living at home for a uni close to home or moving out to a uni far away from home. I much prefer the uni away from home but I'm really struggling to justify the cost for it. I will receive minimum loan and will have a little bit of help from my parents but they have said they can't contribute that much, which is of course very understandable. However I am in a lucky position that I have a large amount of money saved, around enough for a house deposit which I could use to top up the difference. I have worked out that if in the worst case scenario I couldn't get a job, I would need to take around £4000 out of my savings each year, and that's with me trying to save money (which isn't a problem tbh as I've been very stingy all my life). I would still have money left over by the time uni is finished but I'm not sure if I can justify it when by living at home I could be adding to those savings, although still living quite stingy. I know this is probably a ridiculous thing to be saying and I know it's very privileged but I get so much anxiety over using my money even though it's there to be used; I keep just telling me self I need to save as much as I can for the future. Does anyone have any advice?

Hi there,

Thanks for sharing this. It's totally understandable to feel anxious about spending hard-earned savings.
Think of living away from home for university not as spending, but as an investment. While you can certainly grow and connect while commuting, living away offers a unique opportunity for full immersion in a new environment, creating a different kind of independence and strengthened personal growth.This experience, alongside your degree, can significantly improve your future prospects and overall life skills.

Quick tips:

•

Budget Smart: Create a clear budget for living away to feel more in control.

•

Uni fund: Consider setting aside a specific portion of your savings for this, so your main house deposit fund feels separate.

•

Smart Spending: You can still be financially responsible. Cook at home, look for student discounts (they're such a lifesaver, trust me!), and budget for social activities rather than spending freely

Giving yourself permission to purse this experience, supported by your strong financial planning isn't a waste, it's an investment in a richer, more complete university journey.

Hope this helps. 😊
Rachel - Undergraduate Multimedia Journalism

Getting over fear of spending money for uni

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