Affording to help your student

silvercar

There have been a number of comments on other threads about the difficulty some parents have in finding money the government expects them to find in order to support their student at university. I thought it may be helpful to list some of the cost savings that can be made just because your offspring has left home.

My starting list is based on Oldernotwiser's comments on this thread:

http://forums.moneysavingexpert.com/showthread.html?t=1106995

(Can we try and keep the political comments off this thread please.)

Savings

Food: include all the teenage junk food like fizzy drinks, crisps and biscuits, the packed lunches and the feeding of the starving friends that appear.

Phone bill: Unless you have an inclusive call package (and will you still need it?) your phone bill should drop.

Mobile phone: Do you pay this? And topping up the "spare" PAYG.

Internet: Can you reduce this without your students needs?

Sky/ cable: Do you still need the same channels?

Water bill: (If metered) Showers and washing machine

Electric: Lights left on, oven on took cook meals at odd times, extra washing machine use, computers, stereo, gaming.

Cleaning: extra dishwasher/ washing machine tabs; other cleaning products.

Gas: Heating on for longer

Petrol: Mum's taxi service can take a break.

Loans: Fiver for emergencies, the "I've got no change" syndrome, petrol money, school (in)essentials.

Losses

Child benefit

Child tax credit

Free babysitting (if applicable)


The idea is to fill the gap between the loan given to your child and the amount they will need to live on, whithout feeling the pinch.

melancholly

extra savings could also include no longer needing to be a taxi service - so more petrol being used..... other than that it's a pretty comprehensive list already!

bestpud

Water bill (if metered) and/or dish washer tabs/washing up liquid?

Electric and cleaning products as the house won't need as much cleaning?

kelloggs36

silvercar wrote: »

There have been a number of comments on other threads about the difficulty some parents have in finding money the government expects them to find in order to support their student at university. I thought it may be helpful to list some of the cost savings that can be made just because your offspring has left home.

My starting list is based on Oldernotwiser's comments on this thread:

http://forums.moneysavingexpert.com/showthread.html?t=1106995

(Can we try and keep the political comments off this thread please.)

Savings

Food: include all the tennage junk food like fizzy drinks, crisps and biscuits, the packed lunches and the feeding of the starving friends that appear.

Phone bill: Unless you have an inclusive call package (and will you still need it?) your phone bill should drop.

Mobile phone: Do you pay this? And topping up the "spare" PAYG.

Internet: Can you reduce this without your students needs?

Sky/ cable: Do you still need the same channels?

Water bill: (If metered) Showers and washing machine

Electric: Lights left on, oven on took cook meals at odd times, extra washing machine use, computers, stereo, gaming.

Gas: Heating on for longer

Loans: Fiver for emergencies, the "I've got no change" syndrome, petrol money, school (in)essentials.

Losses

Child benefit

Child tax credit

Free babysitting (if applicable)


The idea is to fill the gap between the loan given to your child and the amount they will need to live on, whithout feeling the pinch.

Unfortunately the only thing on the list which applies here is some of the food - everything else doesn't apply! Can't cut electric much, water isn't metered, TV channels needed for other children to use (wish I could get away with reducing them but it doesn't cut the package cost down unfortunately), washing isn't much different etc. Didn't pay her phone bill anyway.

silvercar

kelloggs36 wrote: »

Unfortunately the only thing on the list which applies here is some of the food - everything else doesn't apply! Can't cut electric much, water isn't metered, TV channels needed for other children to use (wish I could get away with reducing them but it doesn't cut the package cost down unfortunately), washing isn't much different etc. Didn't pay her phone bill anyway.

Your gas bill should reduce, unless she only ever bathed/ showered in ice cold water. You could turn the radiator in her bedroom down to * or 1. How about the phone landline?

SuziQ

I agree with Kelloggs. I know I am going to be worse off without my daughters ctc and cb,her leaving home doesn't help as she is so sensible! Our 'phone is on a free local call tariff,she buys her own prepay for mobile,she is economical with water,sensible with washing,doesn't eat junk,in fact her only vice is lots of fresh fruit,which I buy anyway,wholemeal bread, and a mullerlight yoghurt everyday! She has never even borrowed money from me-I am going to miss her so much!

Oldernotwiser

kelloggs36 wrote: »

Unfortunately the only thing on the list which applies here is some of the food - everything else doesn't apply! Can't cut electric much, water isn't metered, TV channels needed for other children to use (wish I could get away with reducing them but it doesn't cut the package cost down unfortunately), washing isn't much different etc. Didn't pay her phone bill anyway.

You'd be surprised, think of the number of showers she's not having and the loads of washing you're not doing. Wait til she's gone and see.

Nenen

We found we saved very little on household bills when our eldest two (one graduated last year, one this year) went to uni as we still had a younger one/two at home and they 'made up for it' (brought home piles of washing, ate us out of house and home and bringing friends etc) when they were home for some weekends or holidays! Add to this the cost of taking them (with all their belongings) backwards and forwards each term and visiting them occasionally plus losing child benefit and we certainly didn't notice any decrease in our budget!

We tried to help them with the odd food parcel, £10 note in a card or treat when we saw them, plus have them home for occasional weekends and let them live at home free during vacations. We also helped to kit them out with basic necessities before they started (showing them how to do this MSE style). I taught them how to make cheap food etc too! However, apart from this we didn't give them any financial help as such and they made up the difference between their loans and needs/wants by having part-time jobs in term time and full time during vacations. We had also encouraged them to save money by working in the summer prior to going to uni so they had a bit to spend for freshers week etc!

Obviously it was hard work for them to study and hold down a p/t job (they worked for approx 12 hours per week during term time) but I really believe it helped them to be in a routine and focus on what they were doing. They tended to drink and party less when they knew they had to be up for work at 8 am the next morning compared to friends who didn't have any lectures until midday!

The thing that amazed me was that their friends whose parents gave them money for rent, bills etc (several were given extremely generous allowances) still came out with the same amount of loans/overdrafts etc as my children and the same (or in many cases lower) degree classes.

Unbeknown to our children, we saved what we could during their time at university and then used this money to help them out a bit by paying off some of their overdrafts (but not student loans) when they finished... they ended up better off than the children whose parents had given them loads! They are under strict instructions not to tell their younger brother about the latter as he goes to uni this year!

At times it was very hard not to feel guilty about not giving them more when they 'let it slip' that many of their friends had things a lot easier... but in hindsight they say that we did exactly the right thing and are both very grateful!

kelloggs36

silvercar wrote: »

Your gas bill should reduce, unless she only ever bathed/ showered in ice cold water. You could turn the radiator in her bedroom down to * or 1. How about the phone landline?

Her bedroom radiator wasn't on when she wasn't there - the whole house is thermostated. Her shower of once per day and wash I doubt would make a great saving - not in excess of what we lost in tax credits and child benefit. I was unpleasantly surprised at how much the tax credits reduced actually just removing her from the award - it went down by more than half even though we have 2 other children so we lose out far more than we save.

kelloggs36

And the cost of feeding her whilst she is at home - been home since end of May with only 2 days' worth of work grrrr.

Oldernotwiser

kelloggs36 wrote: »

Unfortunately the only thing on the list which applies here is some of the food - everything else doesn't apply! Can't cut electric much, water isn't metered, TV channels needed for other children to use (wish I could get away with reducing them but it doesn't cut the package cost down unfortunately), washing isn't much different etc. Didn't pay her phone bill anyway.

But, on another thread, you say you can't help your student daughter because your other children cost so much! Surely if they're expensive then you'll save a chunk when, one by one, they leave home?