do you think its a bit tight?

lkmc01

Myself, my partner and my son have been living in halls of residence for 3 years now and paid £500 a month all bills included. We are due to move out at the end of August and I'll be studying a masters full time and my partner working full time. I will get no funding and have to pay for all nursery costs ourselves. This is what I've bugeted for -

Income (weekly)

wage = 284.86 net
tax credits = 39.08
child benefit = 20



Outgoings

Rent 121.15
Gas 13.85
Water 8.07
Electricity 13.85
Council tax 18.27
Car 31.33
Petrol 35
Car insurance 5.51
Car MOT / servicing 5.77
Car tax 2.31
Mob bills 4.62
TV licience 2.74
Internet 2.74
Food shopping 40
Nursery 26.15

So we will have about a tenner left a week.

Do you think it will be a bit tight?

We only really spend money on food shopping each week though

Anew

Not sure if you've included it in your "servicing" section there, but for instance, my clutch suddenly gave out on the car last week. Completely out of the blue - garage costs were £250.

If I only had a tenner a week to spare.... I'd be pretty screwed. Unable to get to work - unable to earn....

And this is only one example....how about in December when you have to buy christmas gifts? Or the many birthdays that crop up throughout the year?

New clothes for the little one? They do grow fast!

The breakdown is a little hard to read - so you may taken all this into account..but if you haven't then you should. Having £10 a week to spare will essentially end your social life if you are used to meeting your mates over pint - it will leave you unable to ever eat out with the family....

I could go on- but if I'm reading that breakdown correctly..... its *very* tight!

***EDIT*** calculator breakdown displaying much better now.

lilian1977

I would fill this in: http://www.makesenseofcards.com/soacalc.html

It can help you see where other little things you might need to spend money on could crop up.

lkmc01

if it is a bit tight, what do you suggest I do about it. couldn't really cut back on anymore. all cutting back done

Jowo_2

Is the car a total must have? It's your second highest bill, approx £80 per week, after your rent.

If you can't cut your expenses anymore, do you have any capacity to work part-time as you study. Have you checked whether you can find a scholarship/bursary towards your course?

Does your uni have a hardship fund?

missile

It seems incredibly tight to me>

1. Do you REALLY need a car? and £35 a week on petrol seems a lot.
2. Get a part time job and then you will not need a TV either, as you will not have time to watch it <LOL>
3. You could get internet cheaper than £2.47 per week

lkmc01

car is a must have as need to get into uni and partner can't get to work without it.

I won't have time to work part time whilst studying full time due to 3 year year old.

No busaries or anything available

and the uni has already told me that because I get no funding from the LEA they won't give me anything from a hardship fund

lkmc01

the internet price includes the landline too. Do you know a better deal as I don't want a landline

Anew

I see your dilemma, I was sorely tempted to take my degree onto a masters, but the cost was just not kind, I did not stand to be able to afford it and so went into work instead.

I'm presuming that at least you'll only have a year as its a masters. So at least it won't be forever - and fingers crossed the job you get after will make it worth it (in my instance I would not have been on a significantly better salary with an MA than with my BA)

So - if you really can't work, really can't find extra funds, I guess just cross your fingers that nothing happens that required a large sum of emergency funds.....I hope your car is set to pass the MOT etc....

Also bear in mind that gas, electricity, petrol etc will almost certainly rise this year..... might eat into your £10 buffer.....

Honestly though - if it was me, I'd reconsider if I could afford to do the masters..... only you can say if the reward in the end will be worth it. In my case it wasn't - but each case is different.



Best of luck to you....

mike5678

Get a part time job. And your partner should get a second job.

lkmc01

mike5678 wrote: »

Look for a higher paid job, or a second job to up your income.

i do not have a job