whats the average spend for students per week?

lara1983

Obviously these students above are money saving experts. But considering I'm at Oxford and surrounded by students who spend ridiculous amounts of money every week, even I see this as an obscene amount - maybe just about understanable in freshers week but not thereafter!
Let's break it down a bit and go for would it could be at the max even at Oxford prices:
Pub - maybe 3 drinks in a week @ £3.50 a pint/glass of wine = £10.50
Shopping for milk/beans etc: Probably no more than £20 a week
Eating out/takeaways/sandwich bars: Maximum £10 a day = £70
Clubbing: £8 a week plus maybe £10 of drinks = £18

Now that only comes to £120 a week and that's a vast exaggeration of costs!

My guess is that 'going out' means clubbing which is a really really expensive way to spend your time - if you go out three times in a week I can easily see you spend that much (and lose a load while you're drunk). Encourage her to go to a pub for a drink rather than dancing every night, or even a bottle of wine to share in halls!

muddyfox470

I can spend around £20 a week on shopping, depends whether i treat myself to innocent smoothies etc :P

Other than that as I am in catered accomodation noting much else is spent, possibly £20 on going out, although this term I have hardly been out due to exams and revision.

I can't think what else I could spend money on tbh.

I have my Contract Mobile Phone bill that takes £15 a month out, maybe about 2/3 cds a month ~ £20

So most likely it is less than £200 I spend EACH MONTH!

If it is her money she is spending (and most likely wasting) then fine. Just let her know that when she does run out you won't give her any extra as it is all down to her! The she will learn as by the end of the month when she can't go out she may want to budget a bit more wisely in future.

You learn by your mistakes

Ian

kar

Yo do not need to pay off her o/d for her. The AUTOMATICALLY increase it by £250 (or similiar) at the same time as she applied for the student account as last year - so long as she is not over the £1000 o/d they have given her and even then they probably will. For god's sake don't pay it off for her she will never ever learn. Tell her to get off her backside and find a job pronto or she'll be eating beans on toast all next year.

rchddap1

When I went to Uni an important part of what I learnt was how to budget. I had to manage what I spent and what I spent it on. I did manage to get my parents to pay for my hall fees (thank god), but everything else was up to me. I didn't work during term, but always found a job at home over the holidays. The end result was an overdraft of £1800....and nothing more (no loans, credit cards etc...) I was very proud of myself.

If my parents had continually paid off my overdraft it would have been encouragement for me to spend more....as "mum and dad will cover it".

Try not to worry about her spending habits, as she will learn eventually. It is one of the very important lessons of being at Uni in the first place. In fact what I learnt back then meant that I already had good financial habits when I left and had to get a full time job.

It is hard to let go, but she has to make her own mistakes this time. She has to learn that no-one is going to bail her out and that she has to manage her own money wisely.

May-B

Hi - it does sound like she is not thinking in the long-term! Maybe this will be a warning for her:

I finished uni three years ago with a £3000 overdraft and I am still trying to pay it off - I cant go back to further study, get a credit card (bad credit rating), traval or go on holiday, go out much at the weekends, or change banks until its paid off! I have a second job at the weekends and evenings a clock every penny I spend as a result.

A further warning - banks are actually quite cagey about increasing your overdraft after a while - you will have to declare your outgoings and if they feel that she is spending too much on non-essentials they wont extend it anymore.

Nb. I didnt run my overdraft up partying - I had to pay my uni fees (£1000 a year) out of my student loan and I had no other financial support apart from the remaining sum. I worked a part time job evenings and weekends at uni and it was only thanks to the unis hardship fund that i managed to get through at all. Despite being quite good at budgeting by the end of my third year I was scraping by on £5 a week - not fun, when you are trying to study for your finals!

One thing I definately have to say is - dont bail her out!! You dont realise the value of money until you truly dont have any - before you even consider paying off the overdraft I would sit down with her and get her to work out how she is going to survive money-wise over the whole three years - the very maximum that a bank will extend a student overdraft to is £3000 and she will not get any hardship assistance from university unless she can prove she hasnt been spending it on partying.
Sounds mean but it'll be worth it in the end

needstoknow

beer £20 per week
food £20 per week
petrol £30 per week
+ what ever else i need clothes etc so about £100 per week

Karnam

actually i really really need to sound a warning. the overdraft increase is automatic at most places but not at halifax. mine was suddenly withdrawn, i had to pay charges and eventually closed my account at this bad management.

Karnam

however i beg of you, dont pay off the overdraft, shes not maxed it and she needs to see how in debt she is everytime she goes to cash machine. otherwise she'll think you'll always bail her out.

nearlyrich

shoperholicnot wrote:

i will have to clear the overdraft for her which will prob be about £300, quote]


She will be finishing uni in a week and not going back until September, I would not be paying off the overdraft I would be suggesting she gets a job.

nearlyrich

lara1983 wrote:

Eating out/takeaways/sandwich bars: Maximum £10 a day = £70

:eek: :eek: :eek:

£70 a week on eating out!!