how much does going to university cost ??

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  • crana999
    crana999 Posts: 573 Forumite
    you would have to eat a *lot* of beans and other things-in-tins over a term to have enough to make a coffee table with, especially if you have to move all your stuff out every term!

    we did use tins as desk raisers when we had crappy too-low desks though ;)
  • savvy.. i've never understood why so many people (inc my other half and son !!) ... want to ignore depreciation !! .. they keep telling me " car only costs a bit of petrol and insurance !!"

    his £12000 car costs £5000 a year... IN TOTAL !... to do 10000 miles ....=50p a mile no getting away from that figure .. no-one can convince me otherwise !!!

    regarding cc debts and overdraft that have suddenly been unearthed.. we have just paid them off .. cannot get a situation of paying crazy interest .. even though i really wanted to leave him in his own mess ....
  • crana999
    crana999 Posts: 573 Forumite
    Penny, I do think you have to be "cruel to be kind" in this case. He's never going to learn to be responsible financially otherwise.
  • dont let penniesmakespounds son read this thread, we will all get hate mail from him if she decides to seriously cut the allowance!

    *ducks as can of baked beans come flying through the window with letter attached*....eek

    on a serious note, i like your thinking with the car costs 50p/mile is a good estimation (including ALL costs). better to be realistic about these things rather than kid yourself on.

    Halcyon
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    A young loner on a crusade to champion the cause of the innocent,
    the helpless, the powerless, in a world of criminals who operate above the law.
  • crana999
    crana999 Posts: 573 Forumite
    If he got in touch with me I'd kick his !!!!!!!
  • dinkylou
    dinkylou Posts: 727 Forumite
    When I was at uni a couple of years ago I spent £1000 every term. (approx 10 weeks)

    That didn' t include rent or tuition fees but did include bills and living and stuff.

    And I can honestly say that I enjoyed myself but didnt go mad with excessive spending.

    (Oh and I went to Lancaster which is pretty cheap around that area)

    I d estimate at 10-15k easily over the 3 years.
  • Savvy_Sue
    Savvy_Sue Posts: 46,017 Forumite
    Name Dropper First Post First Anniversary
    savvy.. i've never understood why so many people (inc my other half and son !!) ... want to ignore depreciation !! .. they keep telling me " car only costs a bit of petrol and insurance !!"

    his £12000 car costs £5000 a year... IN TOTAL !... to do 10000 miles ....=50p a mile no getting away from that figure .. no-one can convince me otherwise !!!
    Well I'm not going to make a concerted effort to try. I am a mother of small brain, and I can generally only cope with two ways of looking at money: what we are actually spending, and what we need in order to meet our commitments. Dealing with the notional amounts involved in a car being worth less now than the day we bought it is difficult, since we're not planning to sell it any time soon. Yes, if we needed to replace it we'd need money, but that comes under 'what we need to save if we don't want to take out a loan', and it has an indeterminate time frame.

    I would take depreciation into account IF I had a need to or was committed to driving a certain newness of car, ie replacing it at regular intervals. Since our history has been to buy older cars infrequently and run them into the ground, 'depreciation' hasn't seemed the right word: the car has not been worth a lot when we buy it, and usually valueless by the time we replace it. And I can accept your method of 50p/mile as a simplified method of calculating some of the costs, say repair bills and petrol, which are unknown quanitities and dependent on the number of miles driven, leaving insurance and tax as known quantities.

    Sorry, I've just re-read what you said. His "£12,000 car" ??? He needs a £12,000 car? ??? :confused: Introduce him to Bangernomics and Honest John, he could then sell the posh car, pay off his debts, and run a banger if he really needs a car.

    (Selling the car is a serious suggestion. When I worked in university admin, so long ago that only overseas students had to pay fees, the person responsible for chasing fee payments used to check whether those who hadn't paid their fees had bought car parking permits. If they had, they would be sent for, and the fact that they could afford to run a car would be used in evidence against them. It was seen as a question of priorities ...)
    Signature removed for peace of mind
  • crana999
    crana999 Posts: 573 Forumite
    most of the adults i know dont have cars anywhere near that nice/expensive! the only people my age with cars like that usually have.......ah.........lucrative careers in pharmaceuticals
  • student100
    student100 Posts: 1,059 Forumite
    Combo Breaker First Post
    Wow! I only just realised how much you said his car cost. If the car is worth £12k then how much is the insurance? :eek:

    What car is it? How on earth can he justify/afford a £12k car?! As far as the average student is concerned an expensive car is a shiny few-years-old Fiesta or similar, costing at most a few thousand, plus about £1500 insurance annually...

    Frankly if he can manage/afford to drive a £12k car then it's no wonder his expenditure is so great.

    I really do think you need to sit down with him and work out EVERYTHING he spends in a year - look through all the bank statements, credit card bills, any accounts you might not know about - and try to work out where every pound goes. Then work out where cuts can be made - and I'm sure there are many of them - and try to set a realistic budget. And somehow agree with him how you will make sure he sticks to it. I have a feeling you'll have to do this in several stages before his expenditure gets anywhere near the average student's... and I also have a feeling he might not be particularly thrilled about the amount of money he'll have to spend next term...
    student100 hasn't been a student since 2007...
  • jaimeo
    jaimeo Posts: 94 Forumite
    "his £12000 car costs £5000 a year... IN TOTAL !... to do 10000 miles ....=50p a mile no getting away from that figure .. no-one can convince me otherwise !!!"

    Thats a lot of mileage for a student. As far as depreciation goes, if you give him 700 (for example) of the £5000 a year to cover depreciation...what is that money spent on?

    "regarding cc debts and overdraft that have suddenly been unearthed.. we have just paid them off .. cannot get a situation of paying crazy interest .. even though i really wanted to leave him in his own mess ...."

    This embodies why he will never control his spending. Until there are consequences, he wont control himself. I am sure from your replies and acceptance of them that you are aware that put simply

    HIS SPENDING IS A JOKE!.

    It is not a case of justifying his 5000 for car maintenance and running costs, nor whether depreciation is included in the figures but quite simply that he is acting like an idiot. I am sure he is not one but that is the simple fact of the matter. I personally think that people like Crana live on a very tight budget- good for them....£15000 simply takes the !!!!!!. How much would you have to earn (gross) in a normal job to have that sort of spending money?

    First things first- I'd have forced him to sell the car to pay off his credit card debts. The kid needs a shock, painful though it might be to watch he has to see where his mistakes will get him.

    Unless you stop answering posts with the idea that "no-one can convince me otherwise", or bail him out like with the credit cards you dont stand a chance. You are really painting him out to be a spoilt little so and so, and you're not helping by indulging his behaviour.

    I am sorry to sound harsh but I, and I'm sure other students, laughed out loud when I read that you paid them off. I dont know the solution to the problem but I know you have your answer as to whether his spending is reasonable.
    Err, I'll get back to you about the funny signature
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