Student Loans 2012

setmefree2

The_One_Who wrote: »

So you'll let your son do his own homework, but not try to figure out a budget? People learn from their mistakes.

I'm an accountant. People ask me for advice. I did my Dad's accounts for 20 years. I could have told him to do them himself but I didn't lol. Sometimes I wished he would though, but that's another story....:D

setmefree2

Lokolo wrote: »

The only problem with that is there's a big difference between wants and needs..... take the first reply. The guy needs £235 a week..... that is clearly not budgeting ha. And the first guy wants to spend £40 a week on alcohol, wow!

So what should I give my son as a beer budget?

Lokolo

setmefree2 wrote: »

So what should I give my son as a beer budget?

£20-25. Asda regularly do offers, 3 for £18 on boxes of 12 cans was the last one. My car suspension didn't like it. I prefer the Vodka. 1l of Vodka is £15. Plus coke or whatever is £20, that should last a couple of weeks, then use the rest of the money for spending on drinks at the clubs.

The_One_Who

setmefree2 wrote: »

So what should I give my son as a beer budget?

Why not say you have £x per week/month for everything. That way he can figure out a balance for himself. If one week he goes overboard on the beer he'll soon learn when it gets to the end of the week and can only afford the cheapest noodles. Everyone's budget will be different, depending on what works for them. Some want more leisure/entertainment money, some would rather buy nicer food, some can't live without a certain brand of shampoo/toothpaste/other toiletry, some would like some extra for new clothes, etc.

I help my friends with their budgets, and what works for one doesn't necessarily work for the other. It's trial and error. For example, one likes to take out a set amount of money a week and live on that, another does it per day, another does everything on a monthly basis.

setmefree2

Lokolo wrote: »

£20-25. Asda regularly do offers, 3 for £18 on boxes of 12 cans was the last one. My car suspension didn't like it. I prefer the Vodka. 1l of Vodka is £15. Plus coke or whatever is £20, that should last a couple of weeks, then use the rest of the money for spending on drinks at the clubs.

Oh dear - I don't like spirits lol. I hope he sticks to beer.

Are clubs expensive for students to drink in? Are there student clubs? Would the £20-£25 cover entrance to clubs or just booze?

setmefree2

Lokolo wrote: »

£20-25. .

Is that for a week or a month? I hope that doesn't sound stupid:o

setmefree2

The_One_Who wrote: »

Why not say you have £x per week/month for everything. That way he can figure out a balance for himself. If one week he goes overboard on the beer he'll soon learn when it gets to the end of the week and can only afford the cheapest noodles. Everyone's budget will be different, depending on what works for them. Some want more leisure/entertainment money, some would rather buy nicer food, some can't live without a certain brand of shampoo/toothpaste/other toiletry, some would like some extra for new clothes, etc.

I help my friends with their budgets, and what works for one doesn't necessarily work for the other. It's trial and error. For example, one likes to take out a set amount of money a week and live on that, another does it per day, another does everything on a monthly basis.

Do you not think there should be more dialogue going on than this? People are single for only very short periods in their lives. Mostly they will be in realtionships with someone (even if it's an ex and they are having to discuss child maintenance). I think it's really important to be able to discuss money matters and I see this as a totally essential life skill.

I would definitely want more dialogue going on than you are seem to be suggesting.

On the Debt - free board there are many posters are up to to their eyeballs in debt and their OHs don't know. I want my kds to be able to discuss money with me and any significant others.

Lokolo

setmefree2 wrote: »

Oh dear - I don't like spirits lol. I hope he sticks to beer.

Are clubs expensive for students to drink in? Are there student clubs? Would the £20-£25 cover entrance to clubs or just booze?

Weekly. First few weeks, it's likely to be £60.... but as the term progresses it gets harder to go out because of work. I don't think I went out once in the last 4 weeks of term! Eeek.

The_One_Who

setmefree2 wrote: »

Do you not think there should be more dialogue going on than this? People are single for only very short periods in their lives. Mostly they will be in realtionships with someone (even if it's an ex and they are having to discuss child maintenance). I think it's really important to be able to discuss money matters and I see this as a totally essential life skill.

I would definitely want more dialogue going on than you are seem to be suggesting.

On the Debt - free board there are many posters are up to to their eyeballs in debt and their OHs don't know. I want my kds to be able to discuss money with me and any significant others.

At what point did I say not to talk about money? Or mention being single? In fact, I actually said in my post that I help my friends. But budgets need to work for the individual, and they don't know how it is going to work until they use it properly.

You can work out whatever works for you, but the majority of the decisions should be coming from your son. He is an adult and should be able to decide his own budget. He might prefer to spend a bit more money on going out, rather than on quality food. Eating cheap noodles for one or two days won't kill him, but he will have learnt to either stick to his budget or adapt it accordingly.

setmefree2

Oh my this one is expensive!

Well maybe it's a girl thing but i spend £30 on a night out (i like cocktails) twice a week, food like £10 a day, clothes/makeup £50, society stuff £20

http://www.thestudentroom.co.uk/showthread.php?t=1403591&page=3