What is an acceptable monthly amount for university students to budget outside london

doccer1967

My daughter is planning to go to uni. We are planning what we can loan etc. basically i am trying to get a considered view on what in essence is a basic monthly income for a student, so after maintenance loans etc i can see how much bank of mum and dad have to stump up. This will exclude accommodation costs as this is a known quantity as she will be in halls of residence

All help appreciated

D :beer:

Dunroamin

Catered or self catered halls?

doccer1967

Self catered halls

devildog

I think £30 per week for food would be a good place to start. There will be some who survive on less and some who will have more.
The rest is down to whether your daughter will have/get a part time job to supplement her loans and just exactly how much you are prepared to fund the life style she has (wants;) )
I guess you need to take in to account whether there will be transport(bus) costs, whether you will pay towards any phone contracts, whether you want to give her an allowance for clothing, what your feelings are regarding paying for socialising etc and decide from there.

Debrac

I have two daughters at university at the moment and I have to say it's really quite a struggle for them financially. The student loans and grants available barely cover the accomodation costs never mind leaving them anything to live on. I think £30 for food is a realistic starting point, but also think about books, stationary items, printer ink/paper etc. Also, one of the hardest things for students to cope with (in my experience) is not having the money to join in with the social side of university life i.e. not being able to meet up with fellow students for coffee, nights out, joining clubs etc. The list really is never-ending, but I would encourage your daughter to try to find a part-time job if possible. The time students actually spend in formal lectures is shockingly small so there is time for them to hold down a part-time job (say 8-16 hours a week).

V_Chic_Chick

I would suggest starting with what the government gives students from low income families (i.e. those which are not expected to contribute financially), a figure which is currently £3823 maintenance loan + £3354 maintenance grant (total of £7177). That does allow for a basic standard of living, so long as she doesn't want en suite halls and other such frivolities.

However, universities do give out bursaries too, and amounts vary by university, but should probably be taken into account.

As a guide (this is Manchester, by the way), I have an income of £7177 from the government, £1250 from my university, and then I have a part time job too (hours vary - I can basically work when I want, but I earn £100-250 per month). I live a comfortable life (by student standards!) and have managed to put away about £2000 this year.

However, you should be aware that first year does tend to be more expensive as students spend more time socialising, haven't learned where the cheap shops are etc. I came out of first year roughly money neutral at the end of first year, without a part time job, and even as a second year I am the only one of my friends who has really managed to save up.

AnnBar

Try to do a basic budget - I know it is guess work at this stage but maybe give it a go.

My son went to uni in September and allowed £30 a week for food and this has worked out well. There are a lot of other expenses to take account of e.g. travel around the university town / city and when she travels home. Laundry - I think this is expensive at my sons uni, about £5 per wash. So assuming 2 washes a week that is £40 per month. Sports/gym memberships, toilettries, contact lens, phone, books, field trips (necessary for some courses) etc.

Good luck.

devildog

AnnBar wrote: »

Try to do a basic budget - I know it is guess work at this stage but maybe give it a go.

Laundry - I think this is expensive at my sons uni, about £5 per wash. So assuming 2 washes a week that is £40 per month.

He seriously does two washes per week?
One of mine does one wash a month lol

doccer1967

Thanks everyone for your help. The best method seems to be for frugal student use the base figure of £7177 as minimum income over the year. The gap I therefore need to make up is the difference from maintenance loan and the means tested bit. So the formula is

7177 - (ml + mg) = parental contribution

Assuming you can afford it and your student does not contribute.

devildog

That's what I did for the first year for my eldest, but after a couple of months they turned around and told me it was far too much and they didn't need all of it

bouncydog1

Once she knows which Uni she is going to, look over the website, because there should be a budget for the area. We fund DD's accommodation and a basic phone contract and give her £80 per week towards everything else. We are overseas so have to pay everything as no loans available and no, we are nt wealthy by any means!

Her Uni is based in an expensive area of the UK, but she manages well and pays food, books, utilities, petrol, bus fares and all other costs from this. She also has a printer rather than fund via Uni which costs by the sheet.

I would add that we have found it useful to discuss budgeting and teach cooking skills before DD went and she has reaped the benefits. Her friends on much larger budgets have been unable to manage as a lot of their funds were spent on socialising!

I also put together a large starter kit before she went of toiletries, loo rolls, tins, pasta etc. All bought on 3 4 2 or bogof with weekly shop which helped funds go further. There s a really good old thread on here for what they need.