University

Loanranger

Maybe, as the children get a bit older, you will be able to work towards a better job or full time hours. Meanwhile, stop stressing, it's far too soon to know what the landscape will look like in ten years or what your children will want to do with their lives. Best advice here is to save anyway you can; maybe look at the old style money boards or go to the debt free wannabe boards for ideas.

curty510

pollyanna24 wrote: »

Thanks again everyone.

Talking to their father about anything to do with money is not a good idea as it sends him off on one. He already seems to think he gives me too much.

As for me saving for them, I literally can't at the moment. I'm hoping things get a bit better in time to come, but I only bought my brother out of the house earlier this year.

If you wrote him a letter proposing it, he may go off on one, think about, come back and read it. At the end of the day, they are his kids too. One day he may need his kids to help him out.

Spendless

On current rules it is based on what the household income is as to how much can be borrrowed and what the contribution should be. What the NRP earns doesn't come into it.

Their was something on MSE a few months back about how much the resident household should be contributing

Have a read through here

http://blog.moneysavingexpert.com/2016/09/02/how-much-are-parents-supposed-to-give-their-children-when-they-go-to-university/

pollyanna24

Loanranger wrote: »

Maybe, as the children get a bit older, you will be able to work towards a better job or full time hours. Meanwhile, stop stressing, it's far too soon to know what the landscape will look like in ten years or what your children will want to do with their lives. Best advice here is to save anyway you can; maybe look at the old style money boards or go to the debt free wannabe boards for ideas.

Thanks for that. I didn't think what I earned was that bad. If it was full time, it would £40,000.

It's just the outgoings that I have and that I'm doing it all by myself that are having it hard at the moment.

chesky

Agree with Curty about saving even though you may not be in a position to save anything now. Get your children into a savings mode themselves, even if it's just small change in a piggy bank. Good habits start early.

pollyanna24

chesky wrote: »

Agree with Curty about saving even though you may not be in a position to save anything now. Get your children into a savings mode themselves, even if it's just small change in a piggy bank. Good habits start early.

They have trust funds (which I keep meaning to change into ISAs) which their uncle puts £10 a month into. This is the only savings they have.

I save £10 for my brother's son. I figure this is MSE as my brother has to spend £20 whereas I only have to spend £10 a month, haha!

Gloomendoom

pollyanna24 wrote: »

As we live close to London, I will be happy for them to live with me for free (unless circumstances dictate otherwise), so there won't be the extra needed for rent.

Most UK universities are not really within a sensible commuting distance of London.

meer53

Your kids might not want to go to Uni, most kids who do look forward to moving away from home when they go to Uni, they might not be impressed if you're expecting them to live at home !

Robisere

pollyanna24 wrote: »

They have trust funds (which I keep meaning to change into ISAs) which their uncle puts £10 a month into. This is the only savings they have.

I save £10 for my brother's son. I figure this is MSE as my brother has to spend £20 whereas I only have to spend £10 a month, haha!

I know that things have changed in the last few years, and interest rates are at an all-time low, but I can only tell you what we did for our 4 grandchildren about 9 years ago, after we inherited a small sum.

We set each one up with a Junior cash ISA, which of course matures at 18. Two have already taken this money and used it to boost the bank accounts they already had. Eldest grandson had a choice of Uni or work, but managed to pass all the qualifications he needed to become a Networking engineer. The ISA money helped him move into a new flat. Eldest gd used the money to help her get chef qualifications and buy all the equipment necessary. Next one is due to take his ISA and his current account to another bank. He has it all worked out: being on an electrical apprenticeship and having to attend college 22 miles from his rural home by college bus, he has begun driving lessons and wants a small van. This will allow him to look further for work and later use the van for work when he finishes college.

The youngest in her first year of grammar school and may be the only one to go to University, if that is actually her wish. She will benefit more than the rest, but it heartens us that we were able to give them all this start. Their parents (our ds & dd) were both single parents for a time: our ds still is, but dd now has a fine partner, a good man.

Point being, it does not matter how little you are able to save for them. Set up a Post Office, Mutual or similar account and begin depositing amounts, doesn't matter how small. Tell your ex about this, don't mention regular deposits but just say the children will appreciate that both parents have contributed to their accounts, when they are older. If you can later transfer the money to an ISA or similar, even better. But don't look upon it as Uni finance - just something for their futures, whatever they might need.

Good luck, you sound like a caring parent, whatever the futures of your daughters might be, they have a good mum!

Caroline_a

I want my children to go university,

What about what they want? Or will want? University seems to be held up these days as the B all and End all - and it isnt. If you have an academic child who needs a degree for his or her career, such as a vet, solicitor, etc then well and good. However, going to university because you think it would be good to them isn't a great idea. They will be adults by then, and should be making up their own minds about their careers.

As an example, 2 out of 3 of mine have degrees, and have done quite well. The youngest will be paying off her loan forever I think. The older one was sponsored by her company so nothing to pay. The middle one who didn't go has just landed a global directorship in another country. Her salary is eye watering. I'm very proud of all of my girls, but it just proves that you don't need a degree to be successful if you are prepared to work.