From debt to freedom...

Honeysucklelou2

Thank you Cherryfudge and Spendless.

I believe she is getting the correct amount…it’s the absolute minimum. Unfortunately the student loan forms are very cut and dried and don’t allow a full picture of the past and present to be seen.  DD4 has been able to do a few hours work over the Christmas holidays so that has topped her account. She went to book a train ticket and the cheapest one was £56 for first class! I’ve paid for her ticket to try and make sure her earnings will last her as long as possible. 

I think she is starting to look into next year’s accommodation…at the moment she is fairly close to her campus so trying to look into the balance of living costs v commuting costs.

It’s been a very bizarre first week back at job 1. Sadly started with a funeral, then job 1 was closed due to the weather, Wednesday was fine but early closing on Thursday to allow for everyone to get home before the storm hit. The calm before the storm was eerie, the wind during the storm was very strong and loud! Thankfully we only lost 4 fencing panels and a tree. My parents lost electricity for 48 hours - was glad they had gas to be able to keep warm. 

Busy weekend so far with a clean up outside from the storm and a trip to the tip to get rid of the extra rubbish we seem to have from Christmas ( but can’t put out because we are only allowed to put out one wheelie bin each time). One of those jobs that needed doing and everything looks a bit tidier. Did an extra shift last night which will help boost the money for DD4.

lucielle

Glad to read you weren’t blown away!

Cherryfudge

Good to hear you have emerged relatively okay from the storm. Are the fence panels retrievable? Sorry to hear about the tree, is it uprooted or snapped? I remember seeing the trees downed by the storm in London in 1987: some were left lying and the next spring the leaves were all at right angles to their usual positions! Nature is very resilient, but it certainly leaves gaps during an event like this.

Dakota_Rose

I have to admit to reading your diary back in my early days of following but not engaging with the forum and really feeling for you @Honeysucklelou2. It sounds like life has changed in lots of ways since that time, but you continue to be such a resilient, hardworking person. 

Reading of your contributions to DDs uni costs does make me think how I will manage that in the future for my own children. Of my oldest two, I think only one will go on to uni, but the costs just seem unmanageable now without taking on extra work/frugality for the family at home. 

When I went to uni, my family couldn’t afford to help (due to unexpected illness) other than send me with large food packages and the odd token payment being sent my way. If I hadn’t have found my part-time job (where I often worked full time hours) when I had, I would very likely have had to leave my course. It was unsustainable. I really feel for students in a similar situation and so pleased to read that you are able to help your DD in the way that you are. 

Your job 1 sounds as though it is in the same profession as mine and I just can’t imagine how you are managing a second job on top! Much respect to you x 

Spendless

@Dakota_Rose - Im in my 8th consecutive year of supporting a Uni student offspring. 

Ive known parents tell their kids they have to look to go to a local Uni, live at home and commute as they are unable to pay towards rent/living costs of student. This isnt always an option if the degree student wants to do isnt running at the nearest Uni (the position my kids were in).

Other than that, its save in advance from either parent or student. A relative took a year out after sixth form and literally saved every penny for money to live on for  the duration of their 3 year degree.  It still wasnt enough though and still needed a parental top up for rent even after contributing all their loan towards it. 

Though studying in London does give you a higher maintainance loan (its where your Uni is located not where student lives that decides this). Other cities are also expensive with a lower minimum  maintainance loan. 

Other than these suggestions  and the route we are now under is you need a 2nd income source into the household. For us that is my wages as my husband earns enough for the rest of the household bills. It's still not easy though as I lost my f-time job last year which covered all rent with money over and now work p-time which covers 3/4 of rent with a small amount left over. We pull the additional rent money from DHs wages and I have a spreadsheet I update weekly and monthly so I always know how many weeks in advance we have saved towards rental costs.

If in a 2 income household where both wages are needed for household bills, then another income stream/side hustle is probably needed (such as HSL job 2).

If your children are young you've got time to implement some of these ideas or see if any Government addresses the situation (I wouldnt assume they will though!) If your older children are more at exam age, then Id open up a discussion with them.about any future plans and how it could be financed.