We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
Student Saving

Smegasaurus
Posts: 28 Forumite

Hi Everyone,
I'm a bit of a long time lurker and very little poster but I thought that I would start a diary to track my savings. I've not long left full time (well paid!) employment to go back to being a student. I now get a stipend for the next 3 years. I've always been a saver not a spender but 5 years in a fairly well paid job have left some bad habits of some unnecessary spending which I really want to kick. I'm hoping that at the end of these 3 years I'll be back earning decent money and able to buy a place.
I've worked to get my bills down to as low as possible and my fixed costs (rent+ bills) comes to £480/month. I'm in the process of switching energy companies so I'm hoping that will go down about £30 once that's all gone through. That leaves me with just over 1k a month for everything else which is plenty - I just need to stop the impulse buying!! I'm hoping that having this will keep me accountable and I can see the total adding up.
Current savings total: 24,473.08
H2B: 12,897.48
Marcus 1: 6,200.60 (1,650 of this earmarked for a big holiday next year so not counting in total)
Marcus 2: 7,000
Premium bonds: 25
(only just started with the premium bonds - interests rates are so poor!)
I'm a bit of a long time lurker and very little poster but I thought that I would start a diary to track my savings. I've not long left full time (well paid!) employment to go back to being a student. I now get a stipend for the next 3 years. I've always been a saver not a spender but 5 years in a fairly well paid job have left some bad habits of some unnecessary spending which I really want to kick. I'm hoping that at the end of these 3 years I'll be back earning decent money and able to buy a place.
I've worked to get my bills down to as low as possible and my fixed costs (rent+ bills) comes to £480/month. I'm in the process of switching energy companies so I'm hoping that will go down about £30 once that's all gone through. That leaves me with just over 1k a month for everything else which is plenty - I just need to stop the impulse buying!! I'm hoping that having this will keep me accountable and I can see the total adding up.
Current savings total: 24,473.08
H2B: 12,897.48
Marcus 1: 6,200.60 (1,650 of this earmarked for a big holiday next year so not counting in total)
Marcus 2: 7,000
Premium bonds: 25
(only just started with the premium bonds - interests rates are so poor!)
1
Comments
-
Hello Smegasaurus
Just have to say it, What the smeg?! Yes, I like Red Dwarf....
Your savings are impressive, well done, I think you already have it well under control..."...when you have eliminated the impossible, whatever remains however improbable, must be the truth..."
"Mastering a low budget lifestyle now, means you are set for life" quote by 'Miss Babs'
Dog's 'Pot o' Gold' = £23.85
Household maintenance = 0
Prolific Academic = £41.641 -
Welcome Smeg, I agree with Reny (Irene) well done on planning it all so well. I do wish you well in your studies and am looking forward to the diary. Wishing you a wonderful year.Aiming for a minimal spend 20220
-
It's a bit frustrating because I should be in a position to buy with this as a deposit but having just slashed my income I've also slashed what I could get mortgage wise too. Never mind! I'll be in a stronger position at the end of my studies so it will be worth it. Short term pain long term gain - at least this is what I'm telling myself.
£5.28 interest on marcus 1 also sent £225 across to premium bonds
I've bitten the bullet and started thinking if you don't ask you don't get. On that mark I've managed to get a refund on some professional fees (hopefully around £200) and put myself forward to write an article for a professional magazine, pays £150 per article and hopefully should lead to a bit more work. Now I've just got to do the writing!
Thanks SW and Irenadler for checking in!2 -
Hi Smeg it’s a brave move to give up a well paid job and go back to studying. I wish you well and am sure it will be worth it in the long run. Three years is nothing in the grand scheme of things and it sounds like you will manage on a budget.Let us know how you get on with the premium bonds0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p11 -
Thanks for checking in @Skint_yet_Again.
I've sold 4 old text books yesterday and made £50 so I've transferred that straight over to PBs. No idea if that's a good idea and I've never been very lucky and with the new cuts coming I'm not likely to win much but savings rates are so dire everywhere!3 -
That's such a good idea, and a decent sale price..."...when you have eliminated the impossible, whatever remains however improbable, must be the truth..."
"Mastering a low budget lifestyle now, means you are set for life" quote by 'Miss Babs'
Dog's 'Pot o' Gold' = £23.85
Household maintenance = 0
Prolific Academic = £41.641 -
I have made a fair bit selling bits it always helps. Hang in there Smeg.Aiming for a minimal spend 20220
-
A very challenging few weeks. My dog has been unwell which meant £1k came out of savings. The bill came to over this but I'm hoping the monthly budget will deal with the rest and still be ok. It highlighted the importance of having that emergency fund available and I felt happy that at least I had it, it didn't have to go on a cc or anything. I grew up in a low income family so I know that kind of unexpected bill can cause serious issues. I am feeling very lucky to be financially secure enough that it didn't, especially with the current economic climate.
Back on the savings track -
Current savings total: 24,117.57
H2B: 13,108.05
Marcus 1: 209.52
Marcus 2: 7,000
Premium bonds: 5,450
(1,650 of this earmarked for a big holiday next year so not counting in total)
So despite a big bill I am only ~ -£300 down on the beginning of Sept. There's hopefully another £400ish left over from this month to save but I'm gunna wait until a bit closer to the end of the month to move it. I've also taken on a small part time job for the uni linked to my course, only a couple of hours a week but should bring in a bit of extra cash.2 -
Sorry to hear your dog has been ill. It’s good that you had the emergency fund if you have no insurance.Part time job sounds good for bringing in some extra money0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p11 -
Sorry to hear about the doggy, I hope they're doing better. For me, emergency funds are as much as a mental cushion as well as a financial one.1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.9K Work, Benefits & Business
- 617.3K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards