Budgeting for returning to Uni

Spendless

The life assurance to cover the mortgage. Are you single without kids? If so do you really need it. Couldn't your next of kin just sell your place off and repay the mortgage, would they need to inherit?

I also think your mobile bill sounds high, could this be reduced?

r.mac_2

Thanks for all your great comments and suggestions. Here is an update.

I have reconnected my landline (at no charge) and will pay £10.50 pcm to BT
I am registered with 18866 for calls and will try to keep a reign on my spending. I thought I could try having a tub next to the phone and pop something in everytime I use it – might make me think more before picking up the receiver!
I have cancelled my mobile contract and switched (at no charge) to pay as you go. This is for emergency/occasional use only. I hope that I can keep my bills (mobile and l/l) to approx £20 pcm.

I am continually working to get my food and drink bill down. From the entertainment side of things I thought I would try dvd rental tarting for ‘free entertainment’. Also, my good friends understand my position and so I don’t think they’ll mind if I ask them to provide the wine. I also have a good friend in a similar position, which helps a little as we understand each other!


I make my own greetings cards and have just made a bundle of approx 50 – they work out at approx 40p per card and should last me a while!

I have a computer at home now so will be ebaying all the stuff I no longer want or need to raise some cash. I also plan to use ebay and amazon for books and other essential items. My only problem with this is the internet connection! I need to consider if I can afford an internet connection (I currently log on at work)– would ebaying cover the costs? Can I afford the extra expense? Any tips or suggestions to get around this? I could use the uni’s connection/computers, but they usually block sites such as ebay as they are meant to be used for academic purposes only.

I never considered using a life of balance c/c for the student loan – what a great idea. I knew someone would come up trumps. Thanks. I will investigate this today and get started. That should hopefully help. Perhaps If I save on my loan this could pay for the internet?????

Lots to think about! I really appreciate you lot taking the time to help me. Keep the ideas coming!!!!

r.mac

Willsnarf1983

why not make cards and sell them at a carboot place or summing, if ur costs are 40p and sell em for a £1 its not gonna bring huge amounts in but its gotta be worth a go........................


Will

emma_b_4

hi
i too am returning to uni in sept, after working fulltime for 5years! live with my fiance. we are worried about the ££ side of things but hey in 3years hopefully we will be better off.....

i have tried to batter all my costs down
got house ins with budget and they cover youfor home emergencies. like our boiler broke and we were pancking but they came out fixed it and it was freeeeeeeeeeeeee!!
also they were the cheapestcompany anyway so im not payin for the priveledge
£20.33 per month, home and contents
phone is £10.50 bt, calls thru talktalk, free eve and weekend for a year
im on pay as u go O2

life assurance is one thing i keep thinking about getting rid of but we have paid it for 3years now. its £25 per month tho.....should i keep it???!!

i have also made a huge effort to learn how to cook from scratch instaed of using a jar and it does save ££

fruit and veg off the market

small shops may sell your cards for you too like local shops. bit of an earner!!

good luck xxxx

jazzyjustlaw

Sounds obvious but use the law library. Ours was pretty good and if I only needed a few pages I would photocopy them. Maybe you could share photocopies between a group of you.

Our law library used to have a reference section and the law tutors would photocopy articles and even writing some themselves and put them in boxes clealy labelled. Not sure which Uni you are but am sure your law library will save you money. Out of interest are you doing the CPE?

r.mac_2

Jazzyjustlaw - hi there. I am doing the law conversion aimed at graduates. This is a two year course in Scotland, followed by a one year LPC (legal Practice course). I start in four weeks and I am very excited.

I am going to be at Edinburgh and they have the best law library in Scotladn so I'm going to be pretty well off in that respect. Thanks fort he photocopying tip.

emma-b It is heartening to know I am not the only one out there!

jazzyjustlaw

Good Luck. I was supposed to do the LPC but couldnt afford it. How will you finance such an expensive course?

Spendless

emma_b wrote:

life assurance is one thing i keep thinking about getting rid of but we have paid it for 3years now. its £25 per month tho.....should i keep it???!!

Your circs are possibly different. In the event of one of you dying, wouldn't the surving partner need the money to make their life more financially secure, especially if you were the surviving party, how would you afford the mortgage as a student?

I asked the question to the OP as I wasn't sure if they were single,living alone, without children. If this is so,does their next of kin/ beneficiary need to inherit from them in the event of their death or couldn't the property be sold, and the next of kin inherit what equity is left (if any) after the mortgage has been paid off.

r.mac_2

I think spendless is right emma-b. As you have a long term partner I would recommend life assurance. There are lots of different options though, so it's definately worth shopping around. My orignal quote was way higher than I ended up paying.

My parents have an 'investment' in my flat. They gave me the deposit and when I sell they will get the deposit back plus a percentage of any profit. It was to help me on the property ladder. If I was to die without mortgage cover, they would loose that.

Jazzy - I'm sorry to hear you couldn't do the LPC - perhaps later on?
In Scotland many legal firms will sponsor you to do the LPC course - does this happen in england? Would it be a possibility? It usually means that you have a definate job at the end of it as well. I hope to do this for my LPC.

I don't get my fees paid, but My parents have very kindly offered to cover those if I commit to working part-time to cover my own mortgage and living costs etc. I have to admit I am very lucky that my parents are in a position to help and are willing. I think my mum just wants to be able to show off when I am qualified with 'my daughters a lawyer you know'! :rotfl: If her snobbery helps me out, then I'm not going to complain!!!!

tinalives

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