Student With A Plan

jordan_2k1

Hey guys, newly registered but owe so much to thise site.

im in my second year of university in wales, aiming to graduate June 2009.

Since a a guest speaker in college talked about making goals, ive had a completly different out look on money.
he recommended Rich Dad Poor Dad- probably the best book ive ever read.

I understand many people dont agree with the book, but for a 17 year old with no financial experience or knowledge.. that was the best start i could have had.

Now 20, living at home with parents, i have 3000 saved up towards a house deposit, with 8k of student loans invested in ISAs and fixed rate Bonds, nicely ecumelaating interest

Im sure people can relate to feeling eager to just jump on the ladder and start climbing .. but a cup of coffee and few deep breaths and i begin thinking sensibly again lol

My aim is 10k house deposit before im 22.

Anyway thanks for even reading my lil post .. its just so nice to be surrounded be people who understand! not 20 year olds living out of their overdrafft because theyve blown their loans!

THank you guys,
Jordan.

PasturesNew

Well, your timing's right (lucky).

With the downturn in the market you'll be in a great position to buy cheap when you're about 25-26 with a huge deposit!

Nenen

You are very lucky to be able to study for a degree while living at home with your parents. Not all students are able to do that. Have you ever heard of the saying 'pride goes before a fall'?

neas

I find it a little bit annoying the student loans can be abused this way.... alot of families i knew at uni paid for their daughters/sons tuition but also got an inflation based loan... slapped it into an isa for 4 years paid it all back and took the interest. Essentially they 'stoozed' from the government.

Little bit annoying when people like me who needed the loan, are now slapped with it increasing at 4.8% a year lol.

Chollita

Good to see someone with the savings ethic, but this is NOT the purpose for which the loan system was intended.

jordan_2k1

thanks for reading and responding.

I wont reply to all comments as I didnt come on here for an argument.
I would like to state that im working my !!! off in somerfield 4 days a week to save this money.. and not sponging or stoozing off my parents.

Please dont take my response as me snapping, many comments were just begging for a response!
Jordan

bobby-boy_2

If Jordan had gotten the money from a credit card it would all be "Well dones" and "good thinking". She took a loan she was ENTITLED too. The goverment takes money think stamp duty CGT IHT so if you are entitled to money take it or are all you complainers with children handing back your child bennifit money in protest? No did not think so

Lavendyr

I have to agree some posts on this thread have been entirely too harsh. If the OP is lucky enough to be able to save up some money this way, more power to him. It's not his fault that not everyone is in that situation. OP, well done for saving. I wish I'd used my student loan more sensibly when I was at uni but I certainly don't begrudge you anything.

owitemisermusa

Nenen wrote: »

You are very lucky to be able to study for a degree while [strike]sponging off[/strike] living at home with your parents. Not all students are able to do that. Have you ever heard of the saying 'pride goes before a fall'?

Why would you say that? Is this at all necessary?

There's nothing in the post that warrants this.

If his/her parents don't mind him/her staying at home and he/she's a good boy/girl, then why not?

I would commend the OP on a sensible head on shoulders, not skewer him/her on the sly....

CloudRuler

jordan_2k1 wrote: »

Anyway thanks for even reading my lil post .. its just so nice to be surrounded be people who understand! not 20 year olds living out of their overdrafft because theyve blown their loans!

THank you guys,
Jordan.

We are a rare breed :rotfl:

Coming up for 20 myself, also living at home. Started putting money into ISA's 2 years ago but I've always been a bond fiend. Got a half scholarship from my university for my A level grades, small bursary, another bursary for working for the university (voluntary work) and max student loans. Not spent any of it, almost all of it is packed into bonds and ISAs. Not considering the interest I'll have made on it, the first year of uni will have cost me around £35 of the money I had prior to entering, second year around £350, third is likely to be substantially more though.

My only major cost is my car though having said that my father bought it and pays the insurance. I pay for petrol, servicing and the tax. Have an allowance of £110 per month, budget to spend roughly £50 but sometimes go over, rarely though.

Also hoping to buy a house if the prices come crashing down. So glad I didn't go to London for uni, far too much expense coming up when I graduate if all goes to plan.

One of my friends is in an even better position with regard to his fees etc. He's an international student on a full scholarship from the place his mother works at. They pay his fees, accommodation and give him an allowance, a very substantial one, around £3500.

neas

allowance of £110 per month lol :P.. Thats good for a student... but really money is money... although you are trumpeting how good you are at saving... the £1320 a year will help dint your income.

However... you are a lucky one, and i will praise you (this time :P) for saving because most people with 'allowances'... expect daddy to pay for everything, you are doing the sensible thing... getting an education for cheap.

Just remember although money is important it is important while young to enjoy yourself a bit, let your hair down so to speak... at 25 i'm starting to settle down.. and I was careful with money too (didnt get any sponsorhips/allowances but came out of uni with 7k in an isa and 12k student loans... so -5k for 4 years MEng.. not too bad) but i ensured I socialised in my accomodation and dorms....

Uni... ahhh the best years of my life.. period ... so much freedom, drinking and just enjoyng life, I wouldn't change it for the world.