Student Saving

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!) 

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Replies

  • Hello Smegasaurus
    Just have to say it, What the smeg?! Yes, I like Red Dwarf.... :smile:
    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 = £41.64
  • savingwannabesavingwannabe Forumite
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    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 2022
  • SmegasaurusSmegasaurus Forumite
    28 Posts
    Third Anniversary 10 Posts Name Dropper
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    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! 
  • Skint_yet_AgainSkint_yet_Again Forumite
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    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 bonds 
    0% credit card £1360 ~ paid in full
    0% Car Loan £7500 ~ paid in full
    JAN 2020 = NOW DEBT FREE

    House sale/ purchase costs
    EPC £55
    First house purchase offer accepted 20/5/22 fell through 8/7/22 due to sudden serious illness of seller Insurance 2 x £90 Searches £300. Survey cancelled/refund received
    Offer accepted on another property 2/8/2022
    £90 solicitor insurance
    £300 searches

    Aiming to retire early age 60 🥳
  • SmegasaurusSmegasaurus Forumite
    28 Posts
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    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!
  • 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 = £41.64
  • savingwannabesavingwannabe Forumite
    16.4K Posts
    Part of the Furniture 10,000 Posts
    Forumite
    I have made a fair bit selling bits it always helps. Hang in there Smeg. 
    Aiming for a minimal spend 2022
  • SmegasaurusSmegasaurus Forumite
    28 Posts
    Third Anniversary 10 Posts Name Dropper
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    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. 
  • Skint_yet_AgainSkint_yet_Again Forumite
    6.7K Posts
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    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 money 
    0% credit card £1360 ~ paid in full
    0% Car Loan £7500 ~ paid in full
    JAN 2020 = NOW DEBT FREE

    House sale/ purchase costs
    EPC £55
    First house purchase offer accepted 20/5/22 fell through 8/7/22 due to sudden serious illness of seller Insurance 2 x £90 Searches £300. Survey cancelled/refund received
    Offer accepted on another property 2/8/2022
    £90 solicitor insurance
    £300 searches

    Aiming to retire early age 60 🥳
  • atrixaatrixa Forumite
    483 Posts
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    Forumite
    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. 
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