Budgeting for Uni, loans, and general finance advice!

[her_beautiful_mistake]

Hi hi,

I'm struggling to budget properly. In an effort to get the amount I need to earn down, I seem to be cutting a lot of money of essential things like food.

£22.50 a week on food and and £20 a week on social seems low (social includes alcohol), as does £5 travel. Although my accomodation is in walking distance of the University, to get the city centre you have to get a tube or bus or it's a 40 minute walk (which you're not going to be doing in high heels).

This is the break down of my budget. It's based on a 40 week year and I think this may be over by a couple of weeks. I am not allowed to work during term time as my course (medicine) is so intense. I currently have £1,100 in savings and intend to work a fair amount over the summer. My parents owe me £500 and I will be using this to buy all the things I need before I go (clothes, cutlery, bedding, etc) as well as pay for freshers week.

I intend to work every summer that I am home from University and hope that during this time I will be able to save up at least £800.

INCOME:

3,500 government loan per year
2,500 from parents per year
parents MIGHT pay phone bill ??

Total: 6,000 per year

OUTGOINGS: (based on a 40 week academic year)

85 per week accommodation = 3,400 a year

22.50 per week food = 900 a year

20 per week social = 800 a year

7.50 per week clothing = 300 a year

5 per week travel = 200 a year

5 per week toiletries = 200 a year

300 per year on books
50 per year on stationary
200 per year on transport to placements
35 per year on the gym

Total: 6,385 per year

NEED 385 EXTRA PER YEAR (plus phone bill of 400 per year if not paid for by parents)

This budget also does not include the cost of travelling home, which is around £80 for a return ticket. I hope that I'll be able to ask my parents to pay for this or book it very far in advance.

Does that seem about right to you? Am I massively underestimating everything? My income per month will be ridiculous compared to what it currently is and I'm sure it will be a massive shock at first.

My phone bill is ridiculous, I am in a 24 month contract, it was a mistake. I know this now.

I know you can get bank loans as well but I don't know anything about these... any info would be nice! Also any advice

[Socrates]

From my experience this year, books and food are things you will probably underestimate in your budget. With regards to books, I've probably spent in order of about £600 this year, since most medical textbooks generally are about £40+ each. 22.50 is probably being unrealistic with regards to food... I tend to spend about £35-45 per week on food, coffee, groceries etc. Does your rent include internet? That's also something to factor in.

[her_beautiful_mistake]

Thanks for the info. I know the food budget is a bit low and I will try and work more over summer so I can up it to £30 a week, I just don't think I can go any higher than that because I am struggling with money. I forgot to factor in £250 per year for transport home. Textbooks I'm going to wait until I get there to see what I need, hopefully I'll be able to spend a little less than that, but if I make my budget £500 that is probably going to be more realistic it seems.

I got into a different University and I think I'd rather go there, and its £4,100 for the accomodation for first year there
I think rent includes internet at both Uni's.

How do people afford this!?

Do you know anything about bank loans btw? And also how are you finding it! Hope it's going well. I saw a Cambridge timetable the other day and it was immense, seriously hardcore.

[Melody Pond]

Originally Posted by her_beautiful_mistake

How do people afford this!?

Do you know anything about bank loans btw? And also how are you finding it! Hope it's going well. I saw a Cambridge timetable the other day and it was immense, seriously hardcore.

I don't know much about this because I am going through the same problem, I am using my brother for experience. One thing I learnt from him is books are a lot more than £300 especially in medicine.

My brother has a Natwest loan from the Natwest in his Uni, he got £20,000 and has just put it up to £25,000 because his car has dies and he needs a new one.

[The Morrigan]

Have you asked the universities you got accepted to about bursaries or scholarships? I know one university I was looking at said that if you got 3 A's then you'd be able to get a £1000 a year scholarship.

[Thurineth]

Are you entitled to a bursary?

Maybe you can get a part time job, I know of many people in med who have a sat job. Every penny makes a difference.

Also are you in Uni accomodation? Just checking about bills.

Also for travelling home, get a rail card, so you get 1/3 off could be really beneficial.

Oh and include a budget for freshers and STICK TO IT!!!

[her_beautiful_mistake]

Rachel - wow that is loads. I wonder if I can get that with the 5 year course or whether his loan was so large because he was doing graduate entry? I have upped my budget for books up to £500 a year, apparently I am underestimating everything! And I thought I had chosen a University, but accomodation there is £4,100 for the first year!!

Cara - I'm elidgable for nothing

Vlora - I think I'm going to have to try and get a Saturday or Sunday job, I can't see why 4-6 hours a week would hurt in the first 2 years. At both the Universities I've got into I couldn't work for years 3-5 even if I wanted to because I'm on placements the whole time and so moving about every few months. I will work during summer but I just found out that during years 3-5 my summers aren't more than 4 weeks or so because of placements.
I'm not eligable for any burseries or scholarhips.
For the first year I will be in Uni accomodation and this will include all bills.
Yeah railcards are great!

Well I'm going to have a whole separate little section of money put away for freshers week and not include that in my normal budget. Hopefully that will work.

Thank you for all the advice/suggestions, this really is far too complicated! And I apparently need to send of my student finance stuff off but I haven't chosen my Uni and won't do until lateish April! Gahhh

[Melody Pond]

Originally Posted by her_beautiful_mistake

Rachel - wow that is loads. I wonder if I can get that with the 5 year course or whether his loan was so large because he was doing graduate entry? I have upped my budget for books up to £500 a year, apparently I am underestimating everything! And I thought I had chosen a University, but accomodation there is £4,100 for the first year!!

http://www.natwest.com/personal/loan...n/trainee.ashx

It looks like the £20,000 is for anyone studying medicine. The extra £5000 is for Law students but my brother is currently arguing for it since he will be earning more than someone doing Law and probably sooner.

[her_beautiful_mistake]

Originally Posted by Razzmatazz Rach

http://www.natwest.com/personal/loan...n/trainee.ashx

It looks like the £20,000 is for anyone studying medicine. The extra £5000 is for Law students but my brother is currently arguing for it since he will be earning more than someone doing Law and probably sooner.

Thank you so much! Wow! You have literally just saved me, honestly, I can't thank you enough! It says I can only apply for this from my second year, but still it's great

[Melody Pond]

Originally Posted by her_beautiful_mistake

Thank you so much! Wow! You have literally just saved me, honestly, I can't thank you enough! It says I can only apply for this from my second year, but still it's great

No problem, glad I could help

Do you get any help from the NHS?
My brother gets his fees paid and a bursary from the second year but I don't know if that is just for graduate entry.
I know for Radiography I get my fees paid and a bursary for the whole course.

EDIT: Just looked on the website and it looks like you will get funding in your 5th year..
http://www.nhsbsa.nhs.uk/Students/981.aspx

[her_beautiful_mistake]

Originally Posted by Razzmatazz Rach

No problem, glad I could help

Do you get any help from the NHS?
My brother gets his fees paid and a bursary from the second year but I don't know if that is just for graduate entry.
I know for Radiography I get my fees paid and a bursary for the whole course.

My fees for 5th year will be paid
I will get a means tested bursary in 5th year which probably means I won't get much, meh.

I know I am very fortunate to have parents that earn a good income, I have been able to go on holiday normally every year, I have been abroad on holiday a few times, we have a car and a nice house and they can help me out with money if I am stuck. But this does not mean that they can afford to give me lots and lots of money, £2,000 is the maximum and my sister is going at the same time! I compare this to my friend who will be getting around £8,000 a year in grants and maintence and burseries, most of which she will not have to pay back, and there just seems to be a lot of difference.

[Melody Pond]

Originally Posted by her_beautiful_mistake

My fees for 5th year will be paid
I will get a means tested bursary in 5th year which probably means I won't get much, meh.

I know I am very fortunate to have parents that earn a good income, I have been able to go on holiday normally every year, I have been abroad on holiday a few times, we have a car and a nice house and they can help me out with money if I am stuck. But this does not mean that they can afford to give me lots and lots of money, £2,000 is the maximum and my sister is going at the same time! I compare this to my friend who will be getting around £8,000 a year, most of which she will not have to pay back, and there just seems to be a lot of difference.

Me and my brother are in the same boat there and we say the exact same as you. I have that problem with EMA now and will have the same problem in Uni. My Mum and Dad are still paying off my brothers first degree, I am quiet lucky that me fees are paid my the NHS for the whole course, it will help them a lot...

Also my brother says the means tested bursary is pointless as you end up on a lower Student Loan so you end up getting the same amount of money, sometimes even less but you have to get the bursary to get your fees paid but you end up with less money to live on.