University budgeting
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University Budgeting. Some tips on how to get by at University. Aimee Ellis Student Finance Outreach Officer. Enter your email details to receive updates. £. Overview of Finances. Student finances can be sorted into two categories:. Money going out: Tuition Fees Accommodation

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University budgeting

University Budgeting.

Some tips on how to get by at University

Aimee Ellis

Student Finance Outreach Officer


University budgeting

Enter your email details to receive updates


Overview of finances

£

Overview of Finances

Student finances can be sorted into two categories:

  • Money going out:

  • Tuition Fees

  • Accommodation

  • Living costs

  • Course resources

  • Money coming in:

  • Tuition Fee Loan

  • Maintenance Loan

  • Maintenance Grant

  • Bursaries

  • Scholarships

  • * Wages & Parental Support


Tuition fees

Tuition Fees

Up to £3,225 per year*

  • UK and EU students

  • Does not have to be paid prior to study

  • All students can apply for a Tuition Fee Loan

* Some courses are sponsored


Tuition fee loan

Tuition Fee Loan

  • Non-Means Tested

  • Paid directly to the University

  • Low interest rate, set at rate of inflation

  • Repayable after graduation and when earning at least £15,000

  • 9% repayment of your annual income


Overview of finances1

£

Overview of Finances

Student finances can be sorted into two categories:

  • Money going out:

  • Tuition Fees

  • Accommodation

  • Living costs

  • Course resources

  • Money coming in:

  • Tuition Fee Loan

  • Maintenance Loan

  • Maintenance Grant

  • Bursaries

  • Scholarships

  • * Wages & Parental Support


Accommodation

Accommodation

  • Your second biggest expense at university is likely to be the rent for your accommodation.

  • Exactly how much this costs depends upon:

  • Your choice of university

  • Where it is

  • What facilities you choose


Typical accommodation costs

Typical Accommodation Costs

Average UK rent for university owned accommodation = £81 per week

£3159 per year (bills included)

Average UK rent for privately owned accommodation = £60 per week

£2340 per year (bills not included)

*Figures from NUS and Accommodation for Students


Typical accommodation costs1

Typical Accommodation Costs

Scotland = £73 pw

Edinburgh = £ 68 St. Andrews = £82

East Midlands = £40 pw

Sunderland = £44 Durham = £67

North = £58 pw

Liverpool = £50 Leeds = £62

South East= £72 pw

Southampton = £62 Brighton = £72

London = £102 pw

*Figures from NUS and Accommodation for Students


University budgeting

A basic room in our Wessex Lanes Halls costs £65.45 pw

£2552.55 per year


University budgeting

An en-suite room in our Glen Eyre Halls costs £96.95 pw

£3781.05 per year


University budgeting

Most halls are self-catered with shared kitchens

The Galley Restaurant – Connaught Hall

Self-catered kitchen in halls

You can have catered facilities. These are typically £30-£40 a week in addition to your rent


Maintenance loan

Maintenance Loan

An additional loan to help with living costs

  • Available to home students

  • Paid into your bank account in three instalments

  • How much you can borrow depends upon:

  • How much Maintenance Grant you receive

  • Assessed household income (28% income assessed)

£4,988

£2,763

£3,564


Maintenance grants non repayable

Maintenance Grants – non repayable

Income over £50,021:

n/a

No maintenance grant payable

£1,292 to £50

Income between £35,000 and £50,020:

Receive some grant

£2,824 to £1,292

Income between £25,001 and £34,999:

Receive some grant

Income up to £25,000:

£2,906

Receive full grant


Repayment in real terms

Repayment in real terms

  • Average Graduate salary = £20,000

  • Monthly repayment = £37.50

  • 10-15 years to repay

  • After 25 years, all debt is wiped clean


University budgeting

Alex

Chris


Other outgoings food

£25 - £30 per week would get you a healthy balanced diet.

Other Outgoings - Food

  • Carbohydrates are good as the main part of your diet (Bread, cereal, potatoes, pasta, rice etc)


Other outgoings food1

Other Outgoings - Food

  • Fruit and veg give important minerals and vitamins. Frozen veg is cheap and healthy. Try local markets too.

  • Carbohydrates are good as the main part of your diet (Bread, cereal, potatoes, pasta, rice etc)


Other outgoings food2

Other Outgoings - Food

£25 - £30 per week would get you a healthy balanced diet.

  • Protein can come from meat, fish, eggs and quorn. As meat tends to be more expensive try cooking big meals that will last you more then one sitting e.g. spaghetti bolognaise

  • Fruit and Veg give important minerals and vitamins. Frozen veg is cheap and healthy. Try local markets too.


Other outgoings food3

Other Outgoings - Food

  • Calcium is good for your bones and teeth and can be gained from milk, cheese, yogurt and fromage frais.

  • Dairy products are expensive and go off quickly so try to organise a rota, buy in bulk and share with your housemates.

  • Protein can come from meat, fish, eggs and quorn. As meat tends to be more expensive try cooking big meals that will last you more then one sitting e.g. spaghetti bolognaise


Other outgoings food4

Other Outgoings - Food

  • Fats and sugars should be eaten sparingly as your calorie intake is likely to have risen.

  • Use butter/margarine sparingly and try to avoid frying too frequently.

  • Buy snacks in bulk and try to be disciplined.

  • Calcium is good for your bones and teeth and can be gained from milk, cheese, yogurt and fromage frais.

  • Dairy products are expensive and go off quickly so try to organise a rota, buy in bulk and share with your housemates.


Other outgoings food5

Other Outgoings - Food

  • Fats and sugars should be eaten sparingly as your calorie intake is likely to have risen.

  • Use butter/margarine sparingly and try to avoid frying too frequently.

  • Buy snacks in bulk and try to be disciplined.

  • Dehydration is a common problem for students (largely due to alcohol consumption). Fizzy drinks, tea and coffee are all diuretic.

  • Try drinking water which will aid concentration, help your liver, your skin and save you money.


Other outgoings bills

Other Outgoings - Bills

In University Halls bills are usually inclusive (check internet and phone connection)

In private houses budget £5-£10 per week for utilities such as heating, gas, electric


Other outgoings contents insurance

Other Outgoings – Contents Insurance

A real essential. This can be as little as £2 per week to protect all your possessions.

Some Halls of Residence fees include basic cover which you should consider topping up.

Get your parents/guardian to check their home insurance policy as some policies can insure family members living away from home.


What to bring

What to bring?

Just WAIT!

Only buy things you will need for your room: duvet, pillows and bedding

Ask family if they have spares of the things you need


University budgeting

Study Costs

  • When you get your reading list, don't immediately buy all of the books. 

  • Wait until you know which books you need regularly and try to buy them second hand. 

The NUS estimates the average annual cost for materials, books, photocopying and printing is approx £350 per year.

You can make big savings here though.


University budgeting

Auction sites like www.studentbooks.co.uk are good places to get cheap textbooks.

Buy second hand texts from the likes of www.amazon.co.uk.


University budgeting

Student Unions often sort out book sales within Fresher’s Week so keep an eye out and be prompt.

Some student bank accounts give discount cards e.g. Barclays offer a 15% Waterstone’s discount card.

Don’t forget the university library. Photocopying also helps save money. It is legal to copy one full chapter or 5% of a book.


University budgeting

Young Person Railcards cost £24 per year and saves 1/3 travel costs.

Petrol

Tax

Insurance

MOT

Service

Parking

How will you travel?

Could you bike it?


University budgeting

Cost varies from student to student. Some advise getting a pay-as-you-go contract so you know exactly how much you’ve spent.


University budgeting

Remember if you’re going to take a television you’ll need to pay for a licence. A colour license is £139.50 for a year.

£1,000

You can claim back the cost for the summer months you won’t be using the license for. Visit www.tvlicensing.co.uk


Other outgoings washing

Other Outgoings - Washing

You’ll need to remember to set aside some money to buy washing powder and use machines in the laundrette. A couple of pounds a week would easily be enough.


Other outgoings leisure

Other Outgoings – Leisure

You’ll probably have a lot of nights out. Check with your student union about discount nights.

Discounts are also available to students. These range from national NUS discounts (10% at HMV, Top Shop/Man, McDonalds etc.) to local deals at shops, bars and cafes.

Make sure to check with the Students Union once you are at your institution.


University budgeting

How much does it cost?

  • Intel Core 2 Duo Processor T5250

  • (1.50 GHz, 667 MHz FSB, 2 MB Cache)

  • Genuine Windows Vista (R) Home Premium

  • 2 GB Memory

  • 160 GB Hard Drive

  • 15.4" Brightview Widescreen

  • DVD Rewriter Dual Layer

  • Wifi Enabled

    £500

How to pay…


How much would it cost if you were to buy it on your overdraft

How much would it cost if you were to buy it on your Overdraft?

= £500

Most student bank accounts now come with an interest free overdraft for the duration of study, so as long as you don’t go over your overdraft limit you will not pay any extra for you new toy!


How much does it cost if you were to buy it on your credit card

How much does it cost if you were to buy it on your Credit Card?

= £750

The typical rate of interest for a credit card is around 17%. For this cost, the minimum repayment would be £12.50 per month meaning it would take 5 years to repay and would accrue £250 in interest alone.


How much does it cost if you were to buy it on your store card

How much does it cost if you were to buy it on your Store Card?

= £1080

The typical rate of interest for a store card is around 25%. For this cost, the minimum repayment would be £12.50 per month meaning it would take 7 years to repay and would accrue £580 in interest alone.


Good luck any questions

Good Luck!

Any questions?

Aimee Ellis – [email protected]

Student Finance Outreach Officer


University budgeting

Young Person Railcards cost £24 per year and saves 1/3 travel costs.

Other Outgoings - Travel

NUS estimates the average travel cost per year for students is £452. This is dependent upon a number of factors:

  • Where your university is

  • How you will be able to get there

  • Use sites like www.multimap.com and www.nationalrail.co.uk to sum up travel costs to and from university. Get their postcodes from their websites or UCAS.


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