University - what spending allowance?
Discussion
My daughter will be going to Leicester University in late September and I am beginning to think about what allowance she should have for spending to be in line with "the average kid".
Ignoring her tuition fees and accommodation costs (I think she will be in catered halls) what is a sensible monthly allowance to cover spending on the basis that I don't want her to feel that she has to get a job while at University.
I will still run her car for her (although she is going to leave it at home) so that is not a cost that she will need to cover.
I am happy for her to work next summer (say July and August) so I was thinking that maybe £300 to £350 per month from September to June might be about right.
Any other experiences and advice would be welcome.
Ignoring her tuition fees and accommodation costs (I think she will be in catered halls) what is a sensible monthly allowance to cover spending on the basis that I don't want her to feel that she has to get a job while at University.
I will still run her car for her (although she is going to leave it at home) so that is not a cost that she will need to cover.
I am happy for her to work next summer (say July and August) so I was thinking that maybe £300 to £350 per month from September to June might be about right.
Any other experiences and advice would be welcome.
i would have though the average kid would have fees and board paid for but little else. £3-350 is being more than generous if she isn't buying food either.
i trust she's not applying for the student loan as well? i knew a few people who's parents were funding their entire university experience and still applied for a loan to blow on crap. moronic
i trust she's not applying for the student loan as well? i knew a few people who's parents were funding their entire university experience and still applied for a loan to blow on crap. moronic
£3k per term! Thats whay the SLC gave us, you don't want to be beaten by a faceless organisation do you? 
Depends what she wants to do with the money, I needed petrol money, I could survive on £100 a week for living stuff, that could run over till the next week or a very rare splurge at the union.
Depends what she wants to do with the money, I needed petrol money, I could survive on £100 a week for living stuff, that could run over till the next week or a very rare splurge at the union.
nightfever said:
Have you considered letting her have the loan and just paying it off at the end? She'll still spend it all on booze and rice crispy squares but she should get a better idea of budgeting.
It is amazing how students get pigeon-holed as hard drinkers and junk food eating, I hardly ever went out at all as a student, I was too involved in my work or I couldn't be bothered with another hangover, waking up feeling rotten is bad enough without drink!I was at uni when student loans were first introduced.
Because we had got used to living on the bare minimum, a few of us took out the loans, and put the money into a high interest bank account for 2 years. Then when we finished uni, paid the money straight back.
The interest rate on student loans is way (or at least was) way below that we were getting on the high interest account, so we each had a nice little bit to set us up between leaving uni, and getting jobs.
Because we had got used to living on the bare minimum, a few of us took out the loans, and put the money into a high interest bank account for 2 years. Then when we finished uni, paid the money straight back.
The interest rate on student loans is way (or at least was) way below that we were getting on the high interest account, so we each had a nice little bit to set us up between leaving uni, and getting jobs.
London GT3 said:
I am told that she is entitled to apply for a student loan and there is nothing I could do about it. However, my deal with her is that if I fund her Uni life so that she is debt free at the end of it then she will not take a student loan.
very generous of you, i hope to be in the same position should i have kids.just make sure she hears and understands the value in what you're doing for her. 2 of my flatmates had fees, accom, and £3.5-4k a year [equivalent of full loan at the time] paid into their accounts by parents. one of them applied for the loan without telling them and spent it. the other applied for it with parental consent provided it was 100% channeled into a high interest savings account and repaid at graduation. needless to say that was spent as well. parents were none the wiser.
being largely self-funded i thought this was a pisstake. my parents bailed me out financially a couple of times and i was embarassed to have to turn to them, but more than grateful for their support. just make sure she knows not to take your help for granted, but also that its not a limitless supply. financial acuity is prob. the hardest thing to learn when you're let loose in the sweet shop
Many of my friends and I didn't get anything from or parents at Uni. I used to get money when i was depserate- £100 or so here and there. Also would get help when i had exams as it was very hard to work and earn at the same time.
There is no reason at all why a student can't be self funded all the way through Uni- indeed it is a very very good preparation for the realities of life.
FWIW my parents certainly could have afforded to help out every month but decided not to- at the time i really hated them for it, but now (around7 years later) i really respect them for it.
There is no reason at all why a student can't be self funded all the way through Uni- indeed it is a very very good preparation for the realities of life.
FWIW my parents certainly could have afforded to help out every month but decided not to- at the time i really hated them for it, but now (around7 years later) i really respect them for it.
absolutely said:
It is amazing how students get pigeon-holed as hard drinkers and junk food eating, I hardly ever went out at all as a student, I was too involved in my work or I couldn't be bothered with another hangover, waking up feeling rotten is bad enough without drink!
You were the one at your university then.London GT3 said:
Ignoring her tuition fees and accommodation costs
Well that's everything she actually needs accounted for, so the answer is £0 
I managed to get through higher education without a mobile phone OR a Bacardi Breezer, bah...
ETA Mind you in those days the nice Margaret Thatcher gave grants... it was only Labour and 'free education for all' that f
ked that up)Edited by Simpo Two on Friday 15th August 21:52
Five years ago my Daughter had her Student loan and £100 a month from me.
I paid accommodation cost, and tuition fees, but she was supposed to pay own bills.
She was always in a shared house not halls.
This was supplimented with extra for books and field trips. I also paid all her car cost but insisted it stay at home most of the time.
But she still ran up bank loans, and you need to be aware the banks will still throw student loans at them. "But its interest free" she said! "How you going to pay it back"? I said
Angry Dad syndrome, won't listen etc..c etc..!
I cleared the bank loan insisting she closed the account.
She did not!
I had to do it again this time INSISTING she closed the account.
My wife intervened and kept things from me somewhat in all this!!
ALL PART OF GROWING UP?
The worst thing was she never came home!!! Decided to set house up with boyfriend!!
She now has almost £10,00 student loan with interest starting to build!
It took her two years to find a decent job and has only just now started to pay off her loan.
But what she can afford is less than the interest and I am still paying the £100 a month into her account. But I will stop that soon and pay it into her loan directly??
My son has just started his work year (done 2 years already) so still has 3 years to go.
He has student loan and due to the change in tuition fees will end up with a huge debt for that also.
Again accommodation I pay for and support his car totally.
He has worked as much as he could when he was home, but that did not stop him him going and getting a student bank account loan. He is also not as reluctant to ring up and ask for money on a number of occasions as his sister was!!
He is now on his work year, I have just asked my wife and she has finally come clean and told me he has managed to pay off one overdraft. Hoping to pay the 2nd one off by the end of the year!!
So in all this you - as the Dad - will probably find like I, that in trying NOT to spoil and make it too easy, they go off and do their own thing anyway.
So my advice is to decide if you want to let them "Grow Up" and sort themselves out (eventually) or do the Father thing and protect and provide totally for this next period in their lives
As its a daughter I can see the possibility of the 2nd option looming?
However my final advice is to sit down, lay out what you will pay for up front and then make it very clear what extra you are prepared to provide.
Problem is if you think the more you give the more they will spend it is very difficult.
But a littel suffering is good for the soul and she won't be alone in the struggle!
Anyway I'm off to bed as I have to work Over Time this weekend to support the kids!
Good luck!
Steve
I paid accommodation cost, and tuition fees, but she was supposed to pay own bills.
She was always in a shared house not halls.
This was supplimented with extra for books and field trips. I also paid all her car cost but insisted it stay at home most of the time.
But she still ran up bank loans, and you need to be aware the banks will still throw student loans at them. "But its interest free" she said! "How you going to pay it back"? I said
Angry Dad syndrome, won't listen etc..c etc..!
I cleared the bank loan insisting she closed the account.
She did not!
I had to do it again this time INSISTING she closed the account.
My wife intervened and kept things from me somewhat in all this!!
ALL PART OF GROWING UP?
The worst thing was she never came home!!! Decided to set house up with boyfriend!!
She now has almost £10,00 student loan with interest starting to build!
It took her two years to find a decent job and has only just now started to pay off her loan.
But what she can afford is less than the interest and I am still paying the £100 a month into her account. But I will stop that soon and pay it into her loan directly??
My son has just started his work year (done 2 years already) so still has 3 years to go.
He has student loan and due to the change in tuition fees will end up with a huge debt for that also.
Again accommodation I pay for and support his car totally.
He has worked as much as he could when he was home, but that did not stop him him going and getting a student bank account loan. He is also not as reluctant to ring up and ask for money on a number of occasions as his sister was!!
He is now on his work year, I have just asked my wife and she has finally come clean and told me he has managed to pay off one overdraft. Hoping to pay the 2nd one off by the end of the year!!
So in all this you - as the Dad - will probably find like I, that in trying NOT to spoil and make it too easy, they go off and do their own thing anyway.
So my advice is to decide if you want to let them "Grow Up" and sort themselves out (eventually) or do the Father thing and protect and provide totally for this next period in their lives
As its a daughter I can see the possibility of the 2nd option looming?
However my final advice is to sit down, lay out what you will pay for up front and then make it very clear what extra you are prepared to provide.
Problem is if you think the more you give the more they will spend it is very difficult.
But a littel suffering is good for the soul and she won't be alone in the struggle!
Anyway I'm off to bed as I have to work Over Time this weekend to support the kids!
Good luck!
Steve
On the other hand, University is partly about learning to fend for yourself.
For my 4 years at uni, I took out the standard student loan, paid rent to my parents (They bought the flat, and I basically pay them a mortgage amount), paid all my bills and fees and worked when I could.
Only now is dad having to help me out as I'm still hunting for a job and have no loan to fall back on. Its tough, but I know in the end that it'll make me appreciate what I've got an awful lot more.
For my 4 years at uni, I took out the standard student loan, paid rent to my parents (They bought the flat, and I basically pay them a mortgage amount), paid all my bills and fees and worked when I could.
Only now is dad having to help me out as I'm still hunting for a job and have no loan to fall back on. Its tough, but I know in the end that it'll make me appreciate what I've got an awful lot more.
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