University is a major milestone in your life, whether it’s you or your child going to study higher education. Although there are student loans, scholarships and bursaries in place, there are still things that require immediate pay out when you go away to study.
Therefore, when and how much should you start saving if you want to go to university or send your children there when they’re older?
Location, Location, Location
Where you decide to go to university is a big factor in how much you will need to save up as different locations have different costs.
Therefore, it is important to do your research before you apply and consider how much things will cost in the area you are going to study in, including food and groceries, nightlife, haircuts, clothes and other shops you will likely purchase items from.
Time for Tuition
However, you can opt to pay the fees yourself, but the amount, as stated by The Scholarship Hub is per year. Therefore, the total amount can be rather pricey, and you may be better off applying for a loan and covering yourself financially for a couple of years, instead of leaving your funds low.
Money for Maintenance
Similarly, to tuition fees, potential students can apply for a maintenance loan to help them out with living costs, which will also differ depending on where the individual is studying and how much their parents earn. Students could get anything ranging from £3,994 to £9,500 a year to help them have accommodation and live comfortably. However, as student halls appear to be getting more expensive, there is less money left after rent and bills are paid for an individual to eat and live.
Therefore, students cannot rely on the maintenance loan itself and must have extra funds if they want to go out, eat and drink well and spend time with friends.
Adapt to Accommodation
University halls are usually cheap, but most students will only be allowed to reside in them for their first year of studying. This means at the end of your first year you will have to start looking for new accommodation, which will usually be a shared house, flat or privately-owned hall.
Make sure you are prepared for the financial change, especially as you may have to start paying the bills yourself. Also, if you decide you want to live on your own during your final years, you should expect to pay a lot more out in property expenses.
Other things to consider before you go to university are the cost of books, travel to your campus, travel whenever you want to go back home, your car and any bills you pay out for your phone, apps and streaming services.