Weekly / Monthly / Termly Budget for 1st Year

[Tinkers]

I think personally that it is really important for DC to learn to manage money and be independent and that parents shouldn't be pumping money in to cushion it all. It is one thing bailing them out if they get themselves into big bother but another to ensure they never want for anything - the phrase about knowing the price of everything and the value of nothing may be relevant in some cases, and more than ever this a generation used to disposable goods and getting pretty much what they want. Learning something about budgeting and managing and doing without can also be valuable (at risk of sounding like my mother here but still).

This ^^
And not just this generation. When I went to uni, before the days of loans, I didn't qualify for a grant and my parents paid the equivalent. My first term they paid the money into my account and I spent the lot in a month. I had to beg them for more. After that they paid me monthly. I do think it was slightly their fault that I had never had to budget before; although I'd worked all my school holidays I had never had to think about money very much. (We weren't rich but living in a village with a bus every two hours meant I never really went shopping!) But it was mortifying and meant that, when their money didn't actually cover my living expenses (genuinely) in my 4th year, I went hungry rather than ever ask them for money again.
My children are far better now (age 12 and 14) than I ever was with money. Dd has been working since she turned 13 during the holidays (and ds will do the same) and I think it's so good for them to have an understanding of what things cost.

I got a full grant, and knew there was no way my parents could afford to give me any extra. I actually picked my course based on this, so I had three six month placemeets spread out through the course, for which I was getting paid. I managed to make my grant last every year and even managed to buy a mini at the end of my third year (with very grateful housemates who could then have a lift to the supermarket rather than catching buses, chipping in a bit of their saved bus fares towards petrol).

One girl in halls in my first year complained that she wasn't entitled to any grant but her parents wouldn't give her money. I felt a bit sorry for her, but after a few weeks of her coming back from Saturday shopping trips to town I could understand way. 'I saw this Laura Ashley dress for only £60 so I just had to have it' and 'look at this lovely handbag I got today'. She spent lots of money she really didn't have buying stuff she really didn't need.

DD seems to buy most of her own clothes already, with regular trips to the local charity shops. I'm hoping she has a reasonable grasp of money.

[KB]

I was also on a very tight budget at Uni and had to ration out my food for the week often eating stuff that tasted pretty awful. I also lived n accommodation that was literally freezing in winter - water left in the washing bowl would freeze : )

But we are thankfully now quite comfortable and I am grateful I was able to make sure my DCs didn't go hungry or cold at Uni and I could send the odd little treat when a hug was needed.

None of them have or are likely to ever have large incomes but seem to live quite happily within their means day to day so it looks like it turned out ok.
I am very aware though that knowing we are here and able to help if an 'emergency' arises makes a big difference.

Guess it depends on the nature of your DC whether knowing you will bail them out means they are extravagant and don't learn how to budget or it just gives them peace of mind to enjoy their time at Uni.

Can't help thinking that giving them their loan and then organising a week of expensive social events is asking for trouble for most 18 year olds newly released from home! Maybe if the Universities went to a bit more trouble to organise get togethers that model having fun on a budget it would be more helpful

[SteveDH]

I remember at the start of term dividing my grant by the number of weeks and working out how much I had each week to spend... but as the term went on the amount per week left kept going down until near the end of term I was down to a 5er a week... I think by then potatoes featured quite a lot in my diet...

[KB]

These days I think it's pasta - EU influence or they can't be bothered to wash spuds....

[KS10]

I don't think DS drinks but as he never really tells me anything I can't be sure. He does like to go out a lot so I have mentioned the expense at the start. I'm hoping the maths course will keep him fairly busy.

[heartmum]

DDs not really a party animal (not until now that is!) and has decided to decline the wrist band events, only paying if she decides to go out. Started buying her flat bits and pieces as for food, we're popping to Costco for a large bags of pasta, rice, cous cous, noodles which she can add to if she wants to; however if money's tight she's happy to have plain. As she's self-catering it feels likes she's setting up her first home (which in a way she is) with all the things she needs. It's an expensive time but also an exciting time

KS10 hoping for the same, with a combined honours (History & Criminology) she'll be too busy working and attending different course lectures, lots and lots of reading material; to have time to spend money on drinks and the like .... one can hope

[KB]

Do be careful about buying too much as there usually isn't much storage space. A cupboard for food and 1 for crockery and pans if they are lucky.
Big bags of dried goods could be a problem.
One of mine had a crate in their room with extra kitchen pans etc because kitchen space was so limited but the room was pretty cramped to begin with.

[heartmum]

Do be careful about buying too much as there usually isn't much storage space. A cupboard for food and 1 for crockery and pans if they are lucky.
Big bags of dried goods could be a problem.
One of mine had a crate in their room with extra kitchen pans etc because kitchen space was so limited but the room was pretty cramped to begin with.

Oh I know about the small space and lack of storage, we are prepared for that, although I'm allowing her a few home comforts as she's been through a lot this year with me - true support when I needed it. Hopefully I'm ok now, being positive, but am determined for her to have wonderful memories of this time; yes I will be the mum taking lots of pics of the day for an album of her and me - something for her to look at later and enjoy those memories ... a happy time, rather than the bleak times X x x

[KB]

It depends a bit on the arrangements but some halls it's fairly easy to send packages so rather than send home comforts in advance with one of mine I sent little bits up over the first few weeks.
Cushions and throws are both useful and cosy and don't take up extra space.
Not allowed tea lights or usually plug in decorative fairy light type but we found some battery tea light type that were quite fun.

[heartmum]

It depends a bit on the arrangements but some halls it's fairly easy to send packages so rather than send home comforts in advance with one of mine I sent little bits up over the first few weeks.
Cushions and throws are both useful and cosy and don't take up extra space.
Not allowed tea lights or usually plug in decorative fairy light type but we found some battery tea light type that were quite fun.

... hoping to do a few suprise packages/deliveries for her during her time there, something now and again from home. Even a letter with photos of what we've been up to. They may love their electronic mail/texts but there's nothing like getting a hand written letter in the post

As to cushions - she chose two really squishy ones and then fell in love with a (bit more pricey) cushion with 'There's no place like home' hand embroidered. It'll definitely be a 'girls' room with cushions, throws ... something to snuggle up to when needing a hug X x x