Spent some of his hall fees already

(93 Posts)
Moominmammacat Thu 05-Sep-13 17:38:22

I put £2,000 in my son's bank account to pay his hall fees for his first term at uni later this month. Warned him not to touch a penny of it ... he's already spent £600 of it on nothing in particular, meals out, travel, coffee ... what would you do?

volvocowgirl Sun 06-Oct-13 22:50:22

What's all this tax nonsense? It's a loan repayment! And it's cheaper than a bank loan, especially at that age. I almost thought I was reading the DM then!
From someone who has a student loan (my parents couldn't afford to help me out apart from the odd £50 every couple of months) - it really hasn't made that much difference to my wages, I earn more because I went to uni, and I still take home more than most (though not all) of my friends who didn't.
Also the loan repayment route is easier than the old route were lots of forms had to be filled in and the payments were fixed for a year - if you lost your job half way through the year it was a right kerfuffle!
I hope your DS realises the importance of learning to budget whilst at uni as you never know what's round the corner.
On a more positive note, I think most students spend a little too much the first couple of weeks as you try to be as social and as comfortable as possible (to alleviate the homesickness) - and both of these things cost a bit!

betelguese Fri 27-Sep-13 12:08:24

I agree that learning to manage the money is important skill but some essential costs cannot be foreseen and can run very high suddenly. For instance a dental treatment or a computer adaptor which after 3 years insurance is not covered.

78bunion Thu 26-Sep-13 16:19:17

I paid the hall direct which avoids the issue, although some will say that does not teach the teenager to manage money of course.

MariscallRoad Thu 26-Sep-13 16:01:36

We had a sandwich each of us at a caffee in central London last week plus just one coffees and this cost over 10 quid, and that was in a cheap-cheap place! I had a shock.

MariscallRoad Thu 26-Sep-13 15:59:03

It happens a lot at the beginning. Costs depend on where he studies. life is extremely expensive and costs are running without warning. Meals can cost a lot and a lot and must be sufficient in quantity. Some portions come half of what they used to be so some people need to double the order. I would discuss with him the costs and see what is more cost than you expected and how he can budget.

alreadytaken Thu 26-Sep-13 09:34:02

oops - thread had moved on and I'd missed the second page somehow. Glad he's sorted himself out.

alreadytaken Thu 26-Sep-13 09:32:10

difficult situation. Are you sure he's just splurged the lot, though? Mine has a fairly substantial number of things they have to pay for in the first week (gown, lab coats and a few others I can't remember) and needs about 100 just for that.

Moominmammacat Thu 26-Sep-13 09:04:01

Oh gosh, I thought it was just when you were coming into tax territory ... what a bother!

Kez100 Wed 25-Sep-13 19:32:25

Self employed need to register when they have an income not when they go over personal allowance.

TootsFroots Wed 25-Sep-13 18:58:39

That's brill. You should be proud of him.
It's what growing up is all about. I know he was a pillock but he learnt from it and DID something about it.

Moominmammacat Wed 25-Sep-13 12:56:29

No Kez100, will be mega-careful not to go over personal limit. I suspect this is a brief patch of activity before he lapses into lethargy or better, actually does some work at uni.

SilverApples Wed 25-Sep-13 12:09:36

Well done to your boy, OP.
All youngsters get caught up shit creek on occasion, but instead of wailing for a rescue, he carved himself a new paddle and got himself out. So that is a very satisfactory ending to a mess.

Kez100 Wed 25-Sep-13 12:04:38

Sounds like he needs to register with HMRC under self assessment.

Moominmammacat Wed 25-Sep-13 10:49:03

A cheerful note on which to start the term. Wastrel son who at the beginning of this thread, on Sept 5, was £600 in debt is heading off to uni having cleared the bill and saved £425 as well. All done through combination of busking, babysitting, playing at weddings and not spending anything. Has taken vow of poverty until he graduates. Would not have happened had we not had initial catastrophe.

YeahWhat Thu 12-Sep-13 18:51:56

Lol, nice work OPs son!

If the weather stays good then hopefully he will be able to replace the money by the time Uni starts and, hopefully, he will have learnt his lesson and not blow it again during freshers grin confused

<<fingers crossed>>

Moominmammacat Thu 12-Sep-13 16:08:16

Because you can only busk when it's warm enough. And he is reading music!

Ragwort Thu 12-Sep-13 15:47:02

I just resent the fact that some people seem to think by helping them we are going to 'ruin' them - but in this case the OP has already stated that her son had spent £600 of what he had been given for accommodation at university before he even got there hmm.

Still, if he can earn so much by basking I am wondering why he is bothering with university grin.

Moominmammacat Thu 12-Sep-13 15:40:34

And not overly keen on mortgages either but may be no choice there.

Moominmammacat Thu 12-Sep-13 15:39:27

Quite agree with yeah what. They may as well enjoy it when they need it rather than when we are dead and half of it has gone in inheritance tax. And I'm not giving him any extra, we have decided. He got £90 busking this morning so he can keep doing that til it's too cold.

YeahWhat Thu 12-Sep-13 12:32:37

GreatNorthRoad. .. Lol, yes I know its odd that my DCs don't drink. It's not for any reaon other than they don't like it. One still goes clubbing but only drinks soft drinks. My DH and I both drink a normal amount so its not as though its come from us. hmm
I will be interested to see if my younger two drink when they get to Uni.

I guess the point I was trying to make in my earlier post is that just because a child comes from a more wealthy background doesn't mean they will end up spoilt and lazy. It doesn't work like that. We are easily able to help our DCs and we are happy to do so. My DH and I have earned all our own money and have worked hard over the years and we are happy to spend our money on our kids as they leave home. They are all nice kids and its a pleasure to see them grow up. I just resent the fact that some people seem to think by helping them we are going to 'ruin' them.

JGBMum Thu 12-Sep-13 12:27:58

Moi in god?? Please read as
Moomin,, good......... Etc

JGBMum Thu 12-Sep-13 12:25:57

Moi in, god to see that your son has been able to earn a lot of money very quickly.
Perhaps it's something to consider when you are deciding a monthly allowance for him.

Also, if you can pay his costs so he leaves uni with no debt, then good for you. I agree that saddling graduates with a massive debt, or 9% extra in income tax, is worth avoiding if you are able.

FiftyShadesofGreyMatter Thu 12-Sep-13 10:44:38

OP by your reckoning you won't want your son to take out a mortgage either, as he'll have to pay all that interest on it confused

Moominmammacat Wed 11-Sep-13 16:24:02

I asked to see his bank account. I was very livid ... but now that he has proved how much he can earn quickly I'm quite cheered up.

MABS Wed 11-Sep-13 16:10:38

did he tell you suddenly or did you guess ? I would be livid!!

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