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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask what your provision is for your DC uni?

158 replies

Bluffyslummers · 04/08/2024 12:02

I see it a lot on here in the debates of can I afford another child, especially after 2 children.

No one of course knows if their child will go to university or what university tuition or funding will look like, but if your saving for your children later in life, what does that look like?

for instance for us, we have 2 children. When my eldest was 4 we opened stocks and shares ISAs with a lump sum and we put in £70 a month each. We’ve started claim child benefit too, so now pay in child benefit (minus what we have to pay back- roughly estimated of course).

if you’re comfortable sharing, I’d be interested to know what you’re saving for your DC?

OP posts:
Gogogo12345 · 04/08/2024 12:35

DS is just about to start his 3rd year. He had part time job through college so saved himself some money but otherwise just the loan and his own part time earnings. I provided bits and pieces he needed for flat share and collected foodstuffs like rice pasta tins etc so he hasmd food basics. He also managed to run a car

ShanghaiDiva · 04/08/2024 12:34

Read an article in one of the Sunday papers where a couple had spent £800 on child’s birthday party - making memories…I think my dcs had a good time celebrating with their friends when they were younger and we played all the games dh had played as kids - pass the parcel, musical statues etc.

mitogoshi · 04/08/2024 12:34

I save all my child benefit until they means tested it then put in £50 each per month. They had enough each by university to support themselves with a minimum loan. Not everyone can afford this but if you can it's the best solution as you save gradually

Original poster
Bluffyslummers · 04/08/2024 12:33

ShanghaiDiva · 04/08/2024 12:28

It’s a really good idea as the recruitment process for internships is often the same as the graduate application process. When ds was at his assessment centre some applicants were there for graduate roles, some for internships and some for placement years. When he later applied for graduate roles he knew exactly how the system worked and his strengths and weaknesses.

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And I think where I fell down was experience of actually working in something related to my field, I’d worked more part time pub work where I think if I’d done something more it would’ve given me that edge

OP posts:
Original poster
Bluffyslummers · 04/08/2024 12:31

Lemons1571 · 04/08/2024 12:29

My approach was to keep working throughout he younger years to keep my earning potential healthy. Now we’re at the uni stage we can fund him termly out of our earnings.

We top up the maintenance loan to match the rent, then add £70 pw (term time only). Its a relatively cheap city though - he’d need more if he was in Bristol / London.

personally given the cost in London, I think unless absolutely necessary, I’d be steering my children away from a London degree. I can’t think of many scenarios that you can only get that degree in London

OP posts:
Lemons1571 · 04/08/2024 12:29

My approach was to keep working throughout he younger years to keep my earning potential healthy. Now we’re at the uni stage we can fund him termly out of our earnings.

We top up the maintenance loan to match the rent, then add £70 pw (term time only). Its a relatively cheap city though - he’d need more if he was in Bristol / London.

Original poster
Bluffyslummers · 04/08/2024 12:28

ComtesseDeSpair · 04/08/2024 12:25

I think it’s very sad to think of denying your children birthday parties so you can save what’s ultimately a tiny amount of money in the scheme of overall costs into savings. They need happy childhoods and the things important to small children when they’re children as much of more than they need savings for an education they might not choose.

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BUT, it’s about living within our means right, and priorities. I think it’s a bit silly to insinuate that you don’t have a happy childhood without a birthday party. Many people don’t even celebrate birthdays. Holidays, days out, park days, baking, arts and crafts that’s all happiness for a child. They’ve not had any to date, mainly because we have a day out instead but people around to play at the house with a cake and party food is still a party- just a low cost one.

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ShanghaiDiva · 04/08/2024 12:28

Bluffyslummers · 04/08/2024 12:25

Definitely agree on the experience around working!

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It’s a really good idea as the recruitment process for internships is often the same as the graduate application process. When ds was at his assessment centre some applicants were there for graduate roles, some for internships and some for placement years. When he later applied for graduate roles he knew exactly how the system worked and his strengths and weaknesses.

ComtesseDeSpair · 04/08/2024 12:26

Bluffyslummers · 04/08/2024 12:22

In this scenario do you mean covering tuition as well as living expenses? Because that is just a staggering amount

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Tuition fees are currently £9,000 a year. Depending on the city they live in, student digs can easily be another £10k a year, at today’s prices. That’s before any food, books, or spending money. Most students take out loans and get jobs and most students have always had jobs. It isn’t the end of the world. I paid back a student loan without really noticing it, it’s taken at source before you even see your pay.

Original poster
Bluffyslummers · 04/08/2024 12:25

ShanghaiDiva · 04/08/2024 12:24

Encourage dc to get a job. My ds had two internships in the summer holidays of years one and two- good experience and opportunity to save some money.

Definitely agree on the experience around working!

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SauviGone · 04/08/2024 12:25

We didn’t make provisions, we couldn’t, we didn’t have much spare money.

We were fortunate,my DH had built his own business and they year before first DC started uni DH got an offer to sell it at a price that was too good to refuse.

It’s allowed us to put DC through uni with no debts, we paid for it all. 65k per child - uni fees, accommodation fees and money to live on. We looked at putting the student loan equivalent amount into high interests savings or investments, get the DC to take a student loan and we pay it off when they’ve finished, but it worked out that it was cheaper to just give them the money.

We’ve told them it’s essentially their early inheritance.

ComtesseDeSpair · 04/08/2024 12:25

Bluffyslummers · 04/08/2024 12:21

i do disagree somewhat because some investments perform better than others

there’s also tricks around savings, for instance some might forgo birthday parties to save for later in life (I just thought of that now, might actually do it)

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I think it’s very sad to think of denying your children birthday parties so you can save what’s ultimately a tiny amount of money in the scheme of overall costs into savings. They need happy childhoods and the things important to small children when they’re children as much of more than they need savings for an education they might not choose.

ShanghaiDiva · 04/08/2024 12:24

Encourage dc to get a job. My ds had two internships in the summer holidays of years one and two- good experience and opportunity to save some money.

Grateeggspectations · 04/08/2024 12:23

Only one of mine went. They worked part time since 16 onwards, so had good savings. Lived at home and commuted to uni to do a medical degree. Worked holidays so paid their way apart from tuition fees.

Original poster
Bluffyslummers · 04/08/2024 12:22

ComtesseDeSpair · 04/08/2024 12:18

Ultimately it depends what you’re aiming to provide for. If you’re hoping to be able to spare them any student loans then, assuming fees remain as they are now, you’ll need at in excess of £100,000 for two sets of fees and accommodations for three year degrees, more if they choose to study for longer. £70 a month isn’t going to cut it even in stocks which perform well. On the other hand if you’re just hoping to be able to contribute towards their living expenses, it’s a good place to start.

Edited

In this scenario do you mean covering tuition as well as living expenses? Because that is just a staggering amount

OP posts:
Starlingexpress · 04/08/2024 12:22

As a single parent with a non paying NRP for many years I wasn’t able to make any provision.

By the time they were ready for university I’d remarried and DH’s income was taken in to account when assessing their eligibility for maintenance loans. Which is worthy of a whole other debate!

They worked/work in part time jobs and have chosen degrees that should prove financially lucrative. We make significant sacrifices regarding holidays/non essential spending now but they all have/will have significant student debt.

Playonplayoff · 04/08/2024 12:22

Bluffyslummers · 04/08/2024 12:19

So £90k each?!

i completely agree on non traditional ways into professions. I read about degree apprenticeships that the big banks and financial service firms offer, they look so good!

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Ha no! Though that could easily be a typical mumsnet amount.

£5k per year they're at uni. The loan shortfall that we'll be expected to make up - see the martin Lewis calculations.

DogsAndKidsAndSport · 04/08/2024 12:21

We haven’t been in a position to save- all our money goes on mortgage, bills, nursery fees and now older childcare/activities etc

Original poster
Bluffyslummers · 04/08/2024 12:21

SaltAndVinegar2 · 04/08/2024 12:20

5k per year is 15k each... Where do you get 90k from?

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I must have misread your first line of £5k per year, thinking you meant £5k per year of life

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Original poster
Bluffyslummers · 04/08/2024 12:21

ShanghaiDiva · 04/08/2024 12:18

But none of this is relevant unless you can save more…

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i do disagree somewhat because some investments perform better than others

there’s also tricks around savings, for instance some might forgo birthday parties to save for later in life (I just thought of that now, might actually do it)

OP posts:
SaltAndVinegar2 · 04/08/2024 12:20

Bluffyslummers · 04/08/2024 12:19

So £90k each?!

i completely agree on non traditional ways into professions. I read about degree apprenticeships that the big banks and financial service firms offer, they look so good!

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5k per year is 15k each... Where do you get 90k from?

SaltAndVinegar2 · 04/08/2024 12:19

You not saving won't prevent them going if they really want to. They can work and take out loans. You need to be prepared to contribute the means tested bit if they don't qualify for it. That's not a huge amount though.

Whether a stocks and shares ISA performs depends on the funds you invest in. Over the last 20 years I've found china and India do well. UK doesn't. Obviously the best performing funds also carry the most risk.

Original poster
Bluffyslummers · 04/08/2024 12:19

Playonplayoff · 04/08/2024 12:17

I'm aiming for £5k per year per child for uni as dedicated savings, but this is in addition to a decent emergency fund and retirement investments.

I'm also factoring in what we already spend on clubs, hobbies, clothes etc to be able to support them out of income too when the time comes

We won't be paying their tuition, they'll get loans for that.

And we live in a city with good university provision so we'll support them living at home if that's what they want.

I'll also encourage them to consider non degree pathways!

So £90k each?!

i completely agree on non traditional ways into professions. I read about degree apprenticeships that the big banks and financial service firms offer, they look so good!

OP posts:
ShanghaiDiva · 04/08/2024 12:18

Bluffyslummers · 04/08/2024 12:10

Because tbh from MN, I don’t think my provision is ‘enough’.

perhaps someone more in the know than myself might have some tips for me? Maybe another stocks and shares isa that’s performed really well for them, I don’t know

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But none of this is relevant unless you can save more…