Twins and University

I saved from birth, you will be very grateful when the time comes!

Don't worry about driving lessons, if they want to learn they get a part time job!

No one said it was a waste (I didn't anyway), but parents don't feel compelled or pressured to save for their children's property deposits because 1) while 'nice', buying a property isn't necessary at a young age but going to university is 2) not buying a property won't derail their future if they choose a career where it's essential 3) it's perfectly reasonable and simple for a working adult to build up their own property deposit – it is not simple for a student to generate enough money, in enough time, to put themselves through university. Jobs well paying enough at the hours available aren't plentiful enough to go around.

It's not a waste, but the two are not on a par. Very few parents would be feeling panic at not supplying a property deposit to their kids.

Additionally, depending on how much you spend a month on clubs and hobbies, you may well be looking at giving up all of them in order to make any meaningful monthly saving contribution.

No but they are responsible for contributing towards their university expenses. If they don’t use the money saved for university on university then I’m sure the parents can find something to spend it on. Retirement ?

The minimum is roughly £4,700 outside London and £5,700 in London.

The maximum (so the very, very minimum the government thinks someone can live on) is £10,500 outside London. Most people say that amount isn’t enough and even students with the maximum loan usually work on top but assuming it is, that’s at least £6,000 a year, so £18,000 over a 3 year course that an unqualified 18 year old has to find somewhere. As said, that’s before working to pay for the things their maximum loan friends work to cover.

I don’t know about you but I’d rather my kids did one less club a month as opposed to them having to work 2 jobs plus study while at university.

Parents aren't responsible for saving for their childrens' house deposits

Also just to add, when the time comes your kids can get a job and pay for their own driving lessons . That will save you a few quid 😊

If they don’t go to university they will still need a house to live in? Unless they’re going to live at home forever. Hardly a waste? I wouldn’t expect any child to not have hobbies or trips. They just don’t need all the hobbies and all the trips.

I'm not sure that it's as straightforward as you're making it seem.

Nobody knows whether their children will end up going to university or even if university fees will even exist in their current form in 15+ years time. Most parents aren't going to limit their childrens' fun and enrichment today for the sake of something that may not even happen.

Except they may not be able to borrow enough and their chosen degree may prevent them working. No one is saying don’t enjoy your children’s childhood and let them have good experiences and memories but equally don’t live in the moment either.
Children grow up and become young adults. It is our job to guide them and help them get there. It is not our job to spoil them and give them everything they desire. The ski trips and expensive hobbies would have to be cut back if I wasn’t also able to save a few hundred quid a month.

The only person I know who complains about money is the one treating her children like little princesses. Ski trips, french trips, expensive dance lessons and costumes, days out all the time. It’s her business so I don’t say anything. I just really dislike the moaning.

I meant mainland Europe but yes UK is still on European continent 😂…Uni fees were one of the deciding factors when we moved abroad. When my daughter goes to Uni anywhere in the EU, but not UK, her fees will be covered and she gets a grant, regardless of our income. She speaks a few languages apart from English so she has a good choice of options.

Good luck to your son in his degree, I can imagine it has made it very stressful.

As I said I totally disagree with uni fees and no grants- if you have the ability to get a place, you should be able to get a degree with mountains of debt!

It's not a simple choice whatsoever to cut out expenditure that you KNOW they will benefit from now in order to save for something they MIGHT use in the future.

No one has a crystal ball, so the 'choice' is a shit one when doing so leaves you feeling as though you are actively depriving them for a future non-certainty. OP is allowed to feel this and she's allowed to feel as though she wishes to do both.

It disgusts me the cost of UK university. It is one of the reasons we moved to Europe

Since when was the UK not in Europe?

My DS is just going in to his second year and has received the minimum maintenance payment. It doesn't even cover his rent for the year let alone food and socialising. My exH (his dad) won't contribute and i can't afford to. He's been working all summer and works while he's at uni to help cover it but he is really stressed about it all

Everyone gets at least a minimum loan regardless of parents income.

Except they can’t borrow if their parents earn too much and can’t work with a number of degrees (like medicine and nursing).

It’s all very well to choose ‘jam today’ but sometimes that attitude can be very ant and the grasshopper.

https://read.gov/aesop/052.html

I wouldn't be cutting down on childhood experiences like clubs, hobbies and school trips to save for uni! They can borrow/work if they actually even go.

Start saving if at all possible. There are no guarantees the system will stay the same. You may need more money than anticipated.

the old trope that not everyone is suited for university always gets rolled out. That seems to be social circle dependent. In some the rate of university attendance is close to 100% as it is extremely rare not to attend. Regardless, if your child doesn’t go, you can use the money for something else.

You do have a choice though, it’s either the clubs, hobbies and school trips or the savings. I’m sure people aren’t referring to those who don’t have the money to spare. You do. You are deciding to spend it on your children now . That’s your perogative.
Personally I’d be saving a set amount per month and what’s left over is for clubs, hobbies etc. You’re doing it the wrong way around!

Our income is a few grand under 60k, and my son got 50% deducted from his maintenance loan as I earned too much apparently. So he got something like £4,600

I don't have twins, but do have two DC and a much lower household income than you. I opened savings accounts for them both, with the money we got in congratulations cards when they were born. Since then I've added £50/month into each so 50×12×18 should give them £10,800, plus intrest & gifted money, so maybe £15k each by the time they're university age.

If they choose to go to uni, that's £5k a year to top up their loans. If not it could cover car/driving lessons, top up low wage duration apprenticeship, go towards a house deposit, or whatever else will give them a leg up.

6yo is definitely not to eary to start saving, and savings will be helpful whatever they choose to do.

My DD and SIL, along with my help, have been semi-supporting 3 young adults at Uni.

They all do part time work, but it’s not cheap.

Start saving….😳😳

• min loan not pain

£200 a month and £300 a month

Yes start saving a few hundred £ a month into an isa for them. They will get the minimum pain on your income so you will be expected to fund the rest. My daughter is just about to head off to university and we have been saving since she was born. Not specifically for university but for her future. It’s expensive!
Use the MSE savings calculator to see how much you’ll have after 12 years adding £200 monthly . Compound interest is a wonderful thing!

Twins are hugely expensive. I also have twin girls and we were skint when they were at primary school. Just enough to live on, not save.

Thankfully things improved by the time they were at secondary and we could afford the double clubs, double school trips then driving lessons and a shared little car.

Only one went to uni. She got the minimum loan, we gave her a set amount each month and so did my in laws. She also got a part time job.

Not twins but we have 2 close in age and yeah we worry about it. It’s a different situation to when I went to uni, the very last year before tuition fees were introduced

we are very lucky to be in a position to pay off the mortgage in a year or so after which we will be saving hard (kids upper primary atm)

however we are of the view that Uni is so expensive that we will not push it unless they really want to go and need to go for their chosen career