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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how u would spend £5000

94 replies

livinlife · 25/12/2019 20:33

I'm 18 and going to university to study Adult nursing so would get 5k a year in a bursary.
How do I spend this wisely?
I'm staying at home so I was thinking to spend it on a car however I've passed my theory and need to take a number of driving lessons and also I checked my insurance and it was 2.5k a year and I need to buy a car on top of that.
Would it better to just get a annual bus pass and do something else with my money?

OP posts:
Original poster
livinlife · 25/12/2019 21:22

@travellover ahh okay thankyou i was looking into investing but just didnt know how to do it so need to do my research

OP posts:
speakout · 25/12/2019 21:26

OP the insurance costs for a car will vary depending on the car.
Generally a car with higher value will cost more to insure. So the £2.5K is not a figure fixed in stone.

Original poster
livinlife · 25/12/2019 21:27

@speakout it was on a cheap 1.0l car

OP posts:
Hollyhead · 25/12/2019 21:38

Spend as little as possible - check out the money saving expert forum. I think investing in driving lessons could be good though.

Original poster
livinlife · 25/12/2019 21:43

@hollyhead ok thankyou

OP posts:
QueenoftheBiscuitTin · 25/12/2019 21:47

Driving lessons are a good idea. You don't need to buy a car straight away as it's expensive with the insurance as well, but you could get the test done.

BernadetteRostankowskiWolowitz · 25/12/2019 21:50

Driving lessons.
Whatever clothes and food you need day to day.

Thelnebriati · 25/12/2019 21:51

Find out how much you have to repay if you drop out.

Waxonwaxoff0 · 25/12/2019 21:53

@vivacian why would OP be paying board? She's still in full time education, not working. Most parents have to help out their children financially when they are living away for university, OP is probably saving her parents money by living at home while she studies.

I think a car is a good idea actually but I would wait a bit before buying one and see how the money goes.

Original poster
livinlife · 25/12/2019 21:54

@QueenoftheBiscuitTin @BernadetteRostankowskiWolowitz ahh okay thankyou

OP posts:
Original poster
livinlife · 25/12/2019 21:54

@Thelnebriati why would i drop out?

OP posts:
Original poster
livinlife · 25/12/2019 21:56

@Waxonwaxoff0 Thankyou , i will do if i have any money left i also have a bit of savings. But it would be a tight squeeze during the summer to fit my theory and driving test and to then buy a car ; i might just buy a bus pass for the first term or first year .

OP posts:
Original poster
livinlife · 25/12/2019 21:58

@OakleyStreetisnotinChelsea Sorry i never saw your post but yes i will leave some money aside for necessities and there is a couple of community placements so i might just buy a bus pass for first term and see hoe it goes and then if need be buy a car .

OP posts:
vivacian · 25/12/2019 22:05

why would OP be paying board? She's still in full time education, not working. Most parents have to help out their children financially when they are living away for university, OP is probably saving her parents money by living at home while she studies.

My frame of reference is that most parents help their children out by providing a bedroom and a home for as long as it's needed. They subsidise their adult child's life by doing this. If the adult child has income then they contribute what they can financially because that's what adults do. I appreciate it can be different, and some people are lucky to have a household where adult parents can afford to subsidise their adult children.

ironicname · 25/12/2019 22:07

Try and save as much as you possibly can in every situation and circumstance:

Original poster
livinlife · 25/12/2019 22:30

@ironicname i will take that on board , Thank-you

OP posts:
Boaby · 25/12/2019 23:40

My daughter has just graduated in nursing, she got a £6,500 bursary every year which covered her rent & we gave her money to live on through the week. You’re very lucky to be able to live at home while studying, I would say save as much as you can...nurses aren’t paid very well (or what they’re due) & you could start your career with quite a nice wee financial cushion.

UnrelentingFruitScoffer · 25/12/2019 23:41

Lunch in Rome.

Original poster
livinlife · 25/12/2019 23:43

@boaby thankyou will set aside money for that. & yh my parents aren't too happy with my choice due to nurses not being paid right but it's what I want to do so?.
But thankyou will definitely put some of it into my savings account

OP posts:
Boaby · 25/12/2019 23:52

@livinlife good on ya, stick to your guns - nursing is a tough job & often not for the faint hearted but can be so rewarding. Good luck!

Original poster
livinlife · 25/12/2019 23:56

@Boaby Thank-you and congratulations for your daughter on graduating too ❤️

OP posts:
Boaby · 26/12/2019 00:01

@livinlife thank you ☺️ I’m very proud of her. She’s working tonight & was working last night but it’s just part of the job!

Juanmorebeer · 26/12/2019 00:04

5K a year is really not a lot to live on at all. I think you will find it tight. I also think how you plan your finances depends a lot on how the money is actually paid? Is it a lump sum at start of year? In 3 installments like a student loan? Or monthly like teaching?

I'd throw everything you can into getting that driving test passed asap, as in before you finish college. You still have 7 months? Should be plenty.

After this if you can get a car for day 1 (or hopefully before out of your savings?) it will stand you in excellent stead for your course and placements and also when finished you will have such flexibility on options for where you can work.

Also, your insurance is a big expense but it comes down every year usually. Mine almost halved from year 1 into year 2 of driving. You can pay your insurance monthly rather than a lump sum, I have always done this.

Good luck, I have a few friends who are nurses and they love it. They do say you need to have a car though and we live in a big city with hospital buses.

Original poster
livinlife · 26/12/2019 00:19

@juanmorebeer ahh it's just a lot to me because I've never had that much given to me each year. I would find it hard to pass this year with my a levels as its stressful but may just take one lesson a week. And that's good I'm glad they enjoy it

OP posts:
Popc0rn · 26/12/2019 00:29

£5000 a year is £416 a month. I got a similar amount for my bursary during my nurse training (I was one of the last to get the bursary before they cancelled it). It didn't cover everything and I had to top it up with a part time job. I lived rent free with family, this is a rough estimate of my monthly living costs at the time...

Food: 140
Petrol: 120
Car insurance: 45
Car tax: 12
Phone: 14
Toiletries: 10
Gym: 15

Total: £356, which left about £50 left over for anything else. It was doable but I had to top it up with money from part time job if I wanted anything else, or if I needed new car tyres etc.