Page 11 | How much would you put into savings with this monthly income?

Booooot · 2023-03-11T17:55:20+00:00

In a Great position after years of hardship of selling a property which means we will be mortgage free, debt free and have 50k to go straight into savings. Our combined monthly income is going to be 5000, our outgoings around 900. I’m a “can’t take it with you! Might as well enjoy it!” Kind of person while my husband is a “No we must be sensible and not spend anything and save it all.” Kind of person. I want to meet in the middle somewhere. what would you do?

ooheeoohahahtingtangwallawallabingbang · 12/03/2023 19:31

Calmdown14 · 12/03/2023 09:24

@Booooot I don't really understand why you are getting such a hard time over the £900. That seems reasonable to me.

Excluding mortgage my bills come to less than that and I pay MOT, Christmas presents etc out of the surplus.

In terms of how you manage your husband, would it help to look at it more at what you pay yourselves and the rest is default savings.

So you each get say £1500 a month and save the rest. You should have plenty to spare from that to buy holidays, treats etc. Saving up out with the fixed savings if that makes sense.

I can understand his point of view a little. I struggle to take money out of my set savings for things. But if I have a few grand building up in my current account that feels different.

Perhaps it's the lack of limits he struggles with like you might just blow it all. If he wants to use his surplus for more savings, fine, but you don't have to.

I have separate finances to my husband. I struggle a bit with treats as I analyse exactly how much things cost and what I could have done with it instead. I prefer it if he buys a treat and I don't need to think about it!

Just curious...out of your less than £900 do you pay the food shopping like OP does? What about things like insurances? I'm only jealous that people seem to manage on £900 for their bills and food 🤣 mines £900 excluding the food shop.

Isyesterdaytomorrowtoday · 12/03/2023 19:46

@Booooot if you’re factoring your bursary & student finance into the £5kpm do you not need to count childcare in your outgoings if this is what pays for it?

or am I mistaken and you’re getting £20kpa plus childcare plus 3 free meals a day? That seems a much better deal that I was aware student nurses are getting

Original poster

Booooot · 12/03/2023 20:02

Isyesterdaytomorrowtoday · 12/03/2023 19:46

@Booooot if you’re factoring your bursary & student finance into the £5kpm do you not need to count childcare in your outgoings if this is what pays for it?

or am I mistaken and you’re getting £20kpa plus childcare plus 3 free meals a day? That seems a much better deal that I was aware student nurses are getting

Yes the childcare is paid direct from student finance. I then get a maintenance loan and bursary as well.

OP posts:

Isyesterdaytomorrowtoday · 12/03/2023 20:08

Wow! There’s another thread I read the other day about why no one wants to be a student nurse and it all seemed pretty grim. £20k plus ft childcare plus meals is = about a £40k a year job. Will much of that need paid back? Would it make sense to take less in loans if you don’t actually need it? Or is it all yours to keep…

Original poster

Booooot · 12/03/2023 20:22

Isyesterdaytomorrowtoday · 12/03/2023 20:08

Wow! There’s another thread I read the other day about why no one wants to be a student nurse and it all seemed pretty grim. £20k plus ft childcare plus meals is = about a £40k a year job. Will much of that need paid back? Would it make sense to take less in loans if you don’t actually need it? Or is it all yours to keep…

I get what I’m entitled too. I don’t really see that as a crime.

OP posts:

Isyesterdaytomorrowtoday · 12/03/2023 20:25

@Booooot i never said it was? You asked for financial advice so was just trying to get a full picture to give some. It seems a lot which may mean that when you qualify it won’t really increase much if you then have to pay childcare etc out of it. Likewise if it’s a loan, it’s only worth saving of the returns you’ll get are higher that the interest.

as I said, just trying to help - not sure what you posted for if you don’t want it?

Original poster

Booooot · 12/03/2023 20:30

Sorry I think I’ve been so hounded on this Thread I’m a bit defensive! I’ll be in a lot of student debt due to previous studies but to me it’s a good investment. I’m going to have a good career out of it for my family which is what I’ve always wanted.

OP posts:

Isyesterdaytomorrowtoday · 12/03/2023 20:40

Ok, I get that, and it’s great that you’re completing your studies as an investment in your future.

however, financially taking more debt if you don’t need it - and it sounds like you don’t given high income and low outgoings right now isn’t necessarily the best thing to do.

I’m not on top of current student finance interest rates so would need you to share the details but my understanding is they are pretty high right now- there are very few places to save money that will earn you more than it’s costing you in interest.

IMO the best long term decision here may be to decline the loans. Is that something you’ve considered?

Original poster

Booooot · 12/03/2023 20:43

No if I declined the loan then I wouldn’t be entitled to the nhs support etc. they kind of have you over a barrel. Plus I don’t consider student debt a “bad debt”. The paying back is such a tiny portion of your income each month that’s it’s pretty negligible.

OP posts:

Isyesterdaytomorrowtoday · 12/03/2023 21:09

that’s crazy that to get the nhs support you have to take a costly loan. I’d really do the sums before considering it ‘not a bad debt’ I think many years ago that was the case but really not so much now. Do you know what the interest rate is?

Isyesterdaytomorrowtoday · 12/03/2023 21:13

I find listen to the taxman website pretty good - if you put the salary you expect to qualify on in to there with the % for pension in and tick student loan it’ll give you a good illustration. You’ll get next year’s figures so won’t be 2025 but will be a decent idea.

in the mean time I’d put the loan in as high interest savings you can find so you can pay it back as quickly as possible once you’ve qualified.

FlyingCherries · 12/03/2023 21:36

OP, are you absolutely certain you’re adding this up right? The maximum maintenance loan is just over £9000 and the maximum bursary is £6000. I think you may be double counting your childcare grant as income? I’d sit down and work this out really carefully because there’s no point trying to budget for savings if your income calculations are wrong.

Original poster

Booooot · 12/03/2023 21:49

FlyingCherries · 12/03/2023 21:36

OP, are you absolutely certain you’re adding this up right? The maximum maintenance loan is just over £9000 and the maximum bursary is £6000. I think you may be double counting your childcare grant as income? I’d sit down and work this out really carefully because there’s no point trying to budget for savings if your income calculations are wrong.

That’s not the case if you are a parent. My maintenance loan is 12,557 and my bursary is 8000. I really really don’t appreciate being treated like an idiot.

OP posts:

FlyingCherries · 13/03/2023 10:52

Ok, I don’t know about NHS bursaries. I do know about SFE though and don’t understand how you could be getting that much loan.

FlyingCherries · 13/03/2023 10:55

Oh wait, have you claimed to be a single parent?

Original poster

Booooot · 13/03/2023 12:56

No

OP posts: