To ask what you’re saving for DC university?

[ELS20]

Hi everyone,

My husband and I have one DC who wants to go to university in 4 years time. We both have a good jobs and pay a bit extra into our pensions and also have about £20k in savings/shares. We put money into the savings/shares every month, which includes a savings account for DC to help with a house deposit one day.

I love to travel, as does our DC. My DH also loves to travel but he worries that we should be putting money aside to pay for DC’s university. The way I see it, university fees are so high now that in order to cover the cost of a 3 year degree (about £30k and increasing just for tuition fees) we’d have to sacrifice our travel and other things such as home improvements. My plan is to do some more family travelling before he goes to uni and then pay his university rent for the years he’s at uni (with consequently reduced travelling), and DC will get a loan for tuition fees and living expenses. Most people I’ve spoken to plan to do the same thing because student loans don’t impact credit score and only start being collected once the graduate is earning a certain amount of salary.

I’d rather spend money travelling and showing DC the world and making family memories. I’m not talking just beach holidays. So far we’ve done things like African safari, Central American rainforest, Ancient sites etc. I think this is of huge value to DC as well as very enjoyable for us all.

I do understand the need to save, and we do save, but I also don’t want to restrict what we can do as a family to save every penny.

I guess my question is: what do you all think/do? Am I foolish to want to spend so much money on travel and should I be saving more than I am? I know it’s a fortunate dilemma to have believe me. Years ago we were struggling a lot financially and every spare penny was ear-marked. Our careers have advanced a lot and we’re now in a better position and I just want to enjoy that (as well as saving some money).

I guess for the vote:

YABU: I should be saving as much as I can to pay for DC tiring fees and sacrifice travelling

YANBU: We should continue to travel and DC takes a tuition fee loan

Thank you all so much

@Alongthetowpath Sounds similar to our plan. We have put house improvements on hold and plan to pay accomodation costs plus some living expenses

We plan that he will have a job when back from uni during the breaks. Depends on the course workload of a term time job will be suitable I suppose.

That’s really valuable info thank you. Do you mean just during breaks or during term time too?

Sorry to hear this, I hope your DH feels better soon. Sounds like you have a good handle on things for university plans though

Sounds like you have a really organised plan and your DC are sensible and working hard which is presumably something you have instilled ☺️

It also depends how easy it is to get a job. Employers aren’t particularly keen on someone who’s only about for 3 months. Maybe different if you’re in a real tourist area.

a friend’s son who is 17yo and has been trying to get a part time , permanent job while at college applied for over 90 jobs before he got a job as waiting staff.

Ive seen a barista nmw job wanting 4 years experience.

dd is unlikely to be able to work in term time due to course demands and her health. She’ll apply for a campus ambassador job but obviously they are limited in numbers. I’m aware that a summer job might not happen.

Thanks I will have a read of the MSE. Thanks for your insight too, it’s similar to our plan for DS

@ELS20 You seem to be picking up on poor advice. Just to save you money.

You must understand that any degree in aerospace engineering or similar IS a full time job. Many recruiters will NOT have expected him to have worked and studied at the same time. However getting an internship, working in the holidays or learning more about the subject are what he should do. There is no need to work in a low level job at weekends or evenings unless he really wants to. Some universities discourage this too. You really need to differentiate between what’s needed for, say, engineering and other non science jobs.

Completely agree it’s all about balance

At no point did I say I want DS to work during his degree (unless he chooses to). Only during the breaks from uni (eg summer) which is a good discipline and good for his CV. Where are you getting this from? We will cover his accommodation and any living expenses not covered by the maintenance loan. I don’t understand why you’re saying these things?

Nothing yet, dcs are 7 and 11. Hoping they will choose an alternative route, its way too expensive now to justify, but if you want to do certain things like law or medecine then you have to go. If they were that way inclined then I would pobably be saving a lot more.

We plan to cover accommodation
and any living expenses that the maintenance loan doesn’t cover

Ours were the same. We also were fortunate that they had an excellent state education, so no school fees and we could then fully support them. They worked in a supermarket and restaurant. Admittedly the fees were less than now.
We’re approaching a GC going in the next few years, who knows what help they will get, but we plan to support through the sending of supermarket gift cards ( excellent idea thanks) and other extra financial help.

Yes we plan to cover accommodation
and top up living expenses

That’s a fair comment thank you

Yes we plan to cover accommodation too and don’t want DS to work during term time (unless he particularly wants to)

Hadn’t heard of a SIPP thanks for the info!

Yes same as us ☺️

Nothing really. I can't afford it. I may be expected to pay a small parental contribution officially but I don't have the income.

I think that’s the dilemma isn’t it, and we’re trying to find a balance. Completely understand your perspective though

@Chocolateorange22 The repayments on the loans are small when they start in most grad jobs and pension contributions are obligatory.

I steered my two lads away from uni.

Although they wanted a degree they both got apprenticeships and their respective employers put them through a degree and one of them is now doing his masters.
No debt involved for either of them and they are way ahead of their peers in career progression.

Does it have to be uni for your dc or would they consider getting a degree from a different route?
You could still have your fancy holidays then.

Yes I think it’s harder to get summer jobs than it used to be. If DS can’t get one well supper gin ourselves but I hope he can as it’s good experience.

Yeah completely depends what career they’re interested in. I think the days of going to uni just for the experience are long gone unless you’re super rich!

I think you'd be mad to pay his tuition fees upfront! What a waste of money.