Tomorrow my eldest daughter’s (Edie) rent payment goes out of our bank account – £1300 for the next 4 months in her student house. Luckily (ha, ha) Sheffield is supposed to be the third least expensive university city in the UK, but around £325 a month for rent with bills on top of that still sounds like a lot to me.
We realised a few years ago that we were going to be caught in the middle income trap. Mr Tawney earned just over the limit for the minimum student loan – either I went back to work full time or we were going to be in trouble. Sure enough, Edie’s student loan payment does not over the rent, let alone her living expenses on top. We worked out how much she would need to live on each week – the loan covers that and we then paid her rent for halls last year and for her house this year. Luckily she managed to pick up a few bits of work over the summer, so that has helped her out with buying her books.
I’m glad that Edie has gone to university, but even though we knew it was coming we didn’t really appreciate what a difference it would make financially. And in two years time, her sister might be going too…
Until next time, Tawney