Foolish student needs help!

sillystudent_2

Ok this could be a long story, apologies in advance...

Basically I'm a 21-year old medical student at Newcastle uni, in quite a lot of debt I'm a longtime lurker here, and I'm quite ashamed to say that my debt came about in the opposite way to many of you guys - it was spent frivously on going out, having fun, pointless stuff etc.

This all started when I went to uni last year - before that I'd always been reasonably careful (if not quite frugal ) with my money. Yet when I went to uni I suddenly had a £1000 interest-free overdraft (all I heard was 'free money!') as well as a Nationwide gold card with a £3000 limit on it (just for emergencies, I told myself.)

I guess one of the major reasons why I started to spend so much money was that I didn't realise how much everything cost. Plus I had the freedom to spend whatever I wanted whenever I wanted! My 2 main vices are:

Alcohol/Going Out: Alcohol costs a bomb, especially in any kind of club/bar, and the problem is when I'm drunk, I just think 'oh its only a few more quid, who cares?' and regret it in the morning! Probably spend £40-£60 per night (taxi costs £5 alone to get into town/back + another £5 to get into a club, and drinks are £5 upwards) and I tend to go out 2-3 times a week at uni.

Clothes: By student standards, I spend loads on clothes. I'm not a compulsive shopper or anything, and I wear whatever I buy all the time, its just that when I go into a shop and see something I like, I think 'oh whats the worst that can happen' and buy it, irrelevant of how much money I have in my bank. I'm not even a sucker for brand labels particularly - its just that £50 jeans from Next and £30/40 shirts from River Island feel and look so much better than their £5 equivilants in Primark.

Its not so much that I'm a spendaholic I guess, its just I don't bother to plan ahead: even now, -£900 just seems like a number, it doesn't seem like I tangibly owe someone almost a grand :eek:

I think my wakeup call came when, a few weeks ago, I had to sell my Xbox 360 to pay my rent! I'm just so bad with money - beforehand I kept thinking how I was so totally skint, yet as soon as I'd traded it in at the local game store and been paid a hundred or so in cash, I was eyeing up a nice pair of £70 trainers in Footlocker! Luckily my mates were with me and they managed to remind me of the situation I was in! It gets worse though - I was a few quid short with 2 days before the rent was due, so what did I do? Went to the local casino and put it all on black - luckily it came in :cool: but I don't want to be that desperate again!

Half of me thinks ‘ah well don’t worry, I’ll be earning enough to pay it off when I graduate’ but that’s ages away, so I am worried! I know this amount of debt is nothing compared to some on here, but to me its a lot – and its my attitude that worries me more than anything. I guess I’ve spent like this partly because I guess I feel the need to impress the good-looking members of the opposite sex on my course :rolleyes: and partly because I (or at least my family) used to be quite well off – I went to private school, had nice clothes etc. Unfortunately things aren’t the same now (i.e. parents can’t help me out) but I kinda find myself thinking ‘why shouldn’t I still have those same things?' Stupid I know but there you go that's why I'm here!

Anyway just thought I'd ask for some advice I'm going back for my 2nd year in a couple of weeks, and the high workload means I won't really have any time free for a part-time job!

misscomickat

Are you male? Splashing the cash doesn't impress most women, and those that it does aren't worth knowing anyway.

It's easy to spend money as a student, but if you're sensible you'll be grateful in the future. You've got years of studying ahead of you if you're going into medicine. Ok, one day you may earn good money, but you can't count on it.

RAS

Welcome

You seem to have come up short quite early in your spending career. Well done.

I read an article about young people in debt a couple of years ago in which they identified the children of well-heeled parents who found themselves unable to afford the same lifestyle when they left home as very much at risk of acquiring unmanageable debt. They wanted to rent somewhere comparable, eat as well, have loads of clothes and party like when their parents coughed up for everything.

Are you going into year two are have you just finished it?

I ask because it give some sort of time frame for how long you have to takle this before you get into clincial years. At that stage, things like part-time work become a complete non-starter.

beckseven

I did exactly the same as you at uni-I started off as a very clued up student financially and kept accounts of what I was spending and did really well. However, like you I was soon sucked into going out all the time and spending lots of money on clothes, expensive beauty treatments, expensive haircuts etc etc to boost my low self confidence. Unforunately for me this site didn't exist when I was at uni-i left in 1996 and I carried on that way which was 'ok' for a bit until i had a baby and we moved to a bigger house-now i am forced to watch every penny and barely have enough money to buy Asda smart price toiletries and Primark clothes let alone Decleor facials and Karen millen clothes I used to indulge in! Paying off my debts cripple me now and i wish so much that I could turn back time and not made my rash purchases and been quite so extravagant. Don't get me wrong-I'm not advocating that you spend your fantastic student years in sackcloth and ashes and staying in but instead get financially savvy and get a grip on your spending-I bet you could economise quite painlessly and still enjoy yourself. You sound like you have had a lightbulb moment already so don't let yourself get any further into debt than you have to or else you will be like me and have loads of regrets! Good luck!

RAS

Hi

Thanks for the up-date.

But if you are going out three nights a week, could you not do bar-work one night. Get paid and get to chat to loads of the opposite sex?

I am also recalling my flat-mate who was a medic. Tends to be work hard - play hard?

sillystudent_2

Thanks so much for all your quick responses, this is a really friendly board!

I read an article about young people in debt a couple of years ago in which they identified the children of well-heeled parents who found themselves unable to afford the same lifestyle when they left home as very much at risk of acquiring unmanageable debt. They wanted to rent somewhere comparable, eat as well, have loads of clothes and party like when their parents coughed up for everything.

Yep you've hit the nail on the head there I'm afraid - I guess deep-down I kinda think that whenever I essentially spend money I don't have.

To the other questions - yep, I'm male, just coming into my 2nd year (sry should have clarified) and yeah, you're right lol, medics 'work hard, play hard' the problem is the only work I ever have time for in the term is academic stuff! Bar work's not a bad idea, might ask about it - tbh I'm not sure it'd be that fun spending hours stone-cold sober with a ton of drunk students, but hey, beggars can't be choosers lol!

You sound like you have had a lightbulb moment already so don't let yourself get any further into debt than you have to or else you will be like me and have loads of regrets! Good luck!

Thanks for the reply as well beckseven I'm kinda worried about that too - I mean, my immature spending habits are fine now when I've got no responsibilities, but what about the future when I have a family, and it means I can't pay the mortgage or electricity? :eek:

PoorPrincess

Hey!!

I know exactly where you are coming from as im in exactly the same situation.

Do you have a part time job at all??

If not like some of the others have said i would definatly look into getting a bar job, iv got one and it really helps my finances, i make around £50 a week in wages and can make up to £60 a night in tips.

Is the credit card and ovedraft your only debts at the moment?

Princess

x

sillystudent_2

Hi! yeh I've got a part-time job working 12 hours every weekend at my local Tesco Express, earn about £70 a week or so. They don't have any more shifts avaliable unfortunately (and even if they did, I've got quite a few assignments to finish before going back to university) and anyway this weekend's my last shift - go back to Newcastle on the 22nd.

Yeh my only debts are the credit card and overdraft, oh yeh and student loans, but thankfully won't have to worry about them till after I graduate

My main concern is that I've only got just enough to just cover basic living expenses, and I'd like to enjoy freshers' week going back as a 2nd year, before all the hard work starts - only problem is then I'll literally have no money in a couple of months' time :eek: as student loan will be covering my rent. I just don't want to be in the dire position I was in a few months ago when I had to gamble away my last few quid on roulette in a casino except this time I'll have maxxed out my credit probably!

As someone in my position, I'm guessing you're a student too princess, any pearls of wisdom on how to survive in termtime would be really appreciated

poorandindenial

Hi there

I just wanted to say hi as my debt was all racked up on frippery and frivoloty starting when I was at uni - sadly paying it off isn't quite as much fun.

Well done on getting a grip before it spirals totally out of control and welcome to the boards from a fellow spender.

I think I was addicted to spending (I still slip back into my old ways from time to time) but the odd thing was that I didn't miss it so much whenI stopped, I just replaced it with a new obsession (not spending money)

The thing that really worked for me was a spending diary, when I saw how much I was spending on utter tat it was a real wake up call. Especially when I saw what I was spending on lunch at work etc and when I was confronted with exactly how much I was spending on clothes each WEEK!!

All the best for you getting sorted and well done for lighting up your bulb early!

amyandjon

Hi ive pm'd you, hows the medical training going im onnights as we speak well a nurse nota doctor lol.... if you have picked up the debt now clear it while you can look at a new 0% credit card if the credit card is intrest take some of the breathing space off.... good luck with the journey Amy

Witsend_2

Welcome to the clan Sillystudent.

You have many years ahead of you before you graduate and the fact that you have recognised your over spending now can only be a good thing, stay on the site and take the good advice given.

Always remember it's your choice to spend money even if you have had a few beers. You sound like a nice guy and I'm sure if you hang around you can get through your uni time without massive debts.

Use the search button there are tips on how to save money on everything from toilet paper to take aways.

Best of luck to you x

P.S. If my DS or DD said that they missed my home cooking/baking then there would be a food parcel winging their way no matter how broke I was