SOA - Postgrad need some advice

charlotteu

I'm currently a full time postgrad student (Mphil, upgrading to PhD) and working 2 1/2 days a week, with 5% of my gross wages going towards a pension. I'm struggling to make ends meet, and it's worrying me. I split up with my partner during my 1st year phd and had to move out, which cost me a lot and is very difficult. Money worries are making it worse.

I have a 2k student (interest free) overdraft and my fees are being paid for me, so I just have to live but that's easier said than done! *below are shared bills, the rest is me. If there's things on there that are massively over what they could be please tell me. I'm finding it really difficult at the moment - the below is probably an overstatement as it's based on the past six months.

I'm considering dropping out or only completing the mphil as I just dont' know how I can do another two years. I'm thinking about a cdl, and will probably apply soon. I also could stop my pension payments but I'm reluctant to as my employer matches contributions up to 5%

I find it hard to live on this which, reading some posts here, I feel bad about! I've been on basically the same for three years now, during MA, a year after and my first MPhil year. Any suggestions gratefully received.


rent 312.50
mobile 25.00
water 15.00*
electric 39.00*
contacts 13.00
insurance 20.00
Phone 19.00
tv licence 12.00
internet 12.50

books 10.00
clothes 30.00
family 20.00
food 80.00
travel 50.00
other 80.00
cash 120.00

INCOME
wages 640.00

SUMMARY
Housing related -450
Other -390
Income 640

END MONTH: - 200

Ames

Do you mean that the * ones are your share, or that's the full amount that's then split? How many people share the bills?

What's the insurance for? If it's your contents it seems high.

Your mobile's high too, I've got PAYG and I pay less than a tenner a month.

Could you cut out clothes for a while, or reduce?

What's the money to family, is it repaying a loan?

I'm sure someone who knows more will be along soon, but they're things that jumped out at me.

RosaBernicia

Hi Charlotte

Have you asked about hardship funds through the university, any potential bursaries, or any better deals than the career development loans? It would seem a real shame for you to cut short your studies just for money reasons, it's such a commitment most people really have to want to do it to sign up in the first place! Or is there any option for you to study part-time so you could work more? Presumably you have thought about how MPhil versus PhD would impact your future career in your field, but if you're not completely sure I would look to get information/ advice before making the decision.

Only thing that jumps out at me from your SOA is the cash - do you know where it's going? I would've thought you could also trim the landline phone and internet.

Just thoughts, am sure more people will be popping in so hope you find a solution you're happy with

Rosa xx