Help!! Mature Student's SOA

Bicks

Thanks Floxxie and Angelaf! It's hard not to get dispondent about it all at the moment, so I do need a kick up the butt from the wise and sorted people on here.

I know we can reduce the groceries spend, it has to be done. OH has already refused to work with my idea for taking out a fixed amount of money at the beginning of the month. We tried it and had a 'tin' with grocery money in, but he kept 'forgetting' to take the money out when he went to the supermarket so we ended up with a mess where he had spent on the card anyway when there was no money in the account. Thus the o/d increased and we gave up on that. I just want some discipline when it comes to money. But talking to him about it is awful and is a strain on our relationship so I have ignored our problems for fear of causing an argument. How stupid does that sound when it's written out!!?!!

This SOA's business is so embarassing and shameful. But I want to be debt free and this site is so inspirational.

So, if I don't take out a loan with the bank to reduce the interest and length of time we'll be in debt, how else can I begin to sort this out?

Bicks

Angelaf - I have checked OH's code and it's not emergency tax. I just think that they're not paying him for all the hours he does and him being him, he won't do anything about it and I don't know why. I mentioned it seemed low and he freaked out, saying that I was accusing him of not earning enough and that he was useless because of it. I feel that being unemployed for so long after having a very good job has dented his confidence severely, and it will take time before he feels able to challenge employers over anything. I know he doesn't want to rock the boat and potentially be offered even less hours. He worries about this.

We tried to open a new bank account earlier in the year, as having all our incomings and outgoings from the same account is too complicated, but as my husband was unemployed HSBC wouldn't give us one. Not even a basic one.

It sounds to me like I'm making excuses, but I have to admit to what's happened and why. It doesn't sound great, but hey, that's the point of being on here isn't it?

Bicks

Bump......!:D

Ames

What's your OH's problem with taking money out at the start of the month? Does he see using cash as somehow shameful or showing he's poor? If so, do what I do. I've got a separate account and I put all the money in there at the beginning of the month, then transfer across whenever I need it, say for DD's coming out, or when I'm going to the supermarket. That way I don't overspend, I can't give in to random impulse buys. You need internet banking for it though, and two accounts with the same bank so that transfers are instant.

Floxxie

How many hours is your OH meant to do? £800 for those kind of hours is ridiculous. It's not the amount he is making but the amount of time he is spending making it. I don't know what to suggest to you on this but you both need to spend some time making extra money and being exhausted won't help.

Your OH is employed now so you could get a basic account.

I had written quite a long reply earlier and then lost it but in essence have a look at the articles on utilities etc. and get your outgoings reduced. Take a look at several boards including the old-style for meal planning, up your income board for income ideas, the dfw board for challenges etc.

It might appear to be an enormous task but can be done if you approach it in small steps.

I'm sure others will be on later with other suggestions.

Miss_J

Just thought of another money raising opportunity. Have you thought of enrolling with NHS professionals as a bank health care worker? The fact that you're training within the NHS should be enough to get you on their books. You could pick and choose when you have spare time (not a lot I know) to clock up some shifts and some money. I know of a few students who helped to fund their way through the course this way, might be worth a shot. Also try putting your details in the Tax credits calculator, you never know you may be eligble for more tax credits than you owe them.

Fire_Fox

Welcome to DWF and to MSE!! I am a mature student working for the NHS too, and have dug myself out of debt completely (my savings are more than my 0% debts) thanks to this site and an brutal analysis of my outgoings. :money: Any student account you have open the bank usually expects you to use this as your only or main current account or the overdraft gets called in (see terms and conditions). Many students have been caught out by this.

A few things occur to me right away - firstly I think you should add your student loan and your car outgoings to your budget. Then you can see exactly what you have coming in and going out and plan ahead rather than reacting to financial 'crises'.

Second thing is that I wonder why you are running two cars - one of you was unemployed and is now on a low income, the other is a full-time student ... you can't afford two cars at this stage in your life. Can one or both of you walk/ cycle/ car share/ use public transport? Bear in mind as a student you will get discounted travel. :j

Energy bills ... I notice that your gas and electricity are both high: we spend just £34 a month on electricity and this includes all heating as no gas in the property. If you can persuade your landlord to insulate the place do so (say you want a long let?) or move before the next winter. Having said that I think you could also work on your usage. Electricity doesn't include heating so where is your £60 a month going? Do you have a power shower? Are you doing laundry at a high temperature? Do you have a tumble dryer? Have you read the meter recently or switched supplier?

Hope you don't take all this as criticism; at the moment your SoA is in deficit but there are big savings to be made so the situation is resolvable. :T Bear in mind all the DFW regulars speak from the point of view of making the exact same mistakes, and often committing worse sins!

An extra income opportunity for you is to see if your local PCT is running workshops to train members of the public to be Stop Smoking Advisors or short courses to run 'cook and eat' sessions, 'walking for health' groups etc. In many areas these workshops or course are free and you work on a freelance basis afterwards. Of course any workshop you attend you can add to your CV and even use it in the Personal and Professional Development element of your degree.

Bicks

These suggestions are amazing!! Thank you all soo soo much!!! :T:T

I have so much to go on that I'm going to call it a night and start afresh in the morning. I have a lot to do and need a good nights sleep to tackle it with gusto..........

Tixy

Hi Bicks and welcome

Most of the things that have I was going to suggest have been mentioned by other.

Only thing I wanted to add (and i don;t think anyone had specifically mentioned) is be very careful about HSBC loans, if they are talking about a personal loan with a fixed interest rate that is one thing but if they are talking about a 'managed loan' (hsbc term) with a variable interest rate then steer well clear, they have been known to up peoples rates significantly (I'm not saying I recommend the personal loan option btw).

Oh and you should be able to get a basic bank account whatever. The only people who struggle usually are those not on the electoroll register (and thats just to do with confirming their identity rather than anything to do with credit). - Here is some info on basic accounts and a list of all the ones available (co-op cashminder is popular on here) http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

Good luck and do keep posting and reading your way around the boards.

RAS

Bicks

The answer is that you do not need to take any of the HSBC options. None of them will be to your advantage.

You do need to talk to your course leader and see if you can get any emergency funds to reduce your OD below the limit.

You or OH need to get another bank account away from HSBC, pronto.

You also need to have a strategic talk about where you live. Your current acommodation might have been a good choice when you thought OH would get a good job and could support you both with the bursary as the top-up but not now. Universities are usually based in large towns or cities, so you are living miles from your university and presumably from your placements? That restricts what you can reclaim for travel to placement costs. You are also living miles from anywhere that OH can get a decent job.
You might be better moving a lot closer to the university and having OH seeking work there. has he considered applying for a job at the university? Things are tight but I bet he could do a lot of the admin jobs that pay £19K ish. There are fewer and the competition is high but if he gives it a go he might be lucky.