Hullo!

JoanneChristian

Hey all, i've been hanging around and reading posts so now i think its time for me to make myself known.

I'm 21 years old, and an aspiring teacher. I started an english lit degree when I was 18 but I never got to my final year (a few personal problems caused me to leave) So now i'm in quite a bit of debt from that but determined to start afresh. In september I shall start on stafford universities fast track english degree. I'm very excited about it, but because of my previous years of study I have to pay my first year of fees. Which involves finding about 3 grand from somewhere.
I will get some help towards my fees with another maintenance loan but i'm also planning on moving out with my boyfriend (who is already a qualified teacher) by august. So at the moment I have a part time job, (which is actually bringing me in about £700 a month because i'm doing full time hours) The first year is going to be really tough. But as soon as that is finished and I start the second (and final) year, my financial situation will become a lot easier.

So the problem is, I love spending money. I seem to do it constantly. This month I have saved about £250 out of my wages but the rest has gone like water.

So I need to get organized! Any tips etc would be appreciated.

Thanks guys!! :j

x

DarkConvict

Once your actually in Stafford university, you may have access to the ALF (Access To Learning Fund) depending on your income.

But for the time being, you need to cut spending to save up.

2 suggestions,

pop up an SOA. - http://www.makesenseofcards.com/soacalc.html
Keep a spending diary, write down everything you spend on from direct debits to penny sweets so you know where it all goes!

Two9A

First thing: if you don't already know where the money's going, start a spending diary. Take a little book out with you shopping, and write down every penny. It'll likely give you a fright to see how much flies out the wallet, and where it goes. Then you can start working out what's needed spends, and what's frivolous.

Also, working out where you stand on income/outgoings/debts is always a good start. There's a thread on here somewhere about how to make a Statement Of Affairs, which may be worth a look at. Once you've got an SOA, you can see where you're paying too much for things like mobile phones and TV.

Welcome aboard!

JoanneChristian

My position isn't so bad at the moment, i live with my parents and I don't pay any bills, I don't drive so I don't cover any costs. In theory all my money should be going on saving. I really do need to stop wasting this money, writing it down sounds like an excellent plan xx

Material_Girl_2

Try decideing if you're better with using cash or cards. I am awful with cash and just fritter it away. With cards I am a lot more careful and can also use them to keep track of all my spending. Perhaps open a separate bank account and transfer just spending money to it and then live within your means by just using what you have available on this card.

vaporate

Material_Girl wrote: »

Try decideing if you're better with using cash or cards. I am awful with cash and just fritter it away. With cards I am a lot more careful and can also use them to keep track of all my spending. Perhaps open a separate bank account and transfer just spending money to it and then live within your means by just using what you have available on this card.

I would have thought having cash on you makes you wanna keep it...

Does for me anyway.

Material_Girl_2

I know Vaporate it should work like that in theory, but for me all I think it's that it's "just a pound here and there" and I end up spending it on silly little things.

I guess it what works best for the individual, for me I can easily go out without using my cards, but cash is just more difficult. It's not really a problem as I don't spend more than I have in any case and do save but it's just a personal preference for me.

foxgloves

I know all about spending money like water......my debts started when I was a student (& Partner's debt too) and only got tackled about 2 years ago. I always used to wonder why we were both earning but never had any money. Writing it down does enable you to look at where the biggest fritterings of your money are happening. I'm afraid that while I wouldn't advocate you never to buy yourself a treat, you do need to establish the true difference between a 'need' and a 'want'. So many of the things I used to say I 'needed' were really 'wants'. For example another pair of boots when I had 3 perfectly good pairs, another shade of lipstick (already got a drawerful), latest novels (they are free from the library) and something that still helps me is, before I'm working out where I can buy it cheapest, is whether there is actually a 'no spend' option, particularly whether I already have something at home that with a bit of alteration might 'do the job'. If you are going to be earning two teaching salaries (inc partner's) then you don't really have to live frugally for very long. It really isn't worth running up more debt if you can possibly avoid it.

JoanneChristian

Yeah, thats why i'm trying to get myself organized. Once its all straight I can keep it that way.
This month i've done well keeping my savings.
I've also not gone over my overdraft limit which is awesome and one of the first months in a long time. I've also had a huge clear out of my things and I'm going to list them tonight on ebay and amazon! x