I want my finances in shape!

charlie792

Hi, Ive been an avid reader of the MSE forums for a while now and would love for some advice from you guys.

Im 20 and in my final year of uni, Ive been living off my overdraft ever since my first year, and financially Ive struggled the whole time.

Im quiet ashamed to admit Ive no idea how financially Im going to cope after the next few months - unfortunately no one seems to be very understanding and either tells me to "get a job" or to "stop wasting money"

My only income is from my student loan -Ive applied for hundreds of jobs and been to 5 interviews but still nothing - I live in an area with a terrible unemployment rate and nowhere seems to want to employ students even though Im only in Uni 4 hours a week.

I live with my partner (he's just graduated and works full time) - We split all our bills 50/50 except council tax which he pays. Our rent is relatively reasonable £200 each for a 2 bed flat, which is cheaper than what I was paying in student accommodation. The trouble is after paying off all the bills for rent/gas/elec/water rates I have literally nothing left of my loan, and find that I have to use my overdraft just to afford daily living expenses and for food.

Ive taken out the full student loan Im entitled to, I even checked to see if Student Finance would take my partners income into account instead of my parents but they won't because Im under 25.

Ive calculated my finances and in reality my overdraft will be maxed out by March - and Ive no idea then what Im meant to do. My partners salary isn't huge - certainly not big enough to support me too.
I can't ask my parents for help because they have enough money problems of their own.

Ive looked into getting help from the Uni but as far as I can see I don't fill the requirements and don't qualify for any grants of bursaries because my parents income is deemed as too high.

Im beginning to really stress out over this now - Im going to be in 20K of debt from student loans when I leave and there seems to be no prospect of getting a job anywhere especially not within what I have studied - potentially I leave Uni in May as that's the date of my last exam but from what Ive seen my course isn't counted as finishing until the end June so I wont even be able to claim any benefits until then (as a worse case scenario - hopefully it wont come to that)

I certainly try to save as much money as possible, and I certainly am not one of these students who blows all their money on drink, but even still it never goes far enough. I worked it out and roughly my outgoings are £80 a month more than I can afford.

Any advice I would appreciate so much



EDIT: - In response to posts below:
Thanks for the replies so far...

I have no other other debts such as credit cards - Only debt is overdraft which is interest free whilst I am at uni.
We have a Virgin package - which is the cheapest one available, we cant really do without the internet etc and we have no freeview signal where we live and its a 12 month contract until next September anyway.
Electric + Gas - Before we moved in I looked around and compared prices and switched suppliers, not received any bills as of yet so cannot really compare but been trying to keep costs as low as possible.
Jobs - Ive applied for anything and everything, I don't drive which has added to the misery of attempting to find a job.

dancingfairy

Hi - sadly I have no magic answer for you but the things I thought of were:
1) review all your bills and make sure you are getting the best deal for your money - ie gas/electric etc
2) keep applying for jobs -ask everywhere - my last 2 jobs weren't advertised but I got them by knocking on the doors and asking if any jobs were going
3) check with your uni - you may be able to get some help but they may not publicise all the help that is available.
4) have a look on Martins article on grants etc - don't know if any of these will pay out so late in the course etc but might be worth a look
5) maybe have a look on the moneysavingoldstyle board to try and make your food money go as far as possible
6) are you any good at crafts etc? perhaps you could sell stuff on ebay or one of the craft sites?
7) I don't know whether any voluntary work would help? it would look good on your cv and might help prove to people you can and will work.
8) Have a look on the upyourincome board and see if anything there grabs your attention.

Hopefully others will have other suggestions for you.
Good Luck
df

ChantalP_2

Hi
I can totally understand what you are going through. When I was at uni I had to pay for myself and I ended up with 2 jobs in the end to try and pay for everything.
What I found though was that my university were extremely helpful with my financial situation and they contacted my credit card companies and made arrangements with them that were manageable for me (thats if you have any cc debt?).
Also I applied for a hardship loan - this was a loan that I didn't have to repay and I ended up being allocated around £700 with a further £250 later on in the term, so it is definitely worth trying to talk to uni.
I was really embarrassed at first (especially in front of my friends admitting i had an issue) however it genuinely helped.
I totally understand about the loans/debt I have a student loan which I have been chipping away at for 2 years and feel that I have paid nothing off! However student loan debt comes out before I have a chance to see it anyway so although it is a debt I wouldn't have the job I have now if I hadn't incurred that debt. I have got a mortgage successfully (in these troubled times) so student loans don't seem to affect credit.
The main thing I would look at is how you can get money now - you could try working for mystery shopping agencies, which don't pay you a massive amount but it all adds up.
You could also maybe look on Gumtree (im sure you probs have already) for any local work - avon, betterware reps?
Also at this time of year there will be restaurants/bars looking for extra staff so you could try there?
If you have anything you don't need or haven't used for 6 months, be ruthless and sell on ebay - one mans trash is another mans treasure.
I have massive amounts of sympathy for your situation as I can appreciate how hard it is. Is there anything you can reduce in terms of household expenditure? I.e have you compared your elec/gas online to see if you are getting the best deal?
Do you have anything like sky/virgin that you could do without for now?
Im sorry if this hasn't provided much inspiration but just a few thoughts!
xxx

humblepii

Hi Charlie,

Well done you for finding this forum and taking steps to tackle the issue before the **** hits the fan, so to speak. I know things are really hard now - and I'm afraid that I don't have anything practical to add to DF and Chantal's great advice - but just wanted to send you a virtual hug and a chin up. You've got a smart head on you, clearly, and I'm inclined to think that this will get you to where you want to be sooner rather than later. :cool:

HP

ChantalP_2

Just thought on - Have you made sure that you have your council tax discount as because youre a student you don't have to pay? (Again sure you know!!) but that may help to reduce outgoings if you haven't.
xx

AnnaBeth

You've already got good advice from the people already posted.
Don't stress about your student loan at all it will be paid off slowly only when you have a job so I really wouldn't add that to your list of financial stress.
Make sure you sit down and talk to someone at uni about how it's impacting on you, you might have looked and decided there isn't anything they can do but please sit down and let them conclude that in worst case scenario than you!
Uni's are really helpful when your at them so don't leave it too late!
good luck x

Lottebear

If possible see if you can get any extra support ifrom places like the student union hardship fund in the last term and save this.

Pre Registar for Temp agency for work as soon as your coursefinishes, things like silver service waiting in the weedding season can be ok.

See if the Uni need temps to help with recuitment or clearing.

archersluck

I'm a final year student too so I sympathise! There should be a hardship fund you can apply to no matter what your parents income, go and ask the finance people. Also if you're parents earn too much for you to be getting help then they really should be helping you out a bit - easier said than done I know! Do they live close-ish? Maybe even if they come visit and do a big shop for you of store cupboard stuff would help if they can't give you actual cash. Anything you can sell on ebay?

charlie792

archersluck wrote: »

I'm a final year student too so I sympathise! There should be a hardship fund you can apply to no matter what your parents income, go and ask the finance people. Also if you're parents earn too much for you to be getting help then they really should be helping you out a bit - easier said than done I know! Do they live close-ish? Maybe even if they come visit and do a big shop for you of store cupboard stuff would help if they can't give you actual cash. Anything you can sell on ebay?

My parents can't afford to help, they have a huge mortgage and a lot of debt and can't afford to pay for heating let alone give me any cash

I've looked everywhere for jobs, must have applied for at least 100 in the last six months, I don't see how Im so unemployable - Ive worked in the past for a total of about 2.5 years but I guess that's just the job market, especially in my area where everywhere is closing down.

Ive applied for anything from admin/retail/banks/bars/uni/cleaning/kfc/mcdonalds and just nothing, Ive got the point now that a lot of places won't accept my application now because Ive already previously applied in the last six months. Im registered with all the agencies in my area but have only ever received one phonecall about a job which I couldn't do because it was full time.


Its just so depressing, I checked online as a 'worse case' as to benefits I would be entitled to and all I would get is £50 a week JSA - not entitled to anything else, so that would only cover my share of the rent, so I wouldnt actually have any money for food/bills or anything- I guess because they see it as my partner could pay it - which lets face it he can't.

theoretica

Do you really need a two bedroom place? Could you get someone else to move in to the other room and help share the bills?

Do you play an instrument you could go busking with? Have you thought about offering tutoring for kids?

cakelover_2

Hi
You may have already tried it but have you tried badgering the job agencies? They probably have alot more people than normal on their books with the recession, so if you keep badgering to see if any positions come up they will know how keen you are to find work and you will stick in their minds more. As part of their wages come from commission from getting people into jobs they will be happy to get someone into work who will do anything.
Hope you get somewhere soon.
CL