College student in need of help fast!

Romans116

Hi all,

I am a college student studying business, while at the same time studying for an accounting qualification at home.

I live alone and basically just manage to get by with a bit of my rent paid by the council and education allowance from the college.

However my car insurance is coming up (1st Oct) and I need to move apartment shortly

Both of which are going to cost me over £1000 combined.

I barely have £100 bank balance.

After working it out I will have a negative balance of over £500!

I have never been in debt before, what can I do?

Any advice means alot, thanks.

Lokolo

Live with someone else? Spareroom and the like have plenty of options.

The_One_Who

Like Lokolo says, move in to a house share. Also, sell your car if you don't absolutely need it. Postpone the accounting qualification for a while and get a job, there are a lot of Christmas temp jobs going at the moment.

amiehall

Do you have a part-time job? If you had a regular income, you could spread the car insurance payment into installments if you're desperate to keep it.

Romans116

Good idea but I already have a flat lined up, it is low cost and in a nice area 5 mins away from my fiancee.

Unfortunately selling the car isn't an option as it's the only way to get to the college which is 11 miles away.

There is no chance I will put accounting on hold, the sooner I get that done the sooner I can earn a decent salary and stop scraping by.

I forgot about paying insurance with instalments, I will have to work that out, thanks.

Thanks for all the suggestions, keep em coming!

Lokolo

Assuming you are doing CIMA or ACCA, how are you going to complete it without the work experience factor?

The_One_Who

There really isn't that many options available to you. If you are getting all the financial help available to you (perhaps double check) and you don't have a job and won't sell the car, then what about selling other possessions? Downsizing on luxuries (mobile phone, coffee shops, magazines/newspapers etc) can help reduce outgoings.

alyth

can you ebay or gumtree anything, or sell any books on Amazon?

Could friends help you to move properties, that would save on the cost of hiring a van perhaps.

amiehall

The interest is a **** on car insurance installments but if that's your only option it's just the way it is. I can't really see how you'd have the means to pay the installments though. Where does your income come from?

Oldernotwiser

Renting a flat just for yourself is totally unrealistic in your situation; many people in professional jobs flat share.

annie123

Romans116 wrote: »

However my car insurance is coming up (1st Oct) Shop around for quotes do not automatically renew and I need to move apartment shortly need or want?

Do you have to move or want to lined up isn't the same as paid the deposit etc

Both of which are going to cost me over £1000 combined.

I barely have £100 bank balance.

After working it out I will have a negative balance of over £500!


I have never been in debt before, what can I do? avoid it

You either cut back on out going expenses, and or sell some things to make up the difference.

With accountancy and business studies you know this really;)