Desperate for money - what else can I do?!

supersezzie

Hi everyone,

I'm a bit confused and overwhelmed by all the threads here so please forgive me for just posting my own question. I'm doing a 1 year masters course and according to my budget have a £1600 shortfall and will run out of money for rent by the end of April. I've been so freaked out about this that I'm just worrying all the time and trying to find ways to make money instead of concentrating on my course. I have applied to quite a few jobs with no luck but I am being picky as my course is quite intensive and I'm scared to take on too much.

I have two overdrafts which I've counted as available money in my budget - both are nearly maxed out at £2k and because I am in my 4th year, they have lowered the interest free limit so I am being charged about £10 a month interest on those now as well. These are with Natwest and RBS. I also have the maximum £8k career development loan. I applied last month to the hardship fund and got nothing though I've been looking at the post about that so I may appeal it. Does anyone have any suggestions?! I've been tempted to get another student account and overdraft but is 3 just WAY too many?! I felt bad getting the second cos you have to declare it's your only one. Would a credit card be a better option?

Someone please help! I'm so stressed by it all!

Thanks

r.mac_2

right my first ideas are:

before looking at making money look at your outgoings...... Where all your money is going. ie, your accommodation, bills, spending, luxuries, going out etc.

Work these out and then see if you can save on these. If you want why not post your situation of affairs to see if we can help. Lots of people do this on the debt free wannabe board. List all your outgoings and see what people can suggest in saving money. Also list your debts ie. overdrafts, credit cards laons etc. we may be able to suggest cheaper alternatives.

Then we can look at maximising your income. Do you work at all? are you entitled to benefits? did the hardship people day why they wouldn't help?

Keep smiling though we'll help you get there.

r.mac

supersezzie

Hi r.mac. Thanks so much for your quick reply, it's a big relief just for someone to say they can help! I have a lecture now but I will post my incomings and outgoings later tonight - should I post them here or on the debt free wannabe board?

I don't know where I can save money though, my budget is pretty much down to the basics apart from my £20 a week for going out (which is not stretching very far!). I don't know if students are able to claim benefits - I assumed that they weren't, though I don't have a job. Also, the hardship fund didn't say why I was rejected so maybe I should get in touch with them. Anyway, I'll be on later with my budget.

Thank you,

Sarah

TheBannister

One thing I would say is - give up alcohol.

I'm currently on a budget of £20 a week for everything (except the rent), which means that alcohol is a no-no, but it really has helped me save. It's not ideal, seeing as how I end up going out with a lot of plastered people whilst being completely sober myself, but you get used to it, and normally someone will take pity on you and buy you a drink!

Another suggestion is - is there a psychology department at your university? At mine they pay basically £6 p/h for you to take part, and it's usually very flexible.

r.mac_2

i would think you'd be fine posting on this thread - a board guide can always tell us off and move it if we are wrong! Although you may get more replies on the debt free wannabe board

Hope your lecture goes well

Soma

Hi
I am on a MSc course and my barclays bank switched my graduate account back to a student acount for me. All I had to do was show them my offer letter which stated that the course was full time. This reduced my overdraft rate back to 0%. Maybe this could help you?

jayarr_2

have you thought about signing up for mysetry shopping, i do it, and can really pick and choose what i do-some times i might only do 1 a month tho-which is around £10, maybe you could look at stopping going out-that would give you an extra £80 a month and use anything you got from mystery shopping for going out-i know its not nice not to be able to treat yourself but it might be better to budget for it that way..

also have you looked on freebies board-i send off for anything and everything-some of the stuff doesnt come, but some is great-supposedly 1 wash samples of washing powder will easily do 4 washes, stretches the budget abit further, or gives me a little treat-sample bottle of original source bath stuff or aussie miracle conditioner-just so you dont feel like you're scrimping all the time-without it costing you..

have you signed up on pigsback-again not a huge amount to be gained without spending but i can usually get a £10 boots voucher every 6-8 weeks, alllows for a treat or some 'free' essentials that then dont need to come out of the budget..

good luck!

janine22

Get a job.

Sorry to sound harsh but there it is. You don't have enough money so earn some. I worked full time whilst at Uni (and yes, I was on a full time degree course too).

Try temping with a bar/waitressing agency for a while, you can choose your shifts and its quite fun.:beer:

freebie_junkie

you coudl try working fro yourself? i do that and also am on a full-time degree course and it gives me teh flexability to fit it around my course.

i also highly reccoemnd applying for freebies
signing up for pigsback as you can earn 10p a time from free click thrus which you can swap for shop vouchers once you reach £10
getting a boots AD card and a tesco card to take advantage of special offers and extra points in there
stop spending so much on going out!
utilise TMF's and MBG's
negotiate with your bank to se eif they can extend eth overdraft and stop charging you
look into reclaiming soem of those charges as tehy may be illegal as tehy are more probly than not disproportionate to their charges
consider switchign utilities, you can use moneysupermarket which will give you £30 cash back for doing so and also may be able to save money
see if you can move into student accomodation which will probably save you cash on your rent and may even include a cheap meal plan

Crispy_Ambulance

The other thing to consider is either taking a leave of absence and working and saving, or switching to part time study and working.

Ytaya

Some (most?) universities have a Resident Tutor system in their accommodation (or they call it something else). Basically, you agree to be a 'responsible adult' for a number of students in return for free or cheap rent. At my uni, RTs get one free room and the option of a second one half price - tons of space for not much money! Sometimes they look for these part-way through the year as people drop out. Ask at your accommodation office on campus.

I'd also suggest posting your state of affairs here (or the debt-free wannabe board). Sometimes a fresh eye on things really helps. How much do you spend on food? I can feed myself 3 meals a day, 7 days a week for about a tenner a week without trying very hard. Do you have a contract mobile? Switch to PAYG and use it less - there are free SMS websites online. Lots of tiny savings might add up to the big one you need!