Avoiding debt and getting back into good habits lost...

Medstudent

Now I am not sure this is the right place seeing as I don't have any 'real' debt (not accounting for student loan) other than occasional dips into overdraft when rent is due just before loan comes through (which is interest free).
But having been travelling this summer (last long summer) I have spent pretty much all of my savings (worth it having had a great time, still traveling but sadly ill so having to stay in and thus getting this started!) I have seen a financial storm on the horizon that I really need to avoid.
I am (as my username suggests) a medical student. I have 3 more years left to go but the problem is that funding changes for the last 2 years in effect leaving me with about half the amount I get now (my student loan is halved on the basis I should get an NHS bursary but due to parental income I get means tested out of it). This is not an amount that can really be lived off and there is no holiday time to make up the shortfall and term time work in the last 2 years is very difficult (you are expected to be doing on calls/night shifts etc)
Having now realised this I have seen the writing on the wall and need to make as much of this shortfall as possible this year which is less intense
Current plans are:

Swap phone to giffgaff - about £5/month saved
Bills - little I can do as moving into a rented flat where they don't want anything changed
Work - ideally something useful to career but if not looking likey union /tutoring whatever work
Poor credit rating cash back card - look at an see if accept students then just pay off each month £100 is £100
Actually use the quidco account I signed up for
Be more supermarket savvy + no/minimal takeaways got into bad habits with the people I lived with this year who while lovely do not think too hard about money
Enter medical essay comps - should be for cv anyway but prizemoney can be very nice.
Grants - looked a year ago and wasn't elligible but you never know!

I am sure there are plenty of other things that will come to mind as this takes place plus I am sure you can all think of things!

chevalier

Medstudent wrote: »

I am (as my username suggests) a medical student. I have 3 more years left to go but the problem is that funding changes for the last 2 years in effect leaving me with about half the amount I get now (my student loan is halved on the basis I should get an NHS bursary but due to parental income I get means tested out of it). If your parents earn to much for the bursary are they not therefore able to pay the equivalent of the bursary amount to you? If they can't then perhaps you can appeal the decision?


Swap phone to giffgaff - about £5/month saved
Bills - little I can do as moving into a rented flat where they don't want anything changed.

Can you not do a price comparison to show them how much you would save by switching. Happy tenant should mean happy landlord. Or just don't move into this place if they are going to cost you money.
Work - ideally something useful to career but if not looking likey union /tutoring whatever work
Poor credit rating cash back card - look at an see if accept students then just pay off each month £100 is £100 Why do you need one of these? Is your credit score already bad?
Actually use the quidco account I signed up for

And don't forget there are other sites that do the same thing eg topcashback, so might be able to save a bit extra.
Be more supermarket savvy + no/minimal takeaways got into bad habits with the people I lived with this year who while lovely do not think too hard about money learn when your local supermarkets mark down stuff to take advantage of the bargains.
Enter medical essay comps - should be for cv anyway but prizemoney can be very nice. Or even just normal comps. Can sell any prizes you win or keep them for presents.
Grants - looked a year ago and wasn't elligible but you never know!

I am sure there are plenty of other things that will come to mind as this takes place plus I am sure you can all think of things!

The other things I can think is surveys online. Can earn a fair amount in vouchers over time, which could help with book buying...

good luck with cutting down. However I would somehow try and work in a fun fund, otherwise you might go off the rails with a big blow out.
chev

Medstudent

chevalier wrote: »

The other things I can think is surveys online. Can earn a fair amount in vouchers over time, which could help with book buying...

good luck with cutting down. However I would somehow try and work in a fun fund, otherwise you might go off the rails with a big blow out.
chev

As to the questions, parents may be able to help more, but they already help out now and I would rather avoid asking for any more than I already get from them. I really dislike the system such as it is where I am financially reliant on parents well past 21... But oh well such is the system.

As for bills I will have a try might be lucky! I have to move because my other flatmates all graduated this year and too keep the
Council tax exemption moving in with other friends. rent is cheaper and nearer a tube station so I am happy all in all

As for the cash back card no my credit is fine, no missed payments and history since 18. More just finding one arhat accepts student (so many say no students). Only potential issue would be amount of availiable credit because of the stupid limit I have been given on one card...

Supermarkets will be scouted once I am home

Thanks for the advice with other stuff, I will put in a fun fund although I am not one to splurge, I instinctively dislike spending and my biggest weakness is food/coffee out I don't need which should not be too hard to cut down!

Hopefully by planning now I can avoid problems before they happen (that's the plan anyway)

Cake

"(my student loan is halved on the basis I should get an NHS bursary but due to parental income I get means tested out of it)"
We've just gone through that with my eldest, I think the rules are changing for next year in that there is a guaranteed £1000 non-means tested bursary (tried to find confirmation of that but can't atm)
And as a forethought the amount of financial information needed for the NHS bursary application is much more than Student Finance needed, I can let you know what we needed to provide as parents (among other things birth certificates/passport!)
Are you intercalating?
Also just found the http://www.money4medstudents.org/ don't know if that's any help - good luck for the coming year

XXSCOTSLASSXX

Medstudent wrote: »

Only potential issue would be amount of availiable credit because of the stupid limit I have been given on one card...

unsure what this means.... do you already have a credit card?

brokemedic

Thought you were only eligible for nhs bursary in the last year.. not the last two??

bm