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I'm really bad with money... Like really bad!
rageagainstessays
Posts: 2,147 Forumite
Hi Guys, so I've just been reviewing my spending for the year and it isn't good. Over the past 9 months, September until now it seems I may have spent £13,500, including accommodation or 9 without. £12,000 of that money came from my student loan and gifts from family, the other £1.5k is an overdraft which I am almost at the limit for.
My calculations I will base on 42 weeks.
So from the £12,000, I had a fixed cost of £4900 for accommodation which left me with me like 7k, from this I've had to pay summer rent for my new house and a disposit, amounting to almost 1.5k- so that has left me with 5.5k but then we must add in the overdraft of 1.5k bringing me back to 7k- meaning that I had an average weekly spend of somewhere in the region of £166, £150 of which was disposable income.
Given that my parents are very angry, and rightly so, they will not be providing me with any further financial support in the academic year 2014/15 leaving me with just my student loan. They are not paying for my accommodation which means I'm gonna have to live on like £50 a week disposable income. I don't know how I'm going to do it.
Has anyone got any tips?
My calculations I will base on 42 weeks.
So from the £12,000, I had a fixed cost of £4900 for accommodation which left me with me like 7k, from this I've had to pay summer rent for my new house and a disposit, amounting to almost 1.5k- so that has left me with 5.5k but then we must add in the overdraft of 1.5k bringing me back to 7k- meaning that I had an average weekly spend of somewhere in the region of £166, £150 of which was disposable income.
Given that my parents are very angry, and rightly so, they will not be providing me with any further financial support in the academic year 2014/15 leaving me with just my student loan. They are not paying for my accommodation which means I'm gonna have to live on like £50 a week disposable income. I don't know how I'm going to do it.
Has anyone got any tips?
“Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ”
― Paulo Freire, Pedagogy of the Oppressed
― Paulo Freire, Pedagogy of the Oppressed
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Comments
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Get a job?0
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Do a budget, get a job. To be honest, despite the lack of finer details, your position really isn't that bad. If your finances are worrying you that much, it really is a 2 stage solution, assess your spending, if cutting back on little things isn't helping then you'll be best of looking for abit of work, even just part time. Not sure about now but it was fairly easy for me to pick up part time jobs offered within/through the uni.
If you really get in dire straights, perhaps look at the hardship funds offers. Again, no idea if this is still available but I was offered a hardship loan ontop of student loan, part of this was not repayable, I also had the option of extending my student loan. For the record, I didn't take either, I lived on bread and water for 3 weeks, no joke.0 -
"summer rent for my new house and a disposit, amounting to almost 1.5k" - is it 1 month deposit, i.e. ~£375 p.m.?
Is it London?0 -
Write down what you spend and where.
You will realise you can't go out every weekend and spend £100 a night on drinks. Nor can you afford to buy that glossy magazine or have the best phone (the latter I would expect you are stuck in a contract with).
What sort of food to you buy?
Look at buying the range lower than you do now. Don't eat out - limit yourself to once a month.
Do you smoke?
Quitting, however hard you may think it may be, will save you loads of money.
Do you have a partner?
I mean a proper partner not some fling :P Living with someone is cheaper than living alone.
Do you have a fair amount of clothes?
You don't need to buy any more so make an effort this coming year not to buy any at all, unless absolutely essential (IE socks!).
This is your first error.rageagainstessays wrote: »so that has left me with 5.5k but then we must add in the overdraft of 1.5k bringing me back to 7k
An overdraft is not money to live on, so discount that straight away and try to realise that when your bank balance hits £0 - you have no money.
People who think their overdraft is just a bit of free money will never learn to manage their money.
£150 a week is an easy amount to live on.
You will find your way, although as you didn't in the first year, it will be tough for you.0 -
rageagainstessays wrote: »Hi Guys, so I've just been reviewing my spending for the year and it isn't good. Over the past 9 months, September until now it seems I may have spent £13,500, including accommodation or 9 without. £12,000 of that money came from my student loan and gifts from family, the other £1.5k is an overdraft which I am almost at the limit for.
My calculations I will base on 42 weeks.
So from the £12,000, I had a fixed cost of £4900 for accommodation which left me with me like 7k, from this I've had to pay summer rent for my new house and a disposit, amounting to almost 1.5k- so that has left me with 5.5k but then we must add in the overdraft of 1.5k bringing me back to 7k- meaning that I had an average weekly spend of somewhere in the region of £166, £150 of which was disposable income.
Given that my parents are very angry, and rightly so, they will not be providing me with any further financial support in the academic year 2014/15 leaving me with just my student loan. They are not paying for my accommodation which means I'm gonna have to live on like £50 a week disposable income. I don't know how I'm going to do it.
Has anyone got any tips?
Make a budget and stick to it. There's no other way i'm afraid.
I have less than that disposable each week and i'm a single Mum with 2 children. Draw out the £50 in cash and once it's gone it's gone. Thats what i do.0 -
anotheruser wrote: »Write down what you spend and where.
You will realise you can't go out every weekend and spend £100 a night on drinks. Nor can you afford to buy that glossy magazine or have the best phone (the latter I would expect you are stuck in a contract with).
What sort of food to you buy?
Look at buying the range lower than you do now. Don't eat out - limit yourself to once a month.
Do you smoke?
Quitting, however hard you may think it may be, will save you loads of money.
Do you have a partner?
I mean a proper partner not some fling :P Living with someone is cheaper than living alone.
Do you have a fair amount of clothes?
You don't need to buy any more so make an effort this coming year not to buy any at all, unless absolutely essential (IE socks!).
This is your first error.
An overdraft is not money to live on, so discount that straight away and try to realise that when your bank balance hits £0 - you have no money.
People who think their overdraft is just a bit of free money will never learn to manage their money.
£150 a week is an easy amount to live on.
You will find your way, although as you didn't in the first year, it will be tough for you.
Firstly, I'm aware an overdraft is credit ergo, not mine. Point is- I now have spent it....
Don't Smoke, Drink or Do Drugs; just eat good food and buy myself a lot of gifts
I have a subscription to The Economist and a phone contract lmao“Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ”
― Paulo Freire, Pedagogy of the Oppressed0 -
"summer rent for my new house and a disposit, amounting to almost 1.5k" - is it 1 month deposit, i.e. ~£375 p.m.?
Is it London?
No, its a room in a house in the Midlands
“Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ”
― Paulo Freire, Pedagogy of the Oppressed0 -
rageagainstessays wrote: »....a phone contract lmao
Personally, I don't see anything funny.rageagainstessays wrote: »No, its a room in a house in the Midlands
IMO it's a sad story. I see why your parents are angry.
Is your £50 p.w. before or after bills?0 -
Personally, I don't see anything funny.
IMO it's a sad story.
Sorry, didn't realise the 'funny' police were here, sorry officer.“Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ”
― Paulo Freire, Pedagogy of the Oppressed0 -
Look at getting a cheaper contract, how much you paying for the contract ?
Get a job, do online surveys, sell stuff.0
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