Guru's Help!

ianjay

I'm a bit of a mess, what you guys think I should do?

I'm 19 and in my third year of college. I'm week away from finishing my course at college. I'm having some money problems at the moment and just about getting by. The thing is college is nearly over and i'm going to lose the £30 EMA money. I'm thinking about getting a small loan (£200/300) from a bank to help me over next 6 weeks. I'm currently at Royal Bank of Scotland in a route 21 account. I have a conditional offer from the Uni i'm going to go to.

I was thinking I could open a student account early and maybe use the overdraught until I earn some money over summer. If that fails I will have to get a loan....anyone reccomend best way to get over this tough patch?

Midas

The easiest solution might be to see if you can pick up a bit of part-time work. There's usually plenty around at the moment, although it might get tougher in a few weeks time when all the students finish university and go home, it depends on where you live really.

PS Welcome to MSE :hello:

ianjay

Sorry I should I have said, I do have a part time job....but just 8 hours. I think I will be able to pick more hours up but not just yet. I'm thinking about how I'm going to support myself for the next 6 weeks before I can get some extra hours at work. What do you think of the student account idea?

Midas

Well the student account is the cheapest borrowing that you'll ever get - free overdraft of £1000 or so, so if you really need to borrow some cash this is probably the best way. You might be able to open the account now - its not that early, and you've got an offer from your uni... but you'd have to check the rules with your bank (I can't remember from my undergrad days, too long ago!)

ianjay

does anyone know if these student accounts tie you down? I've heard somewhere that only certain banks will let you open a student account with an conditional offer? I think lloyds bank was one.

catherinemohan

Hey!!

When I opened my student bank account I needed a letter from the university officially accepting me to university, which you get sent after your results come out in august. Unless you have either a letter unconditionally accepting you already most banks will not let you open a student bank account.
One option for you is to look for casual work, many restraunts etc pay weekly so you'll get your money a bit quicker but if you're really desperate for money and dont really care what you do there's a lot of places that will hire you for a day and pay cash, just to tide you over.
These really do depend on where you live but for example where I live in chester we used to have a strawberry farm that would hire pickers on a day to day basis, its worth asking around places like that.
A lot of people will be looking for people at the moment due to students going home etc but it's best to get your CV out there as soon as possible, just whitewash and go for any interveiws you can get, something is better for nothing!!
Finally whatever you do try not to go to university in debt, its pretty expensive to set up yourself for uni if you're going into halls and fresher's week and the few weeks after it hit your wallet extremely hard so if you start low you'll only get lower.
Oh and one last thing (i promise!!) if you want a job while you're at uni, i recommend going to wherever you're off to about a week or so earlier than you're supposed to and getting your CV out everywhere, its not as easy as you think to get jobs at uni so it's best to get in there first!!

right hope that helps a little!!

catxx

The_Guru_2

A lot of students find themsleves in this situation for the summer break so I do sympathise. Firstly look at reducing your expenses - living at your parents should save a bit. Second look at working as many hours as possible. I held down two part time jobs one summer. Totally knackering but my only option. If all else fails apply for a credit card that has 6-9 months (or more) interest free period and don't go mad!

louise1234_2

What do you need the money for??

pug_in_a_bed

ianjay wrote:

I'm a bit of a mess, what you guys think I should do?

I was thinking I could open a student account early and maybe use the overdraught until I earn some money over summer. If that fails I will have to get a loan....anyone reccomend best way to get over this tough patch?

please don't get a loan, at this early stage you should be saving up to stop you getting into too much debt once you actually get to uni!

trust me, as one who knows, I thought I was sensible with my money, every student does ..then suddenly the bank hands you all the cash you've ever seen in your life (at least for me), and any thoughts of paying that back will go out your head.

What are your expenses by the way? Let us know how you're getting on...