Ineed of some Advice.

OohSoHolly

Ok. So im really looking for some advice right now, ill explain.

I started University in Sep. 2007, and recieve around £1200 every term (3 terms) and im really struggling with the money. Im not used to having all this money and find that i am therefor spending it left, right and centre when i get it.

Anyway im getting stressed because i havent put any money away in a savings account ive just spent it all. Im really worried now that ive left it too late and well im not sure whats the best way to go about saving now as when i get my next lot of money ill only be left with £500 after my over-draft is covered, and ill need the rest to live off for the rest of the term.
If i was to say it wasnt possible for me to get a job, can anyone advise me on my next course of action.
I really want to start saving some money for when i eventually finish university in 2010, and dont want to come out with just a mass of debt. Please help.

I hope i made sense, its just im kinda stressed about it and just tried to get it down the best way possible.

CLAPTON

the basics are simple I'm afraid

a. increase income........ why can't you get a job in the summer vacation?

b. reduce spending.... just stop all non essential spending

c. if possible, re-arrange debts to reduce interest (but hopefully you have an interest free OD?)

RocketMan

Hello,
I did the same thing when I started uni, then my mum pointed me in the direction of this site.

I started off by coming up with a budget, working out how much money I thought I would need a month and then working out how much money I did have. I already had a student account with Natwest so I opened a current account with them as well, then I transferred my monthly budget across from the student account to the current account, and put the student account debit card away on a high shelf so I would not be tempted to use it.

This worked well, then when I went home for the hols at the end of my 1st and 2nd year I got a job with a temp agency. The one bad bit was my 3rd year which was on placement so I was getting paid, I got used to earning, and did not save anything which I should of. So when I got back to the final year it was back onto a hard line budget, which was a real shock. Although not going out to the pub very often meant I could concentrate a bit more on my work.

I am now in the 8th and final year of being a student, doing a PhD at the mo, and I am only now actually starting to save money.

Make sure you have a student account with the interest free overdraft. Some allow you to take out others but it you do open another dump the overdraft into a savings account to help cover the future repayments when you graduate.

When it does come to starting saving have a look at regular savers, they are ideal for anyone who can afford to invest a little bit of money every month. The HSBC one offers 8%, so if you’re untaxed and pay in £250 a month you will earn ~£130 in a year

Best of luck with you’re course and money saving!!

Oldernotwiser

I think that you're confusing budgeting and saving. The vast majority of students need to learn to budget so that they don't run out of funds before the next cheque arrives. Although some people do manage to save at this time, I don't think that it's realistic for the majority. Finishing university in debt is a fact of life; as long as it's student loans and not credit cards you'll be ok. (Why can't you get a job?)

bestpud

I agree it is overdrafts and credit cards etc you could do with avoiding if at all possible. Leaving with a student debt is a given really.

Good idea to transfer so much across into a current account every month. Especially one without a debit card or overdraft facility.

Other way is to get so much out a week in cash and don't allow yourself to get more, no matter what! Cold hard cash is much harder to part with somehow!

If you feel you wouldn't leave your debit card alone, how about leaving it with your parents? Drastic option I know!!! :eek:

I'm wondering why you can't work in the holidays, if not while at uni, too.

deanlr55

If wanting to find money you could:

- Open up another student account, naughty I know but if its an interest free one you will be sorted

- Apply for hardship fund, takes a few weeks to get sorted but just say what you said in your first post and they should help you out

- Sell your assignments on ebay, this is a good time of year to do it as there are many students worrying about getting work done

- Sell some stuff on ebay, amazon etc. Maybe books you have that are course related can be sold if your UNI library has them in? You can them get them out for free

- Maybe if you're strict you could make a timetable of when to study to free up a weekend day to work?

Just some ideas,

Hope they would help!

Oldernotwiser

deanlr55 wrote: »

If wanting to find money you could:

- Open up another student account, naughty I know but if its an interest free one you will be sorted

- Apply for hardship fund, takes a few weeks to get sorted but just say what you said in your first post and they should help you out

- Sell your assignments on ebay, this is a good time of year to do it as there are many students worrying about getting work done
!

Not Mr Ethical, are we?

deanlr55

Lol, we could say not, although UNI's are trying to make us more creative and to think outside the box!

Plus when you're really skint and no other way to get the money, and nout wrong with the hardship fund!

johncmcloy

Dont get a job now if you think it will affect your studies. But DO get one in the summer and save most of it, give it to your parents if you think they will look after it better. I wouldnt worry about trying to get anything saved by the end of the term (as in a bank balance). Just concentrate on spending as little as you can, drinking in, eating in and avoiding any wasteful purchases. Just because your friends by a £3.80 smoothie doesnt mean you cant sit with them and pull your 30p bottle of water out of your bag. When you go to the supermarket buy things on offer in bulk that you would buy anyway on their own and keep them in your room. For example a can of pepsi at uni from machine costs 60p at pub 1.40 from asda about 17p (buy 3 packs of 6 for 3). Adidas deodorant cost £2.29 normally it is on offer at asda now for £1 - I've bought loads. Same with everything - I sometimes would nip into newsagents for a galaxy (45p) but if buy from super its a pack of 4 for £1.... only pence but if your going to shops anyway then may aswell, while youre there. Whatever happens dont let studies suffer for money, my mate went 3 months with no computer just because he didnt think he could afford one. I used to be on contract as well at £35 a month, now on pay as you go o2 where you top up £10 and get 300 messages, I dont really notice a diff, just go an see people more instead of ringing. Walking is also useful. And using both sides of a notepad second hand books borrowing off people.
I didnt have anything left from my part time job bursary and loans from the first year - I blew it all and I havent got anything to show for it. I'm in second year now and have got £4000 saved and dont feel any worse off for it! Still enjoying myself going out etc.

OohSoHolly

Thanks for all your advice, i now feel a little less worried about not having any savings and am going to try and reduce my spending by using some of your suggested tips.
Thanks All.

teeb

Tip to reduce spending - don't have cash in your wallet. I used to always have £10 or so in my wallet, out of a hole in the wall. Naturally I'd end up spending it.

If you don't have cash there (or a card), then you can't spend anything unnecessarily.

Obviously, for essentials, you'll need stuff.

The other suggestion is save your spare change - even the pennies. There's a thread in the Mortgage- Free forum called 'Mortgage Pigs' - a piggy bank in which you put any change you have on you. Doesn't have to be a pig; an empty jar will do. Keep putting change in there, at the end of the month take it down the bank and you find you've suddenly got an extra £20 or so to save (or drink).