Just took stock of finances, wow...
First some background:
I'm a 21 year old Scottish student studying at a Scottish university. Just finished year 3 out of a 5 year integrated masters.
Financially, prior to Uni I had some savings maybe 3-4k or so which is a better situation than most I think. 1st year, I didn't take student loan avail to me (£4750), then second and third year I did.
I don't think i'm too bad with money, i've never really ever written out a budget for myself, and with the student bank accounts i just went for the 0% overdrafts and free goodies. That then spiralled into credit cards 0% offers, which in turn lead to 0% balance transfer offers to extend the time on balance for nominal fee (?2.9%). I know I have an excessive amount of accounts and have taken that interest free money from cards and put them in savings accounts with 3% rate. Therefore it's not unusual for me to be transferring large sums of money around, paying credit cards with debit cards from 0% overdrafts etc, but until actually summing all the accounts in an excel spreadsheet this evening I couldn't have told you if I was worth 10k or 10k in debt.
Bank Accounts:
6 Bank Accounts with 5 different accounts
Total Credit Across All £13500 (some positive some negative.)
Total Overdraft limits added up across accounts: £7200
Credit Cards:
5 Credit Cards with 5 different companies
Total Balance Across all: £7990
Total Credit Limits: £9900
Student Loans
Owed for repayment 2 x £4750, £9500.
So overall my financial position is in debt by £3990.
That has scared me ****less. Admittedly the money due to SAAS isn't due immediately but still.
What is even more surprising to me is the fact that I at 21, without having a full time job, and being in full time education have access to over £17000 of credit from banks/cc companies. How is that even possible? If i went on a splurge there is no way in heck I could pay that back and have no real assets. It would be a hole that could ruin my finances before they have really began.
A budget for next semester is a must for me i think!
I'm a 21 year old Scottish student studying at a Scottish university. Just finished year 3 out of a 5 year integrated masters.
Financially, prior to Uni I had some savings maybe 3-4k or so which is a better situation than most I think. 1st year, I didn't take student loan avail to me (£4750), then second and third year I did.
I don't think i'm too bad with money, i've never really ever written out a budget for myself, and with the student bank accounts i just went for the 0% overdrafts and free goodies. That then spiralled into credit cards 0% offers, which in turn lead to 0% balance transfer offers to extend the time on balance for nominal fee (?2.9%). I know I have an excessive amount of accounts and have taken that interest free money from cards and put them in savings accounts with 3% rate. Therefore it's not unusual for me to be transferring large sums of money around, paying credit cards with debit cards from 0% overdrafts etc, but until actually summing all the accounts in an excel spreadsheet this evening I couldn't have told you if I was worth 10k or 10k in debt.
Bank Accounts:
6 Bank Accounts with 5 different accounts
Total Credit Across All £13500 (some positive some negative.)
Total Overdraft limits added up across accounts: £7200
Credit Cards:
5 Credit Cards with 5 different companies
Total Balance Across all: £7990
Total Credit Limits: £9900
Student Loans
Owed for repayment 2 x £4750, £9500.
So overall my financial position is in debt by £3990.
That has scared me ****less. Admittedly the money due to SAAS isn't due immediately but still.
What is even more surprising to me is the fact that I at 21, without having a full time job, and being in full time education have access to over £17000 of credit from banks/cc companies. How is that even possible? If i went on a splurge there is no way in heck I could pay that back and have no real assets. It would be a hole that could ruin my finances before they have really began.
A budget for next semester is a must for me i think!
The access to credit is surprising, considering your age and lack of full time employment.
However being in a negative networth at 21 is far from abnormal. Indeed I was in a similar position at that age. Don't worry about the student finance, focus on repayment of any interest generating bank/card accounts once you are employed.
Once you are working full time, it's not unreasonable to expect a networth increase of £10k+ per year even on a modest graduate salary.
However being in a negative networth at 21 is far from abnormal. Indeed I was in a similar position at that age. Don't worry about the student finance, focus on repayment of any interest generating bank/card accounts once you are employed.
Once you are working full time, it's not unreasonable to expect a networth increase of £10k+ per year even on a modest graduate salary.
Aha don't worry too much that isn't so bad not including student debts my friend owes around £25k on cards alone not including phone bills, loans etc. :L
As for your issue i concur with the above poster its not abnormal for debt, the companies are irresponsible nonces to put it mildly and shouldn't be lending like that to start with! I have a feeling you might have told a fib or two on applications though?
but take care of any high interest balances first - cash advances, shopping bills and so on they generate the highest interest see if you can move any to a different card if you have a BT offer open which lessens the burden and see if you can stamp out the debt before it grows otherwise if its bothering you greatly you could always consolidate the loans [cheaper option] or get a personal loan/bail out from the family which is even better.
but take care of any high interest balances first - cash advances, shopping bills and so on they generate the highest interest see if you can move any to a different card if you have a BT offer open which lessens the burden and see if you can stamp out the debt before it grows otherwise if its bothering you greatly you could always consolidate the loans [cheaper option] or get a personal loan/bail out from the family which is even better.
Original post by Tartan_Warrior
First some background:
I'm a 21 year old Scottish student studying at a Scottish university. Just finished year 3 out of a 5 year integrated masters.
Financially, prior to Uni I had some savings maybe 3-4k or so which is a better situation than most I think. 1st year, I didn't take student loan avail to me (£4750), then second and third year I did.
I don't think i'm too bad with money, i've never really ever written out a budget for myself, and with the student bank accounts i just went for the 0% overdrafts and free goodies. That then spiralled into credit cards 0% offers, which in turn lead to 0% balance transfer offers to extend the time on balance for nominal fee (?2.9%). I know I have an excessive amount of accounts and have taken that interest free money from cards and put them in savings accounts with 3% rate. Therefore it's not unusual for me to be transferring large sums of money around, paying credit cards with debit cards from 0% overdrafts etc, but until actually summing all the accounts in an excel spreadsheet this evening I couldn't have told you if I was worth 10k or 10k in debt.
Bank Accounts:
6 Bank Accounts with 5 different accounts
Total Credit Across All £13500 (some positive some negative.)
Total Overdraft limits added up across accounts: £7200
Credit Cards:
5 Credit Cards with 5 different companies
Total Balance Across all: £7990
Total Credit Limits: £9900
Student Loans
Owed for repayment 2 x £4750, £9500.
So overall my financial position is in debt by £3990.
That has scared me ****less. Admittedly the money due to SAAS isn't due immediately but still.
What is even more surprising to me is the fact that I at 21, without having a full time job, and being in full time education have access to over £17000 of credit from banks/cc companies. How is that even possible? If i went on a splurge there is no way in heck I could pay that back and have no real assets. It would be a hole that could ruin my finances before they have really began.
A budget for next semester is a must for me i think!
I'm a 21 year old Scottish student studying at a Scottish university. Just finished year 3 out of a 5 year integrated masters.
Financially, prior to Uni I had some savings maybe 3-4k or so which is a better situation than most I think. 1st year, I didn't take student loan avail to me (£4750), then second and third year I did.
I don't think i'm too bad with money, i've never really ever written out a budget for myself, and with the student bank accounts i just went for the 0% overdrafts and free goodies. That then spiralled into credit cards 0% offers, which in turn lead to 0% balance transfer offers to extend the time on balance for nominal fee (?2.9%). I know I have an excessive amount of accounts and have taken that interest free money from cards and put them in savings accounts with 3% rate. Therefore it's not unusual for me to be transferring large sums of money around, paying credit cards with debit cards from 0% overdrafts etc, but until actually summing all the accounts in an excel spreadsheet this evening I couldn't have told you if I was worth 10k or 10k in debt.
Bank Accounts:
6 Bank Accounts with 5 different accounts
Total Credit Across All £13500 (some positive some negative.)
Total Overdraft limits added up across accounts: £7200
Credit Cards:
5 Credit Cards with 5 different companies
Total Balance Across all: £7990
Total Credit Limits: £9900
Student Loans
Owed for repayment 2 x £4750, £9500.
So overall my financial position is in debt by £3990.
That has scared me ****less. Admittedly the money due to SAAS isn't due immediately but still.
What is even more surprising to me is the fact that I at 21, without having a full time job, and being in full time education have access to over £17000 of credit from banks/cc companies. How is that even possible? If i went on a splurge there is no way in heck I could pay that back and have no real assets. It would be a hole that could ruin my finances before they have really began.
A budget for next semester is a must for me i think!
start hustling with that money try auctions you can pick up a rolex for less than a grand and triple your money if not more with some pieces
Original post by jamesthehustler
start hustling with that money try auctions you can pick up a rolex for less than a grand and triple your money if not more with some pieces
James; with the amount you apparently hustle I'm continually surprised at how you still have time to spam about it on here
rolexes, diamonds, gold, and cash are all equally liquid everywhere wants 'em so sales are quick and easy i can buy a rolex and sell it and have reinvested the profit in a couple of days
Original post by Reue
James; with the amount you apparently hustle I'm continually surprised at how you still have time to spam about it on here
Original post by Reue
James; with the amount you apparently hustle I'm continually surprised at how you still have time to spam about it on here
He is brilliant
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