How To Deal With Financial Difficulties as a KU Student

Let's be honest - managing money at uni can be hard, especially in your first year.

Even apart from the ongoing cost of living crisis which might drive your weekly grocery bills up, there'll always be more nights out, textbooks to buy and toiletries to replace - and trust me, those 'little' £3-4 purchases do add up here and there!

Whilst hopefully you never find yourself in any serious financial difficulty whilst studying here at Kingston University (we have some great posts on budgeting advice and managing your money on our forum here! :smile:

), it is important to know how to deal with the situation just in case. Here are some of my top tips on what to do if you find yourself in a tough financial position during your studies.

1. First - Get Advice!
Considering that university is the first time that many young people have to manage their own budgets (and often have to do so on fairly limited maintenance loans), most universities are aware that students may need financial guidance. As a KU student, you can talk to a Money Adviser at Kingston Hill or Penrhyn Road by booking an appointment through MyKingston - they'll be able to help you write letters to any creditors explaining your situation, and will be able to look at your income and expenditure to see how to move forward.

2. Tell Anyone Who Needs to Know
Whilst telling people you're having financial difficulties can feel a bit embarrassing at times, it happens to nearly all of us at some point in our lives. By giving anyone who you owe money to a heads-up in advance - whether that's your landlord or energy/water provider - they'll likely be more sympathetic to your situation, and may be able to put you in touch with any financial assistance providers. This includes Kingston University itself - make sure to check if you're eligible for support from the University's Student Support Funds.

3. Don't Try and Ignore It
Sometimes when you have spiralling debts, it's easier to pretend they don't exist at all and will just 'get better' on their own. However, your debts will always be there until you confront them and take action, and ignoring them for any length of time could have a negative effect on both your mental health and studies. The last thing you want to be worrying about during exam season is how far into your overdraft you are!

4. Don't Borrow Your Way Out
Although borrowing money from one provider to pay off another may solve your problem in the short-term, it'll likely lead to more serious problems in the future and will do little to reduce stress.

5. Speak To Others
If for whatever reason you feel nervous about approaching KU staff themselves, there are a number of charities and organisations throughout the UK who can give free debt counselling and advice. These include The Money Advice Service, The National Debtline and StepChange.

I hope this helps - and remember, if you ever don't know where to go or who to turn to for support, drop us a message here at TSR! The Kingston Reps team will do our best to get you in contact with the right people. :biggrin: