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Loan and part time work, still can't afford to live - Any advice? Watch

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    Looking for some financial advice.

    To summarise my situation I have just finished my second year of a BSc in healthcare science. I qualify for for the lowest maintenance loan possible. I have a part time job in which I worked 20+ hours a week during term time. I'm currently on a 5 month long 40 hour a week unpaid clinical placement which is required for my degree. I'm still working a 10 hour a shift ontop of this at my part time job. I can barely even make my rent payments and I'm stuck near the limit of my £1,500 overdraft. My parents earnings are being taken into account but they are unable to support me.

    I feel like I've tried everything I can to make my finances work, but with no savings to fall back on I feel completely trapped. It's starting to take its toll on my university work and my mental health as I am completely exhausted from working 50 hour weeks and getting around £200 a month for it.

    Does anybody have any financial advice for a poor fellow student? I'm considering taking out a private loan but I've heard this is a slippery slope due to high interest rates.

    Thanks for taking the time to read my ranting (Y) <3
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    Make a budget, including everything. Take along look at how necessary everything is.
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    (Original post by offhegoes)
    Make a budget, including everything. Take along look at how necessary everything is.
    And make sure you know where every single penny goes.

    Have you shopped around to find cheaper deals on things like phone contracts, etc?
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    (Original post by Moosh943)
    Looking for some financial advice.

    To summarise my situation I have just finished my second year of a BSc in healthcare science. I qualify for for the lowest maintenance loan possible. I have a part time job in which I worked 20+ hours a week during term time. I'm currently on a 5 month long 40 hour a week unpaid clinical placement which is required for my degree. I'm still working a 10 hour a shift ontop of this at my part time job. I can barely even make my rent payments and I'm stuck near the limit of my £1,500 overdraft. My parents earnings are being taken into account but they are unable to support me.

    I feel like I've tried everything I can to make my finances work, but with no savings to fall back on I feel completely trapped. It's starting to take its toll on my university work and my mental health as I am completely exhausted from working 50 hour weeks and getting around £200 a month for it.

    Does anybody have any financial advice for a poor fellow student? I'm considering taking out a private loan but I've heard this is a slippery slope due to high interest rates.

    Thanks for taking the time to read my ranting (Y) <3
    As others have said look at your finances and see if there are any areas you can spend less on- e.g. shopping- could you shop somewhere cheaper and buy own brand rather than branded for example. If that doesn't bring any savings then approach your university and see if they can offer you a hardship loan.
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    can you ask at the university about hardship funds? I think you wouldn't be a priority but you might still manage to get one.
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    (Original post by Moosh943)
    Looking for some financial advice.

    To summarise my situation I have just finished my second year of a BSc in healthcare science. I qualify for for the lowest maintenance loan possible. I have a part time job in which I worked 20+ hours a week during term time. I'm currently on a 5 month long 40 hour a week unpaid clinical placement which is required for my degree. I'm still working a 10 hour a shift ontop of this at my part time job. I can barely even make my rent payments and I'm stuck near the limit of my £1,500 overdraft. My parents earnings are being taken into account but they are unable to support me.

    I feel like I've tried everything I can to make my finances work, but with no savings to fall back on I feel completely trapped. It's starting to take its toll on my university work and my mental health as I am completely exhausted from working 50 hour weeks and getting around £200 a month for it.

    Does anybody have any financial advice for a poor fellow student? I'm considering taking out a private loan but I've heard this is a slippery slope due to high interest rates.

    Thanks for taking the time to read my ranting (Y) <3
    Anything you could sell to make a little cash though that would only earn you a short term amount.

    Could you speak to your manager at work and ask if there would be anyway for a pay rise maybe if you did another role or took on more responsibility.

    Obviously you either need to increase your earnings or decrease your spending (OR BOTH!) so a budget may be a good idea.
    But if not I would say talk to your parents again and explain it fully because if you are on the lowest loan then they do have a fairly high income and they may be able to figure some way to give you a little
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    Hey - I can fully relate to this.

    I am working so many hours a week (in a crappy paid business internship and pub job) to fund a full time masters and live in London. Surprise surprise no funding is available from the Government, so unless you try for a professional career and development loan from Barclays or co-op - I applied for Barclays, or have super rich parents it feels impossible.

    Anyway long story short, what has helped me manage all my finances is budgeting and getting a handle on my spending, my bank was awful at offering me practical day to day advice so I looked around. I work in the tech sector and people were talking about these new personal finance apps and platforms that are super easy to use and track your spending in real time. They help you make budgets, set savings targets and alerts - all of which you can do through one place and on your phone.

    I can list a few great ones that are out there now if you want? I personally use Ontrees.
 
 
 
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