Money is always an issue, how can i cope?

I started University without any savings saved up in 2023, I thought i could easily get a job at university and I'll be fine, i scraped by my first year without eatig for a couple days here and there but I just couldn't do that again second year so I asked universities finance team for help as my rent would be higher next year and I didn't know how I would cope. (i heard that they gave other students money vouchers for food and I thought that could save me from not being able to afford rent).
The lady on the phone just said it is my fault for choosing a house with a higher rent which I will agree on but I already feel so alone at university with only a handfull of friends I didn't want to also live wihtout them. She then told me to get a job (which I already had the only issue with my job is I am on a teaching course which means placement takes over my life 5 out of the 7 days in the week, I am a full time teacher and then the rest I am a barmaid, minimum wage and working till 3 am, I can not work any more than I already am). Then the last thing she told me for advice was get an overdraft, I have never had an overdraft before and my mum warned me I shouldn't get one but I thought well maybe with my work I can eassily pay it off slowly and I desperately need to pay rent - but unfortunately my overdraft started paying rent and paying for food, paying for travel to placement, paying for new resources for my placement like clothes/stationery/gifts for children and now I am in so much debt and afraid because I do not know what to do.

Reply 1

jcordy

7

Original post by mzviedre

I started University without any savings saved up in 2023, I thought i could easily get a job at university and I'll be fine, i scraped by my first year without eatig for a couple days here and there but I just couldn't do that again second year so I asked universities finance team for help as my rent would be higher next year and I didn't know how I would cope. (i heard that they gave other students money vouchers for food and I thought that could save me from not being able to afford rent).
The lady on the phone just said it is my fault for choosing a house with a higher rent which I will agree on but I already feel so alone at university with only a handfull of friends I didn't want to also live wihtout them. She then told me to get a job (which I already had the only issue with my job is I am on a teaching course which means placement takes over my life 5 out of the 7 days in the week, I am a full time teacher and then the rest I am a barmaid, minimum wage and working till 3 am, I can not work any more than I already am). Then the last thing she told me for advice was get an overdraft, I have never had an overdraft before and my mum warned me I shouldn't get one but I thought well maybe with my work I can eassily pay it off slowly and I desperately need to pay rent - but unfortunately my overdraft started paying rent and paying for food, paying for travel to placement, paying for new resources for my placement like clothes/stationery/gifts for children and now I am in so much debt and afraid because I do not know what to do.

Hey I really feel for you - you’re not alone!!!! You’re very strong and it sounds SO frustrating the lack of support from your university. I would try again with the finance team as well as seek advice from financial UK charities. Call them up and just have a talk if possible. Use a food bank!!!! Don’t be ashamed. There will be on near you. You are doing one of the most valuable jobs in society being a teacher it is not unnoticed - it’s repulsive you have to go through this I am sorry. But yes use a food bank/local pantries/soup kitchens - download the app TooGoodToGo if you haven’t already it lets you have cheap discounts for food on sale near you, usually has great value for a fraction of the cost. Look after yourself and don’t be too hard on yourself and speak up!! Once you start earning you’ll be able to pay it off I am sure. Speak to phone lines etc. I wish you the best of luck and an easier year. :smile:

Original post by mzviedre

I started University without any savings saved up in 2023, I thought i could easily get a job at university and I'll be fine, i scraped by my first year without eatig for a couple days here and there but I just couldn't do that again second year so I asked universities finance team for help as my rent would be higher next year and I didn't know how I would cope. (i heard that they gave other students money vouchers for food and I thought that could save me from not being able to afford rent).
The lady on the phone just said it is my fault for choosing a house with a higher rent which I will agree on but I already feel so alone at university with only a handfull of friends I didn't want to also live wihtout them. She then told me to get a job (which I already had the only issue with my job is I am on a teaching course which means placement takes over my life 5 out of the 7 days in the week, I am a full time teacher and then the rest I am a barmaid, minimum wage and working till 3 am, I can not work any more than I already am). Then the last thing she told me for advice was get an overdraft, I have never had an overdraft before and my mum warned me I shouldn't get one but I thought well maybe with my work I can eassily pay it off slowly and I desperately need to pay rent - but unfortunately my overdraft started paying rent and paying for food, paying for travel to placement, paying for new resources for my placement like clothes/stationery/gifts for children and now I am in so much debt and afraid because I do not know what to do.

Hi @mzviedre,

I'm really sorry to hear you're struggling financially whilst studying and haven't been receiving adequate support from your university so far. Attending university can be incredibly expensive, and the recent cost of living crisis has only worsened the financial situation of many students.

The first thing I would do is try and book an appointment with a financial/money advisor. Most universities should have these appointments available for free, but numerous UK charities (such as Money Advice Trust) will also be able to offer you advice if you feel hesitant approaching your university's finance team again. They'll be able to discuss your financial situation with you and help you sort out a plan on how to tackle any debts and deficits. Consider getting in contact with your university's mental health/wellbeing team as well - long-term financial stress can understandably create anxiety, and being able to talk through your worries might hopefully ease your burden a little.

Keep your head high, and I hope your situation improves soon,
Eve (Kingston Rep).

(edited 3 months ago)

Reply 3

artful_lounger

Universities Forum Helper

21

I think this isn't an uncommon situation unfortunately. However there are some positive things you can look at in the situation. Firstly, usually student overdrafts have very favourable terms - you often have low interests rates or even now interest for extended periods to repay money back into it, which often roughly corresponds with your SFE maintenance loan disbursements. Also usually you will not immediately have the terms changed when you graduate in my experience, they tend to transition you over the course of a year or so to a graduate account so you have time after graduating to get a job and pay off the overdraft. Having some overdraft debt from a student overdraft is often more manageable than e.g. a lot of credit card debt or something, I think.

While you may not be able to work that much during term time and on placements, are you able to look at picking up more work as a temp or something over the summer? This may allow you to build up a bit of a buffer over the summer, to then eat through during term time when your earning potential is more limited due to your other commitments. Depending on your placement times you may also be able to look for shorter term temp roles over the winter and spring breaks as well (often during the winter period stores and the post office/royal mail hire christmas temps!).

Looking slightly further ahead, while I can sympathise with wanting to live with your friends, I think you need to recognise that if you are genuinely friends, you will still be friends even if you don't live together. So you may want to explore options for living in cheaper accom elsewhere and just hanging out with them instead. This may make a big difference in your financial situation and should not significantly affect your social life (and if they stop being friends with you because you aren't living with them, then well...you're probably better off without them anyway!). Alternatively discuss the financial situation with them and see if they would be willing to look for somewhere cheaper to move into.

There might be smaller changes you can make elsewhere (actively seeking out discounts/bargain hunting, limiting additional "social" expenses from going out frequently etc, switching to cheaper household products and so on) but these will be pretty small amounts relative to just finding somewhere cheaper to live that isn't living with your friends in the current house.

Money is always an issue, how can i cope?

Quick Reply

Related discussions

Articles for you