struggling with money for uni

I’m working 3 jobs through summer pretty much 8-12 hour shifts everyday cause i’m worried about not having enough money in uni. I can’t qualify for a good loan as my parents earn a decent amount however they won’t fund me, does anyone have any advice? I would also like to learn to drive but i can’t afford it, is there any overdraft type things i could use in uni which dont have interest if that makes sense?

Reply 1

normaw

Volunteer Section Leader, Clearing and Applications Advisor

19

Original post by fhjskssskbwhhw

I’m working 3 jobs through summer pretty much 8-12 hour shifts everyday cause i’m worried about not having enough money in uni. I can’t qualify for a good loan as my parents earn a decent amount however they won’t fund me, does anyone have any advice? I would also like to learn to drive but i can’t afford it, is there any overdraft type things i could use in uni which dont have interest if that makes sense?

Ask your parents if they would give you £30/40 per week for food as they will be saving on household expenses when you move out. If not, consider a local uni so that you can continue to live at home. Forget about learning to drive until after your degree - you won't need a car at uni. Student bank accounts have free overdraft facilities - usually around £1,500 to £3,000. Have a look through the following article and read through the terms and conditions. Some banks start with a lower overdraft amount and you can apply to increase it after a certain time - they don't always approve the increase. You can't open a student bank account until you have a confirmed uni place - usually after A level results day.

https://www.moneysavingexpert.com/students/student-bank-account/

(edited 10 months ago)

Reply 2

Uni of Southampton Students

Official Rep

16

Original post by fhjskssskbwhhw

I’m working 3 jobs through summer pretty much 8-12 hour shifts everyday cause i’m worried about not having enough money in uni. I can’t qualify for a good loan as my parents earn a decent amount however they won’t fund me, does anyone have any advice? I would also like to learn to drive but i can’t afford it, is there any overdraft type things i could use in uni which dont have interest if that makes sense?

Hiya!

Planning and managing your finances at uni is really important, but also probably one of the more difficult aspects for lots of students (me included 🙂)! So this is a really good question. Theres a few different avenues you could go down.

In terms of overdrafts, there is quite a few different banks that offer student accounts which include some extra perks. This website compares and ranks the different options which might be helpful for you. Both HSBC and Nationwide offer interest free overdrafts for up to £3000. Lots of banks also include freebies as an incentive - which could potentially help financially, but its important to weigh up the benefits of them compared to the size of the overdraft (sometimes these can be a bit of a trick to encourage students to choose them, so its a good idea to be a bit wary of that).

Most unis will also offer hardship funds and other bursaries/grants, so it could be helpful to get in contact with your uni to find out more about the support they can offer you.

Budgeting is also pretty key in making your money go as far as possible. I would reccommend having a think about where you are spending your money, and if there are any cheaper options. For example, changing the supermarket you shop at or doing one shop a week instead of popping in to get little bits every couple of days. Most unis also have a student ambassador scheme which you could sign up for, this will basically means you have the option of picking up some work as and when you need it/have the time. I have found this to be the best way of earning money during my time at uni instead of getting a part time job, as the uni are a lot more understanding of educational commitments and you can work around your schedule.

I hope some of these ideas might help you, and if you have any questions please feel free to ask away!

All the best,
Lily (UoS student rep)

Reply 3

silver-haired-an

2

Try contacting your uni and to see whether they offer any bursaries

Reply 4

StudentMinds Rep

Official Rep

11

Original post by fhjskssskbwhhw

I’m working 3 jobs through summer pretty much 8-12 hour shifts everyday cause i’m worried about not having enough money in uni. I can’t qualify for a good loan as my parents earn a decent amount however they won’t fund me, does anyone have any advice? I would also like to learn to drive but i can’t afford it, is there any overdraft type things i could use in uni which dont have interest if that makes sense?

Hiya! Kudos on being so proactive and thinking ahead. You might find the advice in the How to find extra funding at university article on Student Space helpful. Best of luck 🧡

struggling with money for uni

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