If you are a student at university then it is very possible that you will struggle with money. It can be a difficult time as you will be making a lot of adjustments and you will need to make sure that you are doing everything as well as you can. Moving out of home and getting used to living either on your own or with new people, learning new things, being in a new town and managing money can all be a lot to ask. Some students will be better organised with regards to managing their money but it can be hard. As you get money in lump sums rather than small amounts, it means that you have to be capable of carefully budgeting and making sure that you do not spend it all too soon and run out. However, there will be times when you will run out of money and what will your options be if this happens to you?
- Ask parents – asking parents is something that some students will do. Often parents will be able to help out and it might be the case that they will have to because there is no other money available otherwise. However, it could be the case that they will have already given everything that they can afford or that they feel that their children should be being more self sufficient and managing on their own.
- Use savings – it can be difficult digging into our savings, particularly if we have worked really hard to get them. If we still have a lot of years as a student to go, it can also be something we might worry about as we do not want them to run out. However, it can be a useful thing to use as it Is cheaper than borrowing, but it is a good idea to make sure that you learn a lesson and budget much more carefully so that it is much less likely to happen again. Also perhaps think of some ways that you can increase the amount of money that you are earning somehow if possible.
- Find a job – it could be a good idea to think about whether it is possible to find a job in order to help financially. This is not always possible if someone is in classes all day and then using the weekends and evenings for writing essays and doing assignments but often a university course only need a few hours a day in timetabled lessons and the rest of the time is flexible so it could be possible to get a job where shifts are possible such as in a pub, restaurant or supermarket which could help to top up the income. It could also be possible to find something freelance which could be more flexible as well.
- Borrow – it might be the case that it comes down to having to borrow the money. This could be because there are no jobs, they do not pay enough or there just is not the time to fit it in and parents cannot help. Students tend to already have a student loan, but they may be able to borrow other money as well. However, it could be more difficult for them to borrow. Many loans rely on you passing a credit check in order for you to be able to get the money that you need. A student who is not earning money will often not have a good credit record due to the lack of income that they have. Therefore, they may find that they will not find it easy to find a loan. Even a cash loan might be tricky because they may also require an income. If the student is very close to getting their next loan payment or have a part-time job with a regular income then this could increase their chances of being able to get a loan like this. However, it might be the case that an overdraft or credit card might be an easier type of loan to get, although not all lenders will be happy to give these to a student.