#StudentDebt #FinancialAdviceNeeded
Hey everyone, I’m a 19-year-old uni student struggling with £1000 in debt and a minimum wage job that barely covers my expenses. It’s tough out here, especially with family financial obligations adding to the stress. 😞
Here’s my situation:
– In debt with no way to pay it off quickly
– Family needs taking up my limited resources
– Feeling overwhelmed and hopeless about the future
I need your help! Do you have any advice on how I can start tackling my debt and improving my financial situation? Here’s what I’ve been thinking:
– Look into budgeting and cutting expenses
– Explore additional sources of income (freelancing, online gigs)
– Consider talking to a financial advisor for guidance
Any other suggestions or personal experiences would be greatly appreciated! Let’s support each other through these tough times. 💪🏼 #DebtHelp #FinancialWellness
Who is the debt to?
Is it to a friend?
Is it interest based?
Maintenance loan?
Skip a few lectures to pick up more hours?
Cut down on “other expenses”
Need more info.
If your debt isn’t interest based it shouldn’t be a problem for now. My advice would be to try to get a job I know you said you couldn’t but if you could I would recommend maybe buying a bike and then starting deliveroo for some extra cash.
Is the £1000 debt overdraft? Loan? Etc?
When I was at university I had two overdrafts totalling £3000 of which I was in all the time. Uni is just like that so I wouldn’t worry.
Not it’s the summer months and uni break is here put all your effort in to taking any job you can. Go to every single shop or business and offer to do anything they need.
If that doesn’t work create your own work. A few simple ideas that don’t cost any money to set up apart from time and effort
– offer to cut people grass (as long and they have a mower). I would imagine a lot of people this time of year would happily pay someone to cut their grass during the week.
– offer to wash people’s cars. All you need it a bucket, sponge and some car cleaning liquid. Most of this is reusable.
– general maintenance around people’s houses. Painting their garden fence, clearing rubbish, trimming bushes etc.
Your university will probably have some sort of careers centre which they’ll help students get party time jobs over the summer. Contact them and get your name with every agency in your area.
£1000 but seem like a lot of money now. But I wouldn’t worry too much about our it at this point in your life. When I was 19 I wish I was only £1000 in debt.
Firstly don’t panic, £1000 isn’t all that much at all. Might feel like a lot to you now but at some point once you graduate and get a job it won’t.
So look at getting a zero percent balance transfer credit card, then you can put the debt on it so that it doesn’t grow any more with interest. You can even do this multiple times if the interest period runs out (19 month etc). Make sure you find one with no fee for making the initial transfer so it genuinely doesn’t cost you anything.
Then you can either leave it there paying the minimum payment of about £10 until your circumstances change, or just chip away at it with what you can even if its only every 3 months.
Hey I just wanted to address the dark thoughts for a minute. I know it might not feel like it now but you’ll get through this. It sounds like you are going to uni and doing what you need to do for your long term financial security. Working and studying at the same time is rough, but temporary and you will get through it. Please take a min to appreciate this & yourself.
Practically, for your debt, it’s best to talk to who you owe about some sort of payment plan. Keep in mind if you owe someone money, they would rather something over time than nothing. And it’s nearly always best to be upfront and honest about what you can and cannot pay. Related – can you share what type of debt this is? We can be much more helpful then.
You might also want to check out the sub flow chart. You’ll see the first step is building a budget. If this isn’t something you do, it’s a really important skill to build, and will be more important in the long term than this current debt. [https://ukpersonal.finance/flowchart/](https://ukpersonal.finance/flowchart/)
You’d got 3 months of no uni. You can work more. Look for full time work.
Credit card, keep transferring it to a 0% account, funny y get rid of the debt but will give you some breathing room maybe?
Are you able to ask for more hours at your current job if getting another one is not possible? How do you currently travel to work? Is it possible to sometimes get a lift or would a friend lend you a bike if it is possible to cycle there?
Have you looked at other jobs? I’m not saying it is a guarantee but maybe getting a new job will be more possible because you currently have one and can show that you can work. You can be honest about why you want a new job in an interview too, need more hours or need something closer to home.
If the dark thoughts are getting to be too much please consider calling the Samaritans on 116123, you can also talk to them online now, on their website.
Join the Navy, loose all your overheads and you’ll pay that off in 3 months. Simple.
I know you said it yourself, and you know getting a better job is the answer! What reason is there for you being unable to get a job, there is such a massive load of jobs out there, there genuinely is no excuse, as cutthroat as that sounds, it’s the truth!
Try Uber Eats, Deliveroo etc
Eat beans and rice.
Is it a student overdraft? Because most of them are 0% interest until you graduate (some even include a year or two after you graduate)
> the easy answer would be to get a better paying job but that’s not possible
Yes, yes it is.
Just call them and arrange a payment plan and forbearance. Most firms will help.
Other than that do look for a new job – be confident good luck!
Hey dude! First off, please don’t panic 🙂
1k really isn’t a lot. Plus interest free, you’re all good. Can I ask if there’s a date it’s need to be paid off by?
About your job, I know you feel like it’s impossible to get another, but trust me on this if it’s your first job then you’ve already done the hardest part. The reason you struggled before was because you had no experience, it’s super hard dude trust me I get it! Once you’ve landed that first job the ball is rolling. Apply for as many places as you can. Print off your CV and go into local businesses handing it out, that’s how I’ve got most of my jobs in recent years and it’s worked a charm.
When I was in uni I had 2 zero hour contract jobs as I was in the same situation. I would keep the job you have if you can and try and get another, if that’s too much then try for a higher paid job if you can.
Save save save your money. Don’t go out, eat as cheap as possible and save your money as much as you can. Start with saving £10 a month, increase it as much as you can. Ask to work extra shifts when possible. But all in all don’t panic or worry, you’re super young and 1k is absolutely nothing to worry about.
First of all if the debt is in the form of a 0% overdraft then it is a lot more manageable. In fact I’d encourage you to max out the overdraft and put the money in a savings account so that you earn some interest on the money the bank’s lending you for free (stoozing). Make sure you do not touch this money though as you will need it to pay off the overdraft when the 0% period ends.
Current account switching incentives may be a good option in your case. Open a current account somewhere, set up some direct debits to yourself and switch it into one that’s offering a switching incentive and take the free cash (usually £150-£200 per switching offer) and work your way round the banks till you’ve exhausted their switching incentives, this can be used to chip away at the debt.
I got well over £1k in switching incentives whilst at uni so it should be able to get you debt free (assuming you don’t add to your debt at the same time).
Do you need that phone/Netflix/starbucks.
When I was young… I ate 1 meal a day, got rid of car, cycled everywhere and saved like mad. It ain’t easy… but it builds character
Have you spoken to your university about getting a hardship grant? I got one myself while at uni because I couldn’t afford to pay for anything once my rent and bills were paid for and I was hitting the end of my overdraft. I explained my situation and they gave me enough to pay off the overdraft and buy food for a few months and I didn’t have to pay that back.
I’d also speak to your uni careers department and the student union if you haven’t already, as there may be paid opportunities coming up like being a student ambassador etc. You do things like work open days and the pay is usually better than minimum wage, though it’s not regular work it can help you chip away at what you owe.
I would try the above before looking at a credit card etc.
Is the debt a student interest free overdraft? If so, and if you really can’t get a grant or second job, I would try not to worry about it too much as once you graduate your situation will change.
Chill bro, it’s only a 1k. Just keep working, keep looking for a new job. Try and find a way to fit down on your out goings.