Student Times Money: Advice

Bursary money to go to secondary schools?

Do you currently receive a bursary from your university or college in order to help you study without the worry of financial constraints?

Under new proposals from the Director of Fair Access to Higher Education, Sir Martin Harris, university bursary money could now go to pre-GCSE summer camps rather than those students who depend on it for surviving in higher education.

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Posted: 20.06.07
By Charlie Whitworth

Dear Wealth Mechanic,

I am really bad at saving any money. I am studying full time at university and have a part-time job in a bar. I cannot resist squandering any cash I have on cheap clothes, drink and DVDs – none of which I need! Help me: I am trying to save for a holiday to Ibiza in July. Also, which savings account is best for me?

Posted: 17.05.07

Every little helps

Unless you’ve had your head in the sand, then you’ll be more than aware of the perception of students leading poverty-stricken lives. It need not be that way, however, as financial web advisers Motley Fool show us

What to you do if you get into debt?

Don't panic. Unless you've had amnesia, it won't come as a total surprise, however many unopened letters there are behind the Mathmos. Take a deep breath and...

Take stock. Painful as it may be, work out exactly what you owe and who you owe it to. Be honest, and no rounding-down. You have to know the worst.
Remember there's debt and debt: have you simply melted your credit cards, or are you about to lose the roof over your head? If you can't pay your bills, tell whoever you owe the money to (the creditor) and come to some kind of arrangement with them.
If it's a store card (ie astronomic interest) debt, take immediate action to transfer this to a lower interest debtor – even a credit card, which may offer introductory interest rates under 5 per cent. If it's a personal gambling debt to a big bloke with scars, leave the country.
Draw up a complete budget to show where your income is spent and what money is left over. Most creditors will accept this as a basis for negotiating repayments.
Draw up a league table of your debts, work out how much you can afford to pay, and who gets what first. Advisers (see contacts below) can assist, but you don't need a degree in helping people to work out that what could hurt you most should be dealt with first. As a rough but wise guide, try to maintain vital payments such as rent/mortgage and utilities.
If you're in debt with either credit cards or store cards, with high (25 per cent plus) interest rates, consider taking out a personal loan at a lower rate in order to pay off these debts. Check out www.moneysupermarket.com for best rates.
Don't make repayment promises you can't keep.
Whatever you do, don't fall for the wiles of money lenders and 'never never' lenders.
It could always be worse. You've still, one hopes, got your health. And you're still young.

Useful contacts:

National Association of Citizens Advice Bureaux website.
Consumer Credit Counselling Service: 0800 138 1111
National Debtline: 0808 808 4000

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