Tips & Advice

Are you experiencing financial problems?

By GiSE 09 Jan 2017

Struggling with your finances?

Are you waiting desperately for your next loan cheque?

Are you counting the days till pay day?

Don't worry help is available for you from the Student Wellbeing Service – They can help you budget, make payment plans and even help you apply for additional funding.

Alternatively follow their action plan to get your finances sorted:

  • If you have debts that you are struggling to pay you may find it helpful to follow this action plan:
  • Use a Budget Planner to work out your weekly income and expenditure. Be realistic in listing your expenditure and don't leave anything out.
  • Work out the difference between your income and expenditure. If there is any money left you can use it to pay off your debts, even if you can only pay a small amount each week or month.
  •  If there's nothing left take a look at where your money goes. Is there any way in which you can make savings? Can you walk instead of getting the bus? Can you cook communally, or buy books second hand?
  • If you have several debts, make a list of who you owe money to and how much you owe. Then prioritise them. Rent or mortgage payments should be the top priority, followed by utility bills.
  • Finally talk to your creditors and explain your situation. Ask them to freeze any interest you're paying. Negotiate a repayment schedule even if that means paying back a small amount each week time. Never offer more than you can realistically afford to pay.

Why not visit the Wellbeing website which has lots of great advice about managing your finances or make an appointment to see one of their advisors by calling 01332 593000.

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