Return of the… DEBT

It’s officially coming to that time of year- SUMMER! Which means the end of uni, and the beginning of sweet freedom from assignments, deadlines, and moaning lecturers. Some uni students decide to go home for summer- why waste your money on rent when you could go home and move back in with your parents rent free for 3 months? However, some don’t have/want that option and that’s where the problem begins.

It’s definitely not a stupid idea to live at uni over the summer. It means you can sort out a house for September and be fully settled come the beginning of the next university year. It means you can find a job that you could potentially have for the next 3 years. It means you get to keep that independence that you’ve come to love over the past 9 months. But it also means you have to pay a deposit on a new house. Start paying rent every month. Start actually paying bills rather than having an all-inclusive halls deal. It’s not stupid to

stay at university over the summer, but is it the best idea?

I have decided to stay in London over the summer. I received my student loan in April, had found myself a stable job which offered decent hours and a decent pay, and I had decided on a decent group of friends to move in with. I thought I was sorted. But I am quickly realising how unsorted I actually am.

I made the somewhat illogical idea to go to the South of France for just under two weeks. An amazing experience that I wouldn’t trade, but not the smartest idea when you’re a student with a house to pay for. While I was out there we found a house, payed the deposit, and payed our first month’s rent. And I still thought I was sorted and enjoyed my holiday.

When I returned to London was when it hit me. I had just over £800 in my bank account. I had bills to pay for when I moved into my new house. I still needed the money to travel to and from work- which would become a longer and more expensive journey once I moved house- and I needed just under £600 for my next rent payment in July. Quite frankly I found myself fucked.

I don’t have a student bank account, which means I don’t have an overdraft to fall back on- a stupid choice I made at the beginning of university. Now no bank will accept me for a student bank account either because of the amount of money I currently own, or because I am simply too late. So the only logical thing I have done is increased my working hours. Taking on every opportunity for more hours I can so I can earn the maximum amount of money possible before my next rent payment. I am also applying for second jobs, paid internships, and pretty much anything that will earn me a little bit of extra cash.

But why am I telling you this. It’s not to get sympathy, because trust me I know I got myself into this mess as so many university students do. I am telling you this for two reasons:

First, to the people who feel guilty or like they will be missing out on some form of experience by returning home for summer. Don’t. Going home for summer is a perfectly logical decision to make. You will save money, get to see your friends and family, and literally forget about university life for 3 months.

Second, to the people who have decided to stay at university over the summer. Don’t be me and expect an unrealistic summer of experiences. Make sure you have enough money to support yourself over the three months before your return. Enough money for rent, food, bills, travel- all the things I forgot I even had to pay for. Make sure you have a job and make an effort to get as many shifts in as possible before going back to uni. If you have an overdraft that’s amazing, but don’t rely on it solely to pay for your summer. Use it as a back-up just in case you don’t get paid on time, or find yourself in a situation where your wages and loan can’t quite pay your bills. Be smart.

Growing up is difficult and I’m realising very quickly that being an adult is harder than it looks.

#Finance #University