Words by Holly Evans
We all know that students loans are difficult to stretch out through an entire semester but what do you do when the money that looked so beautiful in our bank accounts in those first few weeks of September is gone? Extend your overdraft, get a part time job or go to your parents for help?
According to research conducted by Experian, many parents underestimate the cost of sending you to University and are left scratching their heads when they realise that their bank account is drying up just as fast as ours.
The statistics show that a staggering 79% of parents provide some form of financial support to their children whilst they’re at university. 68% have had to bail their children out in a financial emergency.
Depending on individual circumstances, some parents can spend nearly £6,000 during a student’s three-year-degree and 29% of those surveyed have even said that they have gone without in order to support their child during university.
Experian have provided a list of things that we can do that can help both ours and our parent’s bank balances which include; having a finance talk with our parents before we head back to university, work out a fixed budget so that we can live comfortably off the little money that we have.
It’s not just our parents that can help us out when things get tough, we can help ourselves too by doing things like getting a summer job! It may be the season for sun, sea and fun but building up a bit of money before coming back to university will mean that our loans last a bit longer. We won’t be left struggling after just a few weeks.
You could also work while you study. There are a lot of part-time jobs that easily fit around the student lifestyle and pay pretty decently. Other advantages of doing so include meeting new people who are from the local area and depending on where you work; you may have some awesome staff perks thrown in too!
As much as the bank of mum and dad may seem appealing whilst you’re away at university, when you finish your studies you may find that help is a lot harder to get. Therefore the financial lessons that you learn in the years of your degree are some of the most valuable that you’re ever likely to learn.
If things get really tough and you feel like your stranded with issues such as this then there is a lot of help and support here at Sheffield Hallam such as the independent advice centre based in the HUBS where no problem is too big or small for the team there and they will help you resolve the situation you find yourself in.
What advice would you give to any students that are struggling with their finances? What would you do if you were in a financial emergency? Let us know by tweeting @SHUlifeNews!