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Posted Nov. 22, 2013

Dealing With A Financial Crisis - Student Style!

We all know how easily money worries can creep up on us. One minute everything is fine, all the bills are paid and you can look at your bank balance with glee. The next minute you're flying around in a state of panic with no idea how you're going to afford to feed yourself for the next week or so! There are all sorts of reasons as to why these things happen. Issues with student loans, losing your job or simply poor money management. In this post we will look at some of the things you can do to help cure and, in some cases, prevent a financial crisis.
 
 
Take Control The most obvious choice is to learn how to budget! That means taking into account all of your income, including checking to make sure you're receiving everything you are entitled to, and making sure it balances with your outgoings. You should include every single outgoing in your estimations, from your rent to your mobile phone top-up. If you find that your expenses outweigh your income, then you need to start cutting back and being more frugal .
 
 
Keep In Touch Whilst you are trying to cut back you should also be sure to keep your creditors in the loop. Make sure your landlord, whether private or university, is aware of your situation, particularly if it is likely to go on for a few weeks. If you pay for your own electricity, water and phone bills, then make sure you give them a ring too, they might be able to help you by putting off payments until the following month, but if you don't ring them, you won't know if they can help.
 
 
Extra Cash Another option is to take on extra work, depending on your employment, in order to earn extra cash in the short-term. You could work more shifts or try and get yourself some temporary work with a second employer. You might even consider the possibility of hiring yourself out as a tutor, either to undergraduates or younger students, depending on your experience and expertise.
 
 
Worst Case Scenario If your money situation is dire, then you may need to seek more professional help. Many universities have bursaries that can provide help to those in financial hardship, so it is worth checking with your university to find out if they offer something similar and seeing if you can apply. By the same token, there are also charities who will help students with funding for their course , and you lose nothing by contacting them.Whatever your financial crisis, you can be assured that most of the time there is a solution that will help you to get back on track, but one of the best cures is prevention and learning to save for a rainy day isn't a bad habit to get into.
 
 
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