Sometimes budgeting can be stressful. Especially when you are uncertain about a few things in your life such as whether you want to continue working in the same financially unrewarding job that you have been for the past two years.
For me, budgeting is not optional but a necessity due to the fact I have to save up for my tuition fees. Students all over the world probably face this issue but let me explain my predicament further.
Tuition fees in the UK cost £9,000 a year. I will be in University for three years. A masters is also being thought about but to do it immediately is currently financially impossible. So the cost of my degree will be £27,000 in total. This means each year, I must find £9,000.
For the first year, I need to secure loans from my family or friends. Easier said than done. Hey if you feel like helping out then drop me an email! So these loans from the people I know will have to be interest free of course since that is the only reason why I cannot take out a traditional student loan. I have planned it so that within the next five years, I should hopefully be able to repay the loans given to me.
£9000 loan to meet tuition fees
£4000 from part-time job, if I am able to work 16 hours a week for 40 weeks.
£3000: From previous year’s maintenance grant that I will have to save, not spend like most excited students!
£2000: From parents-uncertain for now
£4000 from part-time job. No spending wages!
£3000 from previous year’s maintenance grant. More saving!
£2000: Somewhere, anywhere, life of crime?
4th year: No more studying but I still have to pay back the 1st year’s loans.
£3000 from previous year’s maintenance grant.
£4000 from part-time job
£2000 from continuing to work part-time or full-time job.
As you can see, there is a two year £2000 weakness in my plan which I will have to pray and hope comes from scholarships or even, amazingly, perhaps, oh just maybe, a pay-rise.
Things That Would Help:
A reduction in tuition fees. The Labour party have pledged to reduce fees to £6000 if they are elected but that change, should it happen, would take a while to be implemented and perhaps may not even affect me.
A student loan system that is interest free and suitable for Muslims. This would be amazing. Although those taking student loans in the UK have the right to complain about the crazy cost of a degree; compared to me, I can safely say that they have it easy. I would currently love to be able to take out a student loan instead of going through all this hassle and worrying about if I am going to be able to even complete my degree.
A higher-paying job. This would certainly help and be most welcomed. Perhaps something will turn up!
Generous people. I’m afraid I don’t have the rich uncle or grandparent hiding away somewhere in the north whom I can call upon for some help. Instead I will have to rely upon the kindness of the people whom I ask for help and hope their hearts are softened by my-cool- pleading student voice.
Sudden stardom. This would really help but the only thing that would launch me to fame is if I found a pot of gold at the end of a rainbow. Although, then I wouldn’t need the fame as my tuition fees would be paid for by the revenue generated by my famous face.
One of the annoying things about all of this is that I obviously have no idea about my working life for the next three years. Will I remain where I am and be paid measly amounts or will I strike upon better opportunities? This therefore is my least optimistic budget as it takes into account how much I will earn if I am forced to remain at the place I currently work.
Any tips or words of advice would be most welcome. For anyone else who has a similar issue with having to save money, I feel your pain!
Until Next Time
A Worried Student