Budgeting Woes Are Turning My 18 Year Old Hairs White!


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.

1st Year:
£9000 loan to meet tuition fees

2nd Year:
£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

3rd Year:
£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

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23 thoughts on “Budgeting Woes Are Turning My 18 Year Old Hairs White!

  1. Dear Worried

    I feel your pain and have lived through what you are now heading into. Not to diminish your plight but just to lighten your mind that it does work out if only you keep to the path. Even when the path is dark and you cannot see all the turns and roots in your way.

    I went back to university when I was almost thirty. I had dropped out of high school prior to graduation and was married with two young sons when we decided I should go for it. Not to bore and dreg up history the one thing I will say is this. For three years we kept putting off me going back to school. Always wanting everything to be prepared for prior to starting. It never was. One day we just said “heck with it” and I signed the papers and we still did not know how or where or in what way the help was going to come from.

    It all worked out. I believe it always does. The path unfolds in front of us as we make the way down it. Your plans will only help prepare for the things that might come. You must always be ready to take the opportunities as they are presented to you.

    One of my great inspirations tells that the goal does not change but the path does. Willingly allow the path to change while hold firm to the goal and you will achieve that which you toil for.

    Live Well, Laugh Often, Love Much. Smile!
    Carl

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  2. I know what you are going through, but Carl is right. It does work out although you may feel like you are doing more and more every day. Things have a way of working itself out. As long as you stick to it. High tuition fees is just the universe throwing adversity at you to see if you can take it!
    -Mykul Mitch

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  3. Wow, I never realised the financial difficulties a Muslim student has because, obviously, you can’t have a loan that’s not interest free! Does that mean you can’t apply for a loan, say, via student finance?

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      • Hmm, this is so interesting! Is there not anyway you could get a special type of student loan? Maybe from an Islamic company or something?

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      • Currently there aren’t many options. There are Islamic banks but they aren’t going to give me a loan. That is why I have to rely on finding a few people to loan me money in order to make up the £9000 amount.

        Hopefully in the next couple years, a suitable system is implemented by the government.

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  4. I really do hope that things work out; and looking at your options, I think that a pay-rise would be pretty beneficial. Your job I take it is at the tuition centre? Maybe more classes?
    I don’t know how it works, but fingers crossed something great will come your way; you deserve it.
    🙂

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