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Money Matters December 2014

Monday 24 November 2014

Monthly articles from the Advice and Counselling Service to help you manage your money.

Worried about money?

Here are some ideas to help increase your income at the end of term and over the vacation………….

Plan a budget for the vacation period and stick to it
The Advice and Counselling Service leaflet Managing your budget and cutting costs helps you to plan your own personal budget, and also gives you valuable tips on how to stick to it as well as money saving ideas. Once you have worked out your budget, you will know how much money you need, and then you can consider the options below:

Work during the Christmas vacation
Working over the four week Christmas vacation can be a useful source of extra income as well as providing you with valuable work experience. If you already have a job, perhaps your employer could offer you some extra hours during the vacation

How can I find work?
Read the Part-Time and Vacation Work advice guide, written by the Careers Service and the Advice and Counselling Service.
Also see the Jobs Online page of QMUL Careers website. QMUL Careers can also help with CV writing and interview skills.

Increase your student overdraft limit
If you think you are going to need money over the vacation, and if you have a student bank account, you could ask your bank if you can increase your interest free overdraft for a limited period even if they will not agree to increase it long term. If your bank only offers this for a limited period, remember that you will have to find money to put into the account to bring the overdraft balance back down on the date set by the bank.

Apply for a non-repayable grant from the University Financial Assistance Fund
This fund at QMUL exists to help students who are experiencing financial hardship. The eligibility criteria is explained in the guidance notes.
To apply for financial help from the fund, complete an application form and submit it with the relevant documents (see part 12 of the application form) to the Student Enquiry Centre (ground floor, Queen’s Building, Mile End campus) or the Student Office (ground floor, Garrod Building, Whitechapel).

Applications are usually processed within four working weeks, and often sooner.

Don’t be tempted by Payday loans

What are they?
Payday loans are small, short-term, cash advances offered by loan companies. They are not connected to real paydays but rely on your ability to repay them within a very short space of time. If you cannot repay your loan by the deadline you have agreed with the loan company, you may be charged an extremely high rate of interest as well as charges which can increase day by day.

I have taken out a payday loan but cannot repay it – what can I do?
Act quickly to avoid paying even more interest and charges. Contact a Welfare Adviser at the Advice and Counselling Service who can explain your options.

Enjoy doing free stuff!

Time Out London lists lots of free and low cost activities for you to enjoy in the capital during your vacation.

Do you need further advice?

Money advice at Queen Mary is available to all QMUL students from experienced Welfare Advisers in the Advice and Counselling Service. The service is confidential and free.

We have same-day appointments every weekday in term-time, subject to availability. Just turn up to register at 1.30pm. If you would prefer to book an appointment or ask for advice on email you can -  

  • email us via our website www.welfare.qmul.ac.uk
  • call us on 020 7882 8717
  • visit our Reception on the ground floor of the Geography building, Mile End campus

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