By Kaz Bosali
Living alone, in dorms or in a house share is a typical accommodation arrangement for most students. Undergraduates are comically portrayed as broke but falling behind on your rent is no laughing matter at all. It can be a stressful and uncertain time. You are officially an adult and the bank of mum and dad won’t always be there. Here is HYBR’s advice to avoid falling behind on paying your rent.
Set yourself up to avoid that situation
Putting foundations in place can stop that situation from occurring in the first place. Budgeting will give you discipline, and you can track your financial threshold to give you self-control on nights out and splurging on expensive take away food. Also through tracking what money is coming in and how much is going out every month, you’ll know what your ‘fixed costs’ are (rent, bills, food) and leisure costs (social events, takeaways, shopping).
Have an ‘emergency fund’ of around £500 that you don’t touch in anticipation for a rainy day. This will buy you time to come up with a plan to sort yourself out for the following month if you’re behind on it. Make sure you speak to your landlord, warn them that you might be a week or two late to avoid escalating a dispute. They will be reasonable if you give them a legitimate reason and time to process your situation!
Set up a student bank account
A student bank account almost always offers you access to an interest free overdraft (i.e. Santander student account).
We wouldn’t recommend you to leave your bank balance in negative but having a student account can help take the pressure off you should the situation arise when you’re behind on your rent.
Get a part-time job
Sometimes your student finance isn’t enough to sustain you the entire academic year. You have lots of free time and getting a job is another way to ensure there is a regular income that supplements your student finance and keep an extra revenue coming in. Keep your eyes peeled because HYBR’s ambassador scheme could be exactly the part-time job you’ve been looking for!
If you’re a student currently house-hunting or you are starting university in September and you’re looking for accommodation that has fair and affordable prices, then get in touch with HYBR today.