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Aeternus

Financial Woes - Advice?

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Ok, so another advice post but I'm sort of stuck and Amaranthians seem to be pretty good at this sort of thing, so here I am!

 

To put it simply: I need money. I seem to have overspent in the last month or so - my fault, but no use crying over spilled milk - which means I'm finding myself unexpectedly short on money. I have a part-time job with a relatively high hourly wage but I'm not getting many hours.

 

I've calculated my budget for the next year and I'll need to make another $5000 by the end of the summer in order to ensure I have enough for rent, bills, food, and other misc. costs that will probably come up. To do that, I'd need to work about 27 hours a week...which, as a part-timer, I most likely won't be getting. Those kind of hours are given to the full-time staff and/or the more senior part-time staff.

 

The way I see it, I could try to get another part-time job somewhere. Good student jobs seem to be scarce, though, from what I'm hearing from friends and family my age so there's not even a guarantee I'd get one. Still, here's the problem: how to tell my parents? If my dad finds out my situation, he'd give me the money for sure. The thing is, I feel like such a burden to my parents. They've already given me so much financial support that I don't want to ask them for more. Furthermore, with my dad retiring this November, I know my parents won't have a whole lot of money after that for themselves since my mom earns a modest amount each year and is probably close to retiring herself.

 

I know that my dad won't want me to get a second job and he won't let me work during the school year. He'd rather give the money and have me focus on my grades. I was thinking of just applying for jobs around the area, anyway, without letting my parents know, but something like that is a bit hard to keep secret and they'd probably find out sooner or later. Then I'd feel bad about lying to them >.<

 

So, I'm at a bit of a dilemma. Ideas on the best course of action, anyone?

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Try to ask for more time at your first job. Also, see if can do anything extra during your job. If you show a lot of effort within your work then your boss will most likely take the request of more hours. Another thing almost every teen does is spend their money on items they don't need. Be careful on what you spend money on. You can always wait until the holidays and suggest for those items as gifts.

 

You might want to start looking for a second job, but be sure to not over-load yourself. Babysitting makes some decent money as well, and there's always some parents that need a dependable person to look after pets or children.

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I'd also advise against getting a second job - unless the two are completely different and you're sure there would be no conflict. If you work for two people, and they both want you at the same time, you'll have to tell one of them no. And even if you let them know ahead of time that you're scheduling 2 jobs, they won't like it when you're not available when they need you.

 

I'd say see if you can work more hours at your first job - the idea of asking for full time work before school starts again sounds good. Save up what money you can, then talk to your dad about the rest.

 

It's great that you don't want to be a burden on your parents, but if you're trying, and doing the right thing, and not asking all the time, most parents wouldn't see it as a burden. If you feel bad about it, keep track of what they give you, then when you're able, start paying them back.

 

If it helps, set up a second bank account, and work out how much has to be saved as you're working, to pay your expenses. Put that into the second back account, and you'll be less tempted to use it, and you won't dip into it by accident.

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I'd say try to find a second job, but make sure you're not overspending yourself. my mom switched from day to night shift and is going back to college to be a nurse . . . she's worn out, and I don't want to see that happen to anybody else if it's avoidable.

 

Also, it depends on whether you have a checking or savings account. if you have a checking account, get a savings account and put away any and all money not necessary for food and living. if you have a savings account, take all money necessary for living and food and put it into checking.

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Even if your father wants to give you the money you don't have to accept them.

I advice against lying to your parents over something like this. They'd want to know and you probably would do them a disservice.

Your parents most likely understand the situation much better than we do. They may be able to offer valuable advice.

 

It's really cool that you want to try and manage it yourself.

You sound try to get more hours due to summer vacation. This is assuming it makes sense for your job.

If you are working in the weekdays then you could try for a job working in the weekends (and vice-versa)

 

How you should behave depends on your current job. It may be worth talking to your boss about your situation. Again I would advice to talk to your parents about your situation and how you intend to tackle it.

 

*hugs*

- Zeriab

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Try asking you boss if you can work over time, if you explain the situation you're in they might allow you to work over time. Be careful though, because if you work too many hours you will tire yourself out. Just pace yourself if you plan to work extra hours or get a 2nd job.

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maybe you could get a roommate?

that would lessen the amount you have to pay for rent.. babysitting and pet sitting are good ways to earn some extra money without over-working yourself, and they won't be as much of a burden as another full job

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If you're a student what about scholarships, bursaries and loans? It sounds like you're in need to it might not be as hard as you think to qualify...

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I agree with Jayshe,if you are a student you might be able to apply for a bursary. If that is the case then there's no harm in applying for one because you don't have to pay it back.

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If you can handle any third party pressure (Anything that doesn't involve school), I suggest you take another job. Although your dad disagrees but if you have the time and determination to earn the money, go right ahead but don't overdo it.

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I say cut back as much as you can. If there's some stuff you have lying around that you won't need anymore, like some old school books or furniture, consider selling them. Or if you're paying for services that you can live without, cut those out, too. Like that probably won't help pay off all your current and future dues, but it may help ease off some of it so you can either work it off with what you're making or with some side-work if it does turn out you get a second job.

 

And if you do end up getting help from your parents, if it comes to that, maybe you should make an agreement with them that this will be a "loan" that you will eventually them pay back. Even if your dad and mom just tell you not to worry about it, make an effort to pay the "loan" back when you're more settled.

 

But if you think getting a second job is doable for you, then definitely do it. But if your grades are going to suffer, and your parents find out because it's over the second job AND the debt, then turning to them now is probably better than waiting. :blink:

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I agree, since I was in the same situation near the end of my college life.

If you feel guilty taking money from your parents, then just treat it as a loan and make it clear that you will be paying it back.

 

Your parents won't mind at all, knowing that the money is going toward your education. They would much rather help you out, so you can concentrate on your studies, rather than you stretching yourself thin and potentially struggling.

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I think you should talk to your parents about it. They know their financial situation better than you do, and they should be able to make their own decisions. Your education is clearly a very high priority for them, and I agree with Dis that it would be worse to let your grades suffer and for your parents to find out that way.

 

If you do need to borrow money from them, set it up like a real loan with a payment plan and even interest (if it makes you feel better).

 

And like beckss said, a roommate could be a good way to reduce your expenses, if it is doable for you.

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Thanks for the advice, everyone.

 

I've talked to my parents a bit and they told me they'd help me out. Still, they're also asking if I can hold out until the end of summer, which makes me think that they're own funds are a bit tight. Later, I'll mention the possibility of a second job. I'm sure it's doable - a lot of my co-workers have second jobs and they seem to manage just fine on top of taking care of families and such.

 

I'll also send off an email to my boss and inquire about more hours. Last summer, I worked at the same place and the hours picked up in July and August, so I'm hoping for the same. You never know, though, because with the recession and all, I'm sure my other co-workers are looking for hours, too.

 

I also have every intention of paying the money back to my parents ^^ It was like that from the start. Even so, the thought of my parents' retiring makes me more uneasy because I know they have a lot on their plates right now. Also, now that I'm almost 21, I feel like I should be able to support myself, for the most part. I don't want to be that person who depends on their parents just to get by in life.

 

I've also begun to keep better track of my spending xD I was doing a really good job for the last few months...except for last month, strangely enough. But, in any case, I've started that up again.

 

As for roommates, I already have seven of them ;)

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Seven! :o Well then... one or two (or three or four) more should be no biggie! ;)

 

I'm glad you talked to your parents. My kiddos are still little, but I hope as they are older they will be able to come to me with these kinds of problems. Particularly if they have are as mature about their problems as you are. (It never even occured to me to try to be self-sufficient until after I graduated from college and landed my first real job.)

 

Good luck!

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Seven's a crazy number of roomates...how do you stay sane?? :)

 

I'm glad you've talked to your parents too and hopefully you are able to get more hours. Good luck!!

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@CherryWine

The only thing that kept me from talking to my parents was that I didn't want to worry them more. My brother and sister both got by in university without depending on them as much as I do, mostly because their programs offered co-op - more hours, better money. I'm not able to do the same, what with part-time summer jobs, unfortunately, but all the same...

 

And, as for being mature, I want to be mature xD I just get really angry when I see other university students complaining about being broke and relying on their parents for money, but then taking their parents' hard-earned money and blowing it all on video games or something >.>

 

@Jayshe

I stay sane through sheer will and determination XD

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