Welcome to Money Matters: GLAMOUR’s weekly dive into the world of finance. We’re chatting all things personal finance, from contracting rights in the workplace to expert mortgage advice and saving for your first home, to ISAs and dealing with debt, to help empower you to make better choices. Now more than ever it's important to understand our money, but so many of us feel as if we don't have a handle on it – or worse, feel anxious and scared about money.
So each week, a woman in a unique situation will give us an honest breakdown of her finances, and our expert will tell her easy tips on exactly how to tackle it. So, take a seat, and let’s talk about money…
Let's talk money.
MY ACCOUNTS
Current account: £20.56
Savings account: £0
MY INCOMINGS
Annual salary pre-tax: £7200
Annual salary post-tax: £7200
Monthly wage pre-tax: £451
Monthly wage post-tax: £451
Other incoming payments: £0
MY OUTGOINGS
Rent/mortgage: £100
Bills: £263
Splurges: £0
Other: £318
Any student loan/credit cards/overdrafts etc: I have a student loan for both my BSc and MSc.
MY MONEY THOUGHTS
My worst money habit: Choosing which items on my prescription to get (what will make me less ill if I go without), because I can't afford them all, and a lot aren't covered by the prepayment scheme.
My biggest money worry: Not being able to eat or afford medicine.
My financial hopes for the future: Start being able to save, as it feels like I'm drowning at the moment.
Current money mood: 😭😭😭
WHAT MONEY EXPERT ALICE TAPPER SAYS:
Eligibility
I’m so sorry to hear that you’re having to choose between medicine – nobody should find themselves in this position. I’m going to suggest a few ideas below, some of which you may have tried, and some you might not have. Whilse you may not be eligible for UC, have you checked if you’re eligible for Jobseeker’s Allowance? There are a few requirements but the most relevant to you is that you need to be working less than 16 hours per week on average (you should tick this box) and you’ve paid enough National Insurance (NI) contributions, usually in the two full tax years before the year you’re claiming in.
If you’re 25 and over, it’s up to £77.00 a week which will nearly double your current earnings. If you haven’t already double check your eligibility here.
Prescription help
Not being able to afford your prescription is a terrifying thought but there should be help available to you. You may have already tried this but it’s worth going through the gov.uk questionnaire. Failing that, if you have a regular prescription, it may be cheaper to get an NHS Prescription Prepayment Certificate. For common prescriptions, it’s worth looking at the NHS Minor Ailments Scheme.
Increasing hours
If JSA isn’t available to you and you have very unfairly found yourself slipping through the cracks of the social support system, then I’d look to increase the hours you’re working. I know this might be a difficult prospect - you’re well qualified and we all know how rough it can be to work in food and hospitality but this is your best bet at securing some extra income. Alternatively have you looked at remote work? Companies like Monzo have a number of remote customer service jobs.
Other options
Alternatively, if you can find a way to make your current income stretch then you could treat job seeking like a job in itself. Use every working hour outside of your job to network online, apply for roles and upskill. You haven’t mentioned what your Masters is in but I’d suggest connecting with people a few years post-graduation to get advice on your best next step.
Moving away
What this will almost certainly mean is leaving your hometown and moving to a larger city. This will of course come with the costs of relocation (rental deposit, transport etc.) which is why prioritising your savings is key. Only you can decide your next best move - make sure you’ve done the sums and make a plan that you’re comfortable with. I know this time in your life feels hopeless but there is opportunity out there. Don’t let anyone tell you otherwise.
Let's talk about money.
