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Can't afford to keep up with my reducing overdraft.

24

Comments

  • innovate
    innovate Posts: 16,217
    Combo Breaker First Post
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    Samuel_ wrote: »
    Going to Uni absolutely !!!!!!ed my finances up!

    Actually, it wasn't going to Uni that did it.

    As tough as it is, you must assume responsibility for it.

    Don't despair, though - - many people have worked their way out of financial predicaments. The word 'work' is the key, in every respect.
  • Hominu
    Hominu Posts: 1,671 Forumite
    innovate wrote: »
    Actually, it wasn't going to Uni that did it.
    I went to Uni as well, for 4 years, and came out with almost no debt, I did have a full time job for a good 12 months before going to Uni however (couldn't afford it otherwise) and had several part time jobs whilst attending Uni, otherwise I wouldn't have managed and probably would have had to abort the course half way through.
  • Samuel_
    Samuel_ Posts: 114 Forumite
    innovate wrote: »
    Actually, it wasn't going to Uni that did it.

    As tough as it is, you must assume responsibility for it.

    Don't despair, though - - many people have worked their way out of financial predicaments. The word 'work' is the key, in every respect.

    As dumb as this sounds, I never realised I would have to be paying my own rent from the second year onwards. My parents paid the first year but I was always under the impression (before going to Uni that is) that student loans covered everything. Applying for Uni/getting the grades(or not in my case, and going through clearing) is all a stressful thing especially when your heart wasn't in it. I know I made a massive mistake going to Uni, but It was never intended or indeed anticipated I would be in this financial situation now.
  • Samuel_
    Samuel_ Posts: 114 Forumite
    Hominu wrote: »
    I went to Uni as well, for 4 years, and came out with almost no debt, I did have a full time job for a good 12 months before going to Uni however (couldn't afford it otherwise) and had several part time jobs whilst attending Uni, otherwise I wouldn't have managed and probably would have had to abort the course half way through.

    I was always under the impression loans would cover everything like everyone says. All I know is that I went to Uni with around 7k, and left 10k lighter:eek:
  • rb10
    rb10 Posts: 6,334 Forumite
    Samuel_ wrote: »
    A return bus far is £5-6 so If I get a few of those a week (when it's too cold my legs don't wana move) I don't like staying indoors with the oldies all the time so head to the library when possible:j Also every few weekends I'll use it to watch local football match so I'm probably spending about £12 week on average.

    Change your mindset.

    You can't afford to take the bus, yet you continue to do so.

    You can't afford to watch football, yet you continue to do so.

    Do you really want it to be bus tickets that push you over the edge and ruin any chance of you getting credit in the next six years? ('Getting credit' includes mobile phone contracts and, in many cases, renting houses).

    Start afresh now. With every purchase you make, ask 'do I really NEED this?'. Even if it's cold when you leave home, you'll soon warm up by walking. There's £50 a month saved, that can go towards paying back your debts. Similar with football games.

    And, as I said before, record what you spend so you really understand what's leaving your pocket. You're just guessing at the moment - as has been seen by monthly food expenses varying between £30 and £60.
  • pmduk
    pmduk Posts: 10,655
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    Others have already said it, but you can't easily cut spending until you know what you spend it on. In some areas, people on JSA get cheaper public transport, investigate this. Try reorganising yourself to minimise public transport eg do everything on one trip rather than making several trips.

    Once you know what you're spending head for the Debt-Free Wannabe board on here who are full of advice.
  • Samuel_
    Samuel_ Posts: 114 Forumite
    edited 9 December 2012 at 8:33PM
    rb10 wrote: »
    Change your mindset.

    You can't afford to take the bus, yet you continue to do so.

    You can't afford to watch football, yet you continue to do so.

    Do you really want it to be bus tickets that push you over the edge and ruin any chance of you getting credit in the next six years? ('Getting credit' includes mobile phone contracts and, in many cases, renting houses).

    Start afresh now. With every purchase you make, ask 'do I really NEED this?'. Even if it's cold when you leave home, you'll soon warm up by walking. There's £50 a month saved, that can go towards paying back your debts. Similar with football games.

    And, as I said before, record what you spend so you really understand what's leaving your pocket. You're just guessing at the moment - as has been seen by monthly food expenses varying between £30 and £60.

    not realistic for me. Basically I just can't be bothered to do it everytime. Yes I
  • Hominu
    Hominu Posts: 1,671 Forumite
    Only £2 + £3 easily adds up. Thats £10/month and could pay for your hair cut or reduce the amount of overdraft on your current account.

    You don't have to walk everyday, do it once a week, then twice a week, then the other days will feel like rewards for doing it.

    Cutting down on your food as well will get you the £65 you need.
  • lolavix
    lolavix Posts: 532 Forumite
    I wouldn't walk 12 miles to save £3, that's just ridiculous!

    It is a bit of a catch 22 situation to be honest, I would seriously struggle to live on £55 a week. One ways found to save money was to always use notes for everything then all my change goes into a pot which I change up every month or so. Unfortunately most banks won't help until you start to default, as you've now found out. Good luck!
  • Hooloovoo
    Hooloovoo Posts: 1,281 Forumite
    Samuel_ wrote: »
    A return bus far is £5-6 so If I get a few of those a week (when it's too cold my legs don't wana move) I don't like staying indoors with the oldies all the time so head to the library when possible:j Also every few weekends I'll use it to watch local football match so I'm probably spending about £12 week on average.

    Sorry to be blunt but that's just utterly ridiculous.

    You can not afford that. You might like to get out of the house but you simply can't afford it.

    The only possible justification for someone on JSA spending that much on travel is if they are going to interviews or training courses.
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