How to change things?

tallyhoh · 12 November 2015 at 9:43AM

Why do you need to have lunch/meals/coffee out? waste of money & quite unnecessary

fuzzyduck22 · 12 November 2015 at 10:40AM

Hiya

Welcome to the boards, you have been given some great advice already which I hope helps.

Don't feel bad about the odd meal out, some people don't understand that some of us like to have a bit of a life as well as pay off debts. However there are probably lots of deals to be had if you look hard enough.

Have you taken advantage of the free museums in London? Would your Mum enjoy a trip to the British Museum? Maybe a wander to Trafalger Square, Oxford St lights etc.

dirtycredit · 12 November 2015 at 10:43AM

London is expensive but on the plus side there are loads of part time evening and weekend Christmas jobs going in the shops or post office sorting jobs for a temporary cash injection to clear the priority debts. It will keep you busy as well so you're not indoors getting upset or in caffs spending £2.75 on hot chcocolate! You'll feel tired but you will feel like you have more control because you are doing something extra to get rid of the debt.

Playing_with_Fire_2 · 12 November 2015 at 10:47AM

Focus on the pay day loan first, and make this the last one ever. They are horribly expensive and mean that you pay more in interest than you need to.

Explain to people that your budget is tight because you were between jobs. It has happened to most people so they will probably be more understanding than you think. Suggest doing something free with your friend, and if not then wait to see it later when the cinema is less crowded or on DVD. I've had the same thing with friends who say they have money troubles and then spend even more than me. Just get used to saying 'that's not in my budget', eventually my friends were asking me for advice.

Could you cook something at home for your mother? Maybe look up some fun recipes online to cook together?

I agree with others that you can probably spend less on food; it will take some time to learn how to feed yourself well for less, but it can be done.

Make sure you continue to write, even if you don't attend your group. You could start a journal here if that is your style. And get out during the day for a walk and some daylight - it might help give you a mood lift. There are some lovely church yards and tiny gardens in the City that can be good for a lunch break and a sandwich.

Your money problems are real, but they are temporary. The months without pay and moving to monthly paydays were a shock to the system but you will bounce back from that.

Out,_Vile_Jelly · 12 November 2015 at 11:39AM

To be brutally blunt, £27k is not a great London salary for someone in their 30s, especially paying that amount of rent for a houseshare. You may be "suited and booted" and "in the City" but that is not a City salary and you're not going to be able to dress and dine in the manner of your peers. Unless this is a totally fulfiling vocational job, you should seriously consider finding something else (even admin is better paid) or doing the same job outside London.

I would be totally upfront with your family about your financial situation. I would hate to receive a gift from someone who couldn't really afford it. You could suggest a cheap, fun Secret Santa for adults. You may be surprised how many others would prefer to do this than worry about getting a present for everyone in the family.

I know London can be a difficult place when you're miserable and feeling poor. Chin up!

Gazzafatcityboy · 12 November 2015 at 12:18PM

Hi there,

I didn’t want to read and run to be honest with you but there is a couple of points I need to make which would be of benefit hopefully for you.

1- Rent – Erm, I have no idea where you are living in London at the moment but you need to move. 800 for a room is too much and there are other places where you can live for cheaper. East London you can get a room for 600 and this might not be the nicest area in the world but it will reduce your rent a little.

2- JOB- you worked at an investment bank before doing what exactly? I can help you out here as I too worked in different investment banks over the years. I also contracted like yourself and know how difficult it is to move from weekly to monthly. If you want to PM me then I can help you out regarding the job side of things, I know some many recruiters now, and possibly could help with your cv on an area to which you could get into.

Keep your chin up it will get better I promise you that. I don’t mean to burst your bubble either but 27k per a year in London is not much at all. Even working at an investment banking at the junior level, I was earning 40k per year.

Gaz

rockm87 · 12 November 2015 at 12:30PM

Hi!

welcome and some great advice already!

Get a written budget together, for everything. I would cut out all non essentials (eating out etc) immediately, if you cant afford it.

you need to make sure all your bills are paid for FIRST, and then 'ALLOCATE' the rest of the money, dont just have 'spare' money, as it just leaks out and makes a mess...give every pound a job.

best of luck!

shamless plug for for the FREE dave ramsey podcast/youtube info, getting inspired with him helped me focus on what i needed to do and really made a difference to me. this may help you..

Florine · 14 November 2015 at 5:34PM

Wow, even more useful advice. This is great. I have felt alone in this for a very long time and it's great to brainstorm about this. Over the past week I have thought about my money situation in a more sensible way (rather than just feeling sorry for myself as I have over the last few months or so). It's time to take action. Yesterday for example money was raised for Children in Need at my workplace. I have paid GBP1.50 for dress down, GBP1.00 for a raffle ticket and GPB2.00 for a home made brownie in the bake. In addition, before I knew it, my colleague, bought EuroMillions tickets and I paid GBP2.00 for that is well. This is GBP6.50 of useless spending. I love giving to charity, but GBP1.50 for the dress down would have been enough in my current situation (not to mention the lottery ticket). Lesson learned!

When I say that I go to work 'suited and booted', actually all my shoes come from Primark/New Look and my clothes from Zara/H&M. Nothing I wear costed more than GBP80 (my winter coat is from a charity shop). So nothing fancy there. The same goes for Christmas presents: no-one in my family expects fancy jewelery/ipads/designers bags. I usually spend about GBP20 per person, although this year it might have to be even less :rotfl:
I have also noted that on a Facebook page for people from my home country that live in London, some people are looking to drive home together for Christmas in order to save money. I will post a notice on there as well as it looks cheaper than booking a flight.

In terms of my salary: I am working on improving that. Have been to two interviews and sent out a lot of applications, but some reason I am having bad luck. My money situation makes me nervous and I reckon the added pressure definitely shows during interviews.

BTW it did turn out that my student loan repayment was indeed missed, so I will have to pay double next week when my salary comes in. Bummer

.

tlc678910 · 14 November 2015 at 7:19PM

Hi, just a couple of ideas for when your mum visits.

I love the Tate modern(free) or if you think your mum would prefer traditional art the Tate Britain (also free). The natural history museum is free too. Could you take a flask/home made cake or go home for tea and cake?

If you buy any "treat" food perhaps fish & chips, Chinese takeaway or going to a weatherspoon would offer the best value?

If you would like your mum to meet your friends how about asking your friends to come over and bring something towards a buffet each (and Whatever they would like to drink). You could ask your friends if anyone has any good movies your mum would like they can lend you.

Do you have any Tesco points (to buy food, cinema tickets, double up in Clubcard boost for presents, or 4x the value for a meal out with your mum? Any nectar or boots points for food (cinema tickets) or presents?

How about asking your friends to save their jam jars and baking up a big batch of fudge for gifts (it can look quite sweet with a ribbon round the jar).

Good luck with everything
Tlc

dirtycredit · 30 November 2015 at 2:08PM

Hiya Florine,

How are you getting on? How did your mum's visit go? Hope it wasn't too expensive for you!

DC x

How to change things?

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