help required.....

frantic-female...help

hiya everyone..........newbie here!

i came to moneysavingexpert because i'm really worried about my debt....until i saw how much everyone was struggling with....my worries now seem a bit in significant!

the predicament: two current accounts....both up their 1k overdraft limits (like -900). my wages goes into one, which takes my balance on one account each month to like +200 pounds...but of course i have to live each month so that goes right back down to -900 again.....

i feel ill never get out of this. i can't do overtime at work, because i am salaried (thought about a second job but my shifts vary from week to week so i wouldnt b able to hold a regular second job down)

any advice would be so so much appreciated....i dont know where to start...

thnku for reading

xxxxx

Horace

hi and welcome

If you could post your SOA (statement of affairs) https://www.makesenseofcards.com/soacalc.html (I think there is an MSE button on it so that you can post it to the forum). We will be able to get a clearer idea of the problem and see where you can save money to chuck at your debts.

FeelingSkint_2

Hi,

Your not alone so many of us are really feeling the pinch now, and i'm really down today too with the money situation. Just found out that my car could die any moment as the engine is rattling and repqir costs are atleat 500 to 600...

Stick in there, good luck.

rubydoiwannabee

FeelingSkint wrote: »

Hi,

Just found out that my car could die any moment as the engine is rattling and repqir costs are atleat 500 to 600...


I know that feeling and you are not alone. I have spent £700 on my eight year old car since May, all on CC!!! Grrrrrrrrrr:eek:

FeelingSkint_2

i've decided i'm not spending any money on it.

Going to the auction to buy a new one for aroung 2-3K (There goes my savings for the past several months for my grand plan for clearing the mortgage...BU**ER...Been skrimping and saving like mad for months and months and months....forever).

Life is a bi*ch...if it's not one thing it's another....hate this country....It's TAX upon TAX....sorry having a rant nowm cus i'm feeling low...just can't ever see me clearing this mortgage debt...

Hate having to pay interest on this scale....borrow X amonut PAY X * 2 amounth.

Wol2

Hi ffh

Welcome to the DFW Board and well done for posting.

It would be very helpful if you could give us an idea of your income and expenditure (i.e. the Statement of Affairs...SOA... referred to above in a previous post) otherwise we will not have enough information to provide any useful advice or assistance.

Obviously there are two options to your predicament...either increase your income or cut your expenditure.

Ref: increasing your income: You say that you cannot do overtime because you are salaried...we would appreciate a little more information on why this is the case (if you would prefer to keep this info private then please PM one of us.....you can do this when you are logged on... click our name on the LHS of our post and select send private message)

Ref: reducing expenditure....many people on this Board are very adept at making suggestions to reduce expenditure on your outgoings so again, please post your SOA so we can see where your money is going.

Look forward to hearing rom you
Wol2
xx

frantic-female...help

hiya everyone thankyou for your prompt replies.

very simple SOA:

Income after tax: 900.00

Outgoings: Fuel --> 160.00
Phone bill --> 45.00
Food / going out etc --> 120.00
Car insurance: 40.00

sorry its not the proper form but thats all my outgoings as i live with my parents rent free.

any advice would be great

x

peb

Hiya

from a first glance you have missed car tax, car maintenance, repairs etc.

You are obviously spending more than you have accounted for so you need a spending diary. Write down everything you spend and see where the money goes, habits such as a latte on the way to work really add up.

So far as your income is concerned look at the "up your income" board - it has things like mystery shopping which can be fitted ruond your regular work.

Keep posting and good luck,

Wol2

frantic-female...help wrote: »

hiya everyone thankyou for your prompt replies.

very simple SOA:

Income after tax: 900.00

Outgoings: Fuel --> 160.00
Phone bill --> 45.00
Food / going out etc --> 120.00
Car insurance: 40.00

sorry its not the proper form but thats all my outgoings as i live with my parents rent free.

any advice would be great

x

Hi again ffh

Income £900
Expenditure as detailed above: £365

That leaves £535 every month unaccounted for (which if saved would clear your overdrafts in 4 months).

So aside from car maintenance etc pointed out by Peb, is there anything else you can identify to show where the remaining £535 goes? Do you write cheques/have a credit card/withdraw weekly amounts of cash? Go back through cheque stubs/cc and bank statements to see if you can shed any light on where the missing £535 is and post the info on here so we can be of more assistance.

Peb's idea is a good one, a spending diary would help you identify where the money goes and enable you to take more control over your spending pattern and decide how much you want to save each month to go towards sorting out your overdrafts (and therefore what you shouldn't be spending your money on currently )

As far as the bank accounts are concerned, once you have determined how much you can save each month, transfer that amount on a monthly basis from the bank account receiving the salary to the other one until paid off, then close it down and concentrate on sorting out your current account.

Even if you work out you can only save £150 per month, that would clear both within a year (althouhg I'm not sure if you are being charged interest/fees on top? please advise)

Good luck,...and please keep posting.

Kind regards
Wol2
xx