Can I join you??

top_drawer_2

hello everyone,

I have a huge (well it feels huge) overdraft and I dont seem to have much idea of how to go about tackling it ...

I have been doing additional hours while on the summer from uni and trying to cut my living costs down as much as possible. I am planning to cut down in other ways for example part of my friends birthday present is going to be plastic bags ironed to make a (clear) bag for her to use when she goes off travelling soon (hoping it will be useful for speeding her through customs).

I've also just been offered a printer on freecycle (which will hopefully work) as I was looking at spending £100-ish on one for when I go back to uni so am estatic now I wont need too.

Jen

mintymoneysaver

Just wanted to say welcome! I got rid of my overdraft a little bit at a time through a combination of e bay, quidco no spend offers and survey sites. Plus spending less of course! Why not post a list of all your incomings and outgoings and we'll see where we can help?

top_drawer_2

hello and thanks for the welcome,

I did a soa and then my laptop shut down for no apparent reason so here goes again ...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 463.68
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 463.68

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 60
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 60
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 8
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 198

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................1500......0.........0
Total unsecured debts..........1500......0.........-

Monthly Budget Summary
Total monthly income.................... 463.68
Expenses (including secured debts)....... 198
Available for debt repayments........... 265.68
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 265.68

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -1,500
Net Assets.............................. -1,500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I only work 21 hours a week normally though I am working around 40 atm while im off from uni,

I live in a shared house and my rent of £60 covers everything ... I havent moved in yet though,
I am currently in temp accomodation in halls (for another week and half then I move on the 10/09).

Jen

Jacks_xxx

:wave: Welcome to the gang honey! :wave:

It looks to me as if you've got things in hand already. The only thing I would suggest is to open another account for your day to day expense and treat the overdraft like a bill that you pay a set amount to every month.

Love Jacks xxx

beanielou

Why dont you keep a spending diary Jen to see where your spare money goes?
Your SOA shows that you have over £200 pm left over~if you do you could have OD paid off in just over 7 months.

taxi73

Hi and welcome..Jacks ..just beat me to it there.I'd open another bank account and pay some off the o/d each month.

Optimisticpair

Hello (Top Drawer) Jen,

Welcome to the club.

You seem to have a good idea where the money goes and that's half the job done.

top_drawer_2

Jacks_xxx wrote: »

:wave: Welcome to the gang honey! :wave:

It looks to me as if you've got things in hand already. The only thing I would suggest is to open another account for your day to day expense and treat the overdraft like a bill that you pay a set amount to every month.

Love Jacks xxx

I rarely have much left over ... I have a spend diary tho, I started it about three weeks ago now and its going well ... it also reminds me to keep receipts as I am a serial non-returner for things which dont fit/arent right ... due to having to see how much I spend I returned some items to Instore last week for the pricely sum of £1.88 lol.

I wasnt sure about opening another account as I have been with HSBC since forever and ever and its a student a/c with my card to it (the number of times I run out of money and am soo busy, realise I have no milk and have to run over to the shop and have to put it on my card). Also everything goes into that a/c, my wages, LEA money etc...

Jen

top_drawer_2

beanielou wrote: »

Why dont you keep a spending diary Jen to see where your spare money goes?
Your SOA shows that you have over £200 pm left over~if you do you could have OD paid off in just over 7 months.

I have a spend diary ... that sort of puts me off spending as putting it in there forces me to think "Did I really need that??"

Jen

pandapaws

Hiya Jen!

It can be hard to swop banks, but be warned that HSBC have no loyalty to you whatsoever - they screwed me over big-time earlier in the year and it's with the ombudsman at the moment. My friend has been with them forever as well, because they were really good to her when she was a student, and they recently turned on her for no good reason. Beware!

Have you thought about signing up for the £10 a day challenge? Hundreds of us have successfully completed it several months in a row - you'd have the overdraft paid off in a few months that way. Good luck whatever you do!

top_drawer_2

lol I know they have no loyalty but I hate all the swapping of details ... and they were really good to me once in fact last week one of their staff did something they werent strictly supposed to do which helped me hugely.....

I was going too but Im not sure I can do that .. I was going to go round the mystery shopping sites to see what was available and go from there.

Jen