beast way of clearing a overdraft

pcal

my overdraft is 650 and i really want to clear it soon as. what is the best way any advice would be good

talana

Well, it's not rocket science!
If you have any disposable income left after all your monthly expenses are accounted for, then throw it at the overdraft.

However if you don't have any left over at the end of the month then you need to either:
a) give yourself a thorough financial review and cut down on the monthly expenses. First step, go over to the Debt-Free Wannabe board and post your SOA
b) look at ways of upping your income. Again, have a look at the relevant board on this forum.

If you need more specific advice, then you need to give us more information.

girltuesday_2

I cleared mine by putting £100 a month onto it, then going in to the bank and reducing the limit by that amount - that way you can't 'accidentally' run it up again.

shop-to-drop

Try to have some no spend days and draw out a small (but realistic) amount of cash for the week and not use your debit card or chequebook. Once you see the amount reducing it will become quite addictive and fun. You don't need to overspend to be happy. Good Luck

MORPH3US

3 simple steps...

1. Spend less

2. Earn more

3. Pay all your spare cash towards your overdraft...

As someone said above, its not science rocket.

minimoneysaver

How about doing a bit of ebaying? It's a great way of clearing out the stuff you no longer want. If you have lots of bits maybe a car boot sale would be better. I think they start up around mid march or so. I'm sure someone will be along to correct me on that one.
How about doing some "pocket money" jobs, like gardening, cleaning or babysitting? You could probably expect about £8 an hour that way. It'll be clear in no time. Good luck.

GrammarGirl

I find it's easier to reduce your OD if you leave the account alone and don't use it for day to day spending. My salary is paid into my OD and that account pays my DDs ONLY. I withdraw living expenses for a month from my OD and into another current account with no OD facility. Each month my OD goes down as I'm not constantly spending with only the limit of my OD in mind to stop me.

I have £400 for the month and that is it in my opinion. Tough, but that's the only way it works for me.

changestolife

I'm getting lots of great advise from this thread, my overdraft is £1,400 and i find it hard to reduce it every month. I get paid roughly around £1,136 depending if i do overtime. I tend to get to around -£1,250 area each month and then when i realise i'm around there i tend not to spend as much. But its seems to be the same every month i just can't seem to get down. Its clear i spend too much because all my bills come out 1st every month. I'm going to give the above a go and just take the out a set amount of in cash every month and leave the rest for bills and also leave my debit card at home. At let you know how i get on :-)

noah271007

changestolife wrote: »

I'm getting lots of great advise from this thread, my overdraft is £1,400 and i find it hard to reduce it every month. I get paid roughly around £1,136 depending if i do overtime. I tend to get to around -£1,250 area each month and then when i realise i'm around there i tend not to spend as much. But its seems to be the same every month i just can't seem to get down. Its clear i spend too much because all my bills come out 1st every month. I'm going to give the above a go and just take the out a set amount of in cash every month and leave the rest for bills and also leave my debit card at home. At let you know how i get on :-)

You need to change your habit, and start thinking an overdraft is a loan. It is not your money, it is the bank's money. Get in control of your finances. How much is your £1,400 overdraft costing you in interest charges? You need to change your mindset. Unfortunately for many people who are constantly overdrawn ended up using the overdraft as part of their budget!! The bank can decide to demand all of the overdraft immediately as they see fit, as it is written in the terms and conditions and there has been cases when banks have done this and it ended up having a messed up credit rating and charges. I know this because I have been in that situation before! Start reducing the overdraft and reduce your outgoings would be a start. Good Luck!

changestolife

Well i've decided this morning on something so may need your advice if its wrong.
When i get paid on Friday (i get paid last day of month) i'll keep all my payments set to the 1st of every month. Then i will take out a set amount each either in cash or put it in a none overdraft account and then i'll be able to pay my overdraft down in bits
what you think?

carolpinkdreamer

changestolife wrote: »

Well i've decided this morning on something so may need your advice if its wrong.
When i get paid on Friday (i get paid last day of month) i'll keep all my payments set to the 1st of every month. Then i will take out a set amount each either in cash or put it in a none overdraft account and then i'll be able to pay my overdraft down in bits
what you think?

Well done. You asked for advice, SOME of it was kind and helpful, and now you plan to act on it. Keep plodding on and it will reduce steadily. You might struggle to chip away at it some months but keep going. You'll be so proud when you see it shrinking.