Could my spending lead to future debt

Gaz35

Hi , New here

I’ve recently started to worry about my finances , after reading a lot of posts on here I don’t see my debt as bad as a lot of peoples but could my spending lead to future debt. I took I loan to restructure my finances as I would go into my overdraft by at least £500 a month. My girlfriend has only got a part time job so I find myself spending more when we go out because I’m paying for 2.

This month I have nearly racked up a loss of £300 on internet gambling, I must have won around £100 and thought I could carry on the winning streak though it turned sour and a loss of £300 its my fault and i have excluded my self from the gambling site. so here is a rundown of what I spend a month-

Salary - 980

Phone - 35
Car insurance - 80
Gym - 32
Loan repayments- 58
Petrol – 100
Board - 100
General life - 300-400
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Total £705/805 (not including the stupid gambling bills this month)

this month i have also got to spend £285 from my salary to spend on paying for the rest of my holiday which came to a total of £585. Another problem is it is my g/f 21st next week so its not like i can save money as i will be going out with her and buying presents etc.

So any tips for cutting costs?

Thanks
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bank_of_slate

I think you've answered your own question there!

You definitely need to stay away from the gambling sites full stop if this is your weakness.

Why are you spending so much with your girlfriend, are you spending to impress? Does she love you or your wallet?
...Linda xx

Merlinexcalibur

What they said above. Gambling is a mug's game, the house wins. No such thing as money for nothing (apart for that song back in the 80s). Harsh, no.

Gaz35

The reason im spending alot this month is because its her 21st birthday and to be honest if we go down to the pub i dont just buy one drink i buy 2 so it ends up costing me £60 for a night instead of £30 and the gambling must stop.

Merlinexcalibur

The reason im spending alot this month is because its her 21st birthday and to be honest if we go down to the pub i dont just buy one drink i buy 2 so it ends up costing me £60 for a night instead of £30 and the gambling must stop.

Well, sensibly, then ... she must appreciate that you don't have the money. And can only afford. From a relationship point of view as someone said 'does she love you or your money?' If the latter ... then maybe you need to reassess things. Not being harsh but on the face of it.

moneysavingmonkey85

I think you've made a good start by realising you might get into debt, and even better by excluding yourself from the gambling site. As long as you stay away from other sites.....

I think the key is budgeting - follow martin's calculator to see if you spend more than you earn. Perhaps before this, I notice you have put 'general life' as a category of spending, this needs to be broken down - try a spending diary - so each day you know 'general life' was a can of coke, a magazine, pub drinks etc, then you can see where the money goes.

21st is a special birthday but im sure your g/f will understand if your present is less expensive than normal/what you would like. Are you creative and make something or grab a bargain on ebay?

welcome to mse

RAS

Gaz35 wrote: »

Salary - 980

Phone - 35 - cut your package.
Car insurance - 80 - this is massive - check the comparison sites and then swap via www.quidco.com
Gym - 32
Loan repayments- 58
Petrol – 100
Car tax?
Car maintenance?
Clothes?
Holiday?
Board - 100
General life - 300-400 - what is general life????????

[FONT=&quot]Total £705/805 [/FONT]

You are presumably living at home and have very few real needs, so you are just blowing money.

You need to start by keeping a proper spending diary.

You and GF need to agree some way of keeping tabs on the night out spending. Go later, do not take the cards and take an agreed amount of money.

Do things that cost less - Orange Wednesday for example.

DoWhatULove-LoveWhatUDo

Could your spending lead to future debt? Definitely Yes given that your response to overspending in the past was to get an overdraft and then get a loan.

Work out how much money you can afford to spend each month after you have paid your regular expenses and don't spend any more than that amount if you want to stay out of trouble.

I would also suggest that you start a savings account and put an amount by each month for unplanned expenses such as car repairs so that these do not derail you when they come up.

If you could also save up your car insurance in advance you could get it cheaper. Next time it is due shop around for the best deal and then pay it in one lump sum rather than monthly.

Good luck.