Need Help

niclj

I have basically used a cushion of money I had and am now into my overdraft. Won't be able to continue for much longer with the minimum payments.

I have started looking at changing energy suppliers and insurance companies. I haven't looked at a water meter yet. Last time I asked Yorkshire Water about paying in 12 installments they weren't at all helpful.

The interest rates are crippling. I do worry about applying for new cards due to number of cards and level of debt. 0% on balance transfers would be helpful to start with.

I have checked my credit report and no unused accounts. About a year ago I cancelled the payment protection insurance on my cards but I had been paying it since I took out the cards.

niclj

The APRs are for purchases not cash advances. I have avoided using cash advances on my credit cards.

flutterbyuk25

I live on my own, and spend £60-£80/month on groceries max, which includes lunches for work.

Can you drop down a brand in the supermarket, or shop somewhere cheaper?

How well stocked are your cupboards and freezer? If they are stocked, then try living off them for the month rather than buying new food. It may mean lots of boring meals but at least they will be 'free'!

Pop to the Old Style board for menu plans and loads of great ideas on cutting food budgets

HTH and good luck

x

niclj

I do need to cut grocery bill. Always shop at Morrisons and have started buying own brands and looking out more for two for one deals etc. Working on stocking up the cupboard and freezer. Also cooking more and making lunches for work. Spend a stupid amount on lunches!

Determined to take lunch in with everyday this week. Plan for tomorrow night is to go through the cupboard and freezer and see what I have got. And actually use it!

flutterbyuk25

niclj wrote: »

. Also cooking more and making lunches for work. Spend a stupid amount on lunches!

Determined to take lunch in with everyday this week. Plan for tomorrow night is to go through the cupboard and freezer and see what I have got. And actually use it!

I used to buy lunch every day at work, and lived at parents house so wasn't spending money on food at home. Then in January this year I decided to try save some money cos I have a big holiday at end of year. So I started taking lunch into work daily. Every day I did this I transfer £3 (my average lunch spend) into a savings account. I did this til August, when I moved out to my own place. I had a grand total of £273 in the savings account!!

Seeing the money build up in the savings account made me more determined to it.

So could you maybe do something similar? I know you are on tight budget, but even if it's just 10p a day you put in a pot, you get the psychological boost of 'saving' plus it becomes habit.

HTH

x

niclj

I do need the psychological boost. Thought that I would set myself a weekly budget for everything (food, fuel etc) and then at the end of the week compare what I have actually spent with the budget. I usually spend £3-£4 on lunches each day.

At the moment I can't afford to set up a savings account but I thought it would be a good incentive to see the money saved even if it is just on a spreadsheet!

Should give me the kick I need.

tallyhoh

Can you not take in a lodger? Cant quite recall the figure but you can get a fair amount tax free (you probably know that).

niclj

I have thought about taking in a lodger. The house is a bit of a work in progress so they would have to put up with some dodgy decoration and a dodgy boiler!

Rent a room relief was £4,250 in the 08/09 tax year.

Tixy

Hi Nic

I think the lodger idea might work well for you as your mortgage costs are high compared to income. I don't think the dodgy decoration will put too many people off!

With regards to your mortgage what rate are you paying currently? It looks high. How long are you fixed for from now? Because the base rate has dropped such a lot it might be worth working out how much cheaper you could get it and how much you would have to pay in redemption fees if you came out of the fixed deal early. The saving might just be worth the cost.

As mentioned already I would definatley think you can get cheaper B&C.

Any chance of paid overtime? A second part time job? What is you current job? Any skills from that you could use to make extra money evening/weekends? (Eg IT engineers fixing computers locally, accountants doing bookkeeping for small businesses etc).

I understand about you not wanting to tell your family about your debts and worry them. Hopefully you can get the advice and motivation on here to start improving things. But you don't need to be ashamed of your debts, such a lot of people have them.
If you family pick up on your worries though it may be worth telling them a little bit of the problem so that they don't worry about you - parents and family have a habit of knowing when we are stressed (as well as sometimes thinking it could be something a lot worse than debts!) So if they worry or ask you could just say something like - well I've been worried about my finances but now have a plan how to deal with them, I do need to be careful over what I am spending at the moment. (This also works if friends notice you are suddenly spending less or going out less.

Good luck - it sounds like you are motivated to take control of your money rather than having your life controlled by it.

BeautyandtheBeast_3

niclj wrote: »

I do need to cut grocery bill. Always shop at Morrisons and have started buying own brands and looking out more for two for one deals etc. Working on stocking up the cupboard and freezer. Also cooking more and making lunches for work. Spend a stupid amount on lunches!

Determined to take lunch in with everyday this week. Plan for tomorrow night is to go through the cupboard and freezer and see what I have got. And actually use it!

quit morrisons! shop online at asda!