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Newbie, just had lightbulb moment but need some support!
ntycame
Posts: 29 Forumite
Ok, it has come to this! I made a post earlier, about an unplanned overdraft charge i simply cannot pay, rang lloyds who wanted proof of how much I earn, to waiver the charge..and i became embaressed, i'm spending money on things i don't NEED and wasting it down the drain and not thinking of the consequences, ending myself up in this sort of situation and ultimately need to sort it out!
So this is my situation
I'm a student nurse, my monthly income from this is: £540, and this is paid on the 3rd friday of every month
Rent is: £0, however when i'm out of the debt im in I'd like to start paying rent, my dad offered to pay it for me in my first year and has offered to do it for my second, something i do not wish to continue
Bills: £123, including mobile, internet, tv, and landline..anddd water, gas electricity
Car: £100, including insurance and petrol..I tend to try and save up the month before MOT and tax to pay for these
Gym: £25 a month, i need to go more..it will help me feel better, and is importnat
Slimming world: £20 a month, I have tried to not go to classes and do the diet by myself, however found i didn't stick to it. I've lost 2 stone so far, which is a positive step, and it is important too me!
RCN: £9 a month, which includes my union membership and magazine for student nurses
Pet insurance: £16, I have two sprightly little kittens!
Ok so 'bills' wise this adds up to £273, leaving me with (if i round it up to £280) £260, so whats my weekly expenditure, WELL I don't go out that much due to the demand of my course, so when it comes to food (including kitty food and pet litter)
Food: £30 a week, morrisons shopping. I make packed lunches for placement also
Pet food (a week): Kitten milk costs £3 a week, and i buy the food in bulk and it lasts 23 days, its £6 a month so lets say £1.50 a week
Going out: I tend to go out with meals, or the cinema with friends or a night out, and i'd spend around £20 a week on average, sometimes more unfortunately
so this total brings me to £411 of my budget
Leaving me with, around £120 left..which..goes on what? My debts!
These are
1. Overdraft: £1000 with Lloyds tsb. I aimed to spend £50 a month on getting rid of the overdraft, but i've simply had the spare cash to pay it off, i want to get rid of it and HATE having it, I want to make this the FIRST debt i pay off!
2. New look store card: I love new look, but not their finance store card, I have £82 to pay of this, and am paying £5 a month minimum..
3. Barclay card: I have £220 of this to pay off, am paying £7 a month
4. HSBC: I have £400 of this to pay off, am again paying around £7 a month
You'd think i can make this monthly wouldn't you, that I can pay it off no problem and not run out and get into unplanned overdraft or ask dad for help..somethign im really ashamed of, so my plan of action is this!
1. Reduce monthly outgoings
2. Increase my income, I do bank nursing work and can earn (when not working as a student nurse) around £300 a week doing this! However, as a student nurse the course is demanding, so i'm aiming to do a MINIMUM of 24 hours a week, either night shifts or weekend shifts as they pay a lot more!!! This money will go towards savings, and paying off debt, and also meeting my monthly shortage!
3. Change my attitude to money
4. Be debt free in 6 months!
*sigh* im such a newbie to this all, and going from workign full time, to being a student has been tough fianancially to adjust, and I apprecite, my situations isn't as bad as others, but its affecting me, and my ATTITUDE to money needs changing, I really hope you play nice, and don't be mean, but advice, tips would be appreciated!!
So this is my situation
I'm a student nurse, my monthly income from this is: £540, and this is paid on the 3rd friday of every month
Rent is: £0, however when i'm out of the debt im in I'd like to start paying rent, my dad offered to pay it for me in my first year and has offered to do it for my second, something i do not wish to continue
Bills: £123, including mobile, internet, tv, and landline..anddd water, gas electricity
Car: £100, including insurance and petrol..I tend to try and save up the month before MOT and tax to pay for these
Gym: £25 a month, i need to go more..it will help me feel better, and is importnat
Slimming world: £20 a month, I have tried to not go to classes and do the diet by myself, however found i didn't stick to it. I've lost 2 stone so far, which is a positive step, and it is important too me!
RCN: £9 a month, which includes my union membership and magazine for student nurses
Pet insurance: £16, I have two sprightly little kittens!
Ok so 'bills' wise this adds up to £273, leaving me with (if i round it up to £280) £260, so whats my weekly expenditure, WELL I don't go out that much due to the demand of my course, so when it comes to food (including kitty food and pet litter)
Food: £30 a week, morrisons shopping. I make packed lunches for placement also
Pet food (a week): Kitten milk costs £3 a week, and i buy the food in bulk and it lasts 23 days, its £6 a month so lets say £1.50 a week
Going out: I tend to go out with meals, or the cinema with friends or a night out, and i'd spend around £20 a week on average, sometimes more unfortunately
so this total brings me to £411 of my budget
Leaving me with, around £120 left..which..goes on what? My debts!
These are
1. Overdraft: £1000 with Lloyds tsb. I aimed to spend £50 a month on getting rid of the overdraft, but i've simply had the spare cash to pay it off, i want to get rid of it and HATE having it, I want to make this the FIRST debt i pay off!
2. New look store card: I love new look, but not their finance store card, I have £82 to pay of this, and am paying £5 a month minimum..
3. Barclay card: I have £220 of this to pay off, am paying £7 a month
4. HSBC: I have £400 of this to pay off, am again paying around £7 a month
You'd think i can make this monthly wouldn't you, that I can pay it off no problem and not run out and get into unplanned overdraft or ask dad for help..somethign im really ashamed of, so my plan of action is this!
1. Reduce monthly outgoings
2. Increase my income, I do bank nursing work and can earn (when not working as a student nurse) around £300 a week doing this! However, as a student nurse the course is demanding, so i'm aiming to do a MINIMUM of 24 hours a week, either night shifts or weekend shifts as they pay a lot more!!! This money will go towards savings, and paying off debt, and also meeting my monthly shortage!
3. Change my attitude to money
4. Be debt free in 6 months!
*sigh* im such a newbie to this all, and going from workign full time, to being a student has been tough fianancially to adjust, and I apprecite, my situations isn't as bad as others, but its affecting me, and my ATTITUDE to money needs changing, I really hope you play nice, and don't be mean, but advice, tips would be appreciated!!
0
Comments
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Ok, it has come to this! I made a post earlier, about an unplanned overdraft charge i simply cannot pay, rang lloyds who wanted proof of how much I earn, to waiver the charge..and i became embaressed, i'm spending money on things i don't NEED and wasting it down the drain and not thinking of the consequences, ending myself up in this sort of situation and ultimately need to sort it out!
So this is my situation
I'm a student nurse, my monthly income from this is: £540, and this is paid on the 3rd friday of every month
Rent is: £0, however when i'm out of the debt im in I'd like to start paying rent, my dad offered to pay it for me in my first year and has offered to do it for my second, something i do not wish to continue
Bills: £123, including mobile, internet, tv, and landline..anddd water, gas electricity
Car: £100, including insurance and petrol..I tend to try and save up the month before MOT and tax to pay for these
Gym: £25 a month, i need to go more..it will help me feel better, and is importnat
Slimming world: £20 a month, I have tried to not go to classes and do the diet by myself, however found i didn't stick to it. I've lost 2 stone so far, which is a positive step, and it is important too me!
RCN: £9 a month, which includes my union membership and magazine for student nurses
Pet insurance: £16, I have two sprightly little kittens!
Ok so 'bills' wise this adds up to £273, leaving me with (if i round it up to £280) £260, so whats my weekly expenditure, WELL I don't go out that much due to the demand of my course, so when it comes to food (including kitty food and pet litter)
Food: £30 a week, morrisons shopping. I make packed lunches for placement also
Pet food (a week): Kitten milk costs £3 a week, and i buy the food in bulk and it lasts 23 days, its £6 a month so lets say £1.50 a week
Going out: I tend to go out with meals, or the cinema with friends or a night out, and i'd spend around £20 a week on average, sometimes more unfortunately
so this total brings me to £411 of my budget
Leaving me with, around £120 left..which..goes on what? My debts!
These are
1. Overdraft: £1000 with Lloyds tsb. I aimed to spend £50 a month on getting rid of the overdraft, but i've simply had the spare cash to pay it off, i want to get rid of it and HATE having it, I want to make this the FIRST debt i pay off!
2. New look store card: I love new look, but not their finance store card, I have £82 to pay of this, and am paying £5 a month minimum..
3. Barclay card: I have £220 of this to pay off, am paying £7 a month
4. HSBC: I have £400 of this to pay off, am again paying around £7 a month
You'd think i can make this monthly wouldn't you, that I can pay it off no problem and not run out and get into unplanned overdraft or ask dad for help..somethign im really ashamed of, so my plan of action is this!
1. Reduce monthly outgoings
2. Increase my income, I do bank nursing work and can earn (when not working as a student nurse) around £300 a week doing this! However, as a student nurse the course is demanding, so i'm aiming to do a MINIMUM of 24 hours a week, either night shifts or weekend shifts as they pay a lot more!!! This money will go towards savings, and paying off debt, and also meeting my monthly shortage!
3. Change my attitude to money
4. Be debt free in 6 months!
*sigh* im such a newbie to this all, and going from workign full time, to being a student has been tough fianancially to adjust, and I apprecite, my situations isn't as bad as others, but its affecting me, and my ATTITUDE to money needs changing, I really hope you play nice, and don't be mean, but advice, tips would be appreciated!!
Hi
Well done on posting. It is really daunting but it does really help.
I think your 4 goals are great - they will help you get focused.
The first thing to do is set yourself a budget and stick to it. Make it realistic. I use the Statement of Affairs one as it is simple. Here is the link:
http://www.makesenseofcards.com/soacalc.html
You really need to organise your payments to your debt according to the ones with the highest interest - I am pretty certain that the New Look card has a really high interest rate that £5 pm is not going to touch. Look at the Snowball caculator which will help you to work out what to focus your payments on: http://www.whatsthecost.com/snowball.aspx
The second thing to do is reevaluate your expenses - there are some things that you had really keen to keep on with (e.g. slimming world). But only you can say whether or not the gym is something that is worth its money.
Look at what you can do to reduce your costs:- meal plan and reduce your food costs where possible
- use vouchers etc when you go out with your friends. OH nearly always eat out on vouchers now and it works out to be £10 pp.
If you are going to make purchases see if you can make them using a cashback site.
Good luck
urg x x0 -
Hi,well done for posting,you sound very focused.I would keep a spending diary its surprising how little spends here and there mount up.We have had many kittens over the years and have never given them kitten milk,they have all grown into big healthy cats and you would save £12 a month.0
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Keep a spending diary. Write in (or speadsheet) every single penny you spend. It really makes you think...0
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hi and welcome to the boards, i have to second the comment about kitty milk i never have given it to mine and they've grown up into fine cats.
Also i agree you need a spending diary it will really open your eyes.
Also have a look around at the small ways you can increase your income, it all helps.
good luck on your debt free journey0 -
Thankyou so much guys, god i was so scared about being called stupid..an idiot for getting in this mess
RIGHT, kittens are no longer on kitten milk, they absoloutely love it, but obviously is a cost. As for the slimming world, well like i said..i tried doing the diet without going to classes, but it was the classes that made me stick to it, and i really do need to loose weight, however on second thought, there is also no reason why I can't quit the gym, do the SW diet at home..and walk to work? saving money on travel, gym AND the SW expense..however work is about a 2mile walk, and would it be wrong of me to NOT want to get up at 4am, and leave the house at 5? when atm it's getting up at 5, and leaving for 6.30! I could always leave the gym...such tough decisions! Im definately planning on reducing the food shop anyway, and wheres this free scratchcards and bingo everyone is raving about?!0 -
Oh and i'll start a spending diary, anyone got tips on how to organise one? need to do a food diary too...0
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I just got a cheap notebook and I put all my receipts in my purse then write in the book every night (or as soon as I can after I spend the money). If I went to the supermarket and got a mix of stuff I put a total spend then below in brackets how much of that was clothes, for example.
My book is just simply organised by day, so each day I put what I spend money on and how much e.g.:
27/10
lunch at work £3.50
Supermarket £25
(socks £8)
After filling out the book I put the receipts in a bag so my purse is empty again.
I'm fairly new to this so someone else might have a better way.Debt at highest: £8k. Debt Free 31/12/2009. Original MFD May 2036, MF Dec 2018.0 -
Either your maths or mine is wrong as I make your outgoings 511 before debts
123 Bills
100 Car
25 Gym
20 Slimming
9 RCN
16 Kitten insurance
Comes to 293 not 273
120 Food
18 Kitten food and milk
80 Going out
Another 218 makes 511 and then you have the debts on top of that. And that's without allowing for months having mre than 4 weeks in them which bumps it up more.
You can probably save at least 25 a month on the kittens as we feed 4 of ours, on Iams, for less than 15 a month, and have never had insurance for any of them.
If it was me I'd try to pay off New Look first as that probably has the highest interest rate.Ok, it has come to this! I made a post earlier, about an unplanned overdraft charge i simply cannot pay, rang lloyds who wanted proof of how much I earn, to waiver the charge..and i became embaressed, i'm spending money on things i don't NEED and wasting it down the drain and not thinking of the consequences, ending myself up in this sort of situation and ultimately need to sort it out!
So this is my situation
I'm a student nurse, my monthly income from this is: £540, and this is paid on the 3rd friday of every month
Rent is: £0, however when i'm out of the debt im in I'd like to start paying rent, my dad offered to pay it for me in my first year and has offered to do it for my second, something i do not wish to continue
Bills: £123, including mobile, internet, tv, and landline..anddd water, gas electricity
Car: £100, including insurance and petrol..I tend to try and save up the month before MOT and tax to pay for these
Gym: £25 a month, i need to go more..it will help me feel better, and is importnat
Slimming world: £20 a month, I have tried to not go to classes and do the diet by myself, however found i didn't stick to it. I've lost 2 stone so far, which is a positive step, and it is important too me!
RCN: £9 a month, which includes my union membership and magazine for student nurses
Pet insurance: £16, I have two sprightly little kittens!
Ok so 'bills' wise this adds up to £273, leaving me with (if i round it up to £280) £260, so whats my weekly expenditure, WELL I don't go out that much due to the demand of my course, so when it comes to food (including kitty food and pet litter)
Food: £30 a week, morrisons shopping. I make packed lunches for placement also
Pet food (a week): Kitten milk costs £3 a week, and i buy the food in bulk and it lasts 23 days, its £6 a month so lets say £1.50 a week
Going out: I tend to go out with meals, or the cinema with friends or a night out, and i'd spend around £20 a week on average, sometimes more unfortunately
so this total brings me to £411 of my budget
Leaving me with, around £120 left..which..goes on what? My debts!
These are
1. Overdraft: £1000 with Lloyds tsb. I aimed to spend £50 a month on getting rid of the overdraft, but i've simply had the spare cash to pay it off, i want to get rid of it and HATE having it, I want to make this the FIRST debt i pay off!
2. New look store card: I love new look, but not their finance store card, I have £82 to pay of this, and am paying £5 a month minimum..
3. Barclay card: I have £220 of this to pay off, am paying £7 a month
4. HSBC: I have £400 of this to pay off, am again paying around £7 a month
You'd think i can make this monthly wouldn't you, that I can pay it off no problem and not run out and get into unplanned overdraft or ask dad for help..somethign im really ashamed of, so my plan of action is this!
1. Reduce monthly outgoings
2. Increase my income, I do bank nursing work and can earn (when not working as a student nurse) around £300 a week doing this! However, as a student nurse the course is demanding, so i'm aiming to do a MINIMUM of 24 hours a week, either night shifts or weekend shifts as they pay a lot more!!! This money will go towards savings, and paying off debt, and also meeting my monthly shortage!
3. Change my attitude to money
4. Be debt free in 6 months!
*sigh* im such a newbie to this all, and going from workign full time, to being a student has been tough fianancially to adjust, and I apprecite, my situations isn't as bad as others, but its affecting me, and my ATTITUDE to money needs changing, I really hope you play nice, and don't be mean, but advice, tips would be appreciated!!0 -
mrstreacle wrote: »Either your maths or mine is wrong as I make your outgoings 511 before debts
123 Bills
100 Car
25 Gym
20 Slimming
9 RCN
16 Kitten insurance
Comes to 293 not 273
120 Food
18 Kitten food and milk
80 Going out
Another 218 makes 511 and then you have the debts on top of that. And that's without allowing for months having mre than 4 weeks in them which bumps it up more.
You can probably save at least 25 a month on the kittens as we feed 4 of ours, on Iams, for less than 15 a month, and have never had insurance for any of them.
If it was me I'd try to pay off New Look first as that probably has the highest interest rate.
Its actually £6 a month for kitten food, as i buy them the petsathome natural range, huge box of biscuits which they LOVE for £6, and is good quality food aswell!
however your maths sounds about right, i have dyscalculia, and do often get muddled with adding up and money!0 -
Hello!
I found that Slimming World sometimes encourages a bit too much reliance on pre-packed food, that costs a bit more than basic stuff. I would look at the OS boards for ways to reduce your grocery bill by eating healthy, home-cooked foods rather than pay for the SW fees. I found a diet buddy at work, and lost 2 stone - now a healthy size 14 for two years, having changing my eating habits rather than relying on weekly scrutiny!
For exercise, why not go on freecycle and see if you could pick up a bike (cycle to work, save on the car, get exercise)?
Good luck xSome days, it's just not worth chewing through the leather straps....
LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
May grocery challenge £45.61/£1200
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