What should I do?

DarkConvict

Sav wrote: »

Thanks Sparkly Princess. The groceries includes eating out. So I guess I should have separated that out. I eat out quite a lot as I haven't mastered meal planning techniques yet. I work long hours so by the time I've finished it's easier to get something out. I def need to plan meals more.

I felt the same way, but atleast ready meals are cheaper than going out. I actually find if cooking for one ready meals work out just about the same although quality of food is less, cooking time is alot less also.
Stirfry is a dead cheap way to took especially if you use no meat, if it fills you up it is worth doing it. Wok + 10-50p stirfry pack (late evening at supermarket) and your away

Your rent is very high, i got a 2nd bedroom flat for 850, and let out the 2nd room (not a sub let) so was paying £450 in leatherhead, nearly London and popular area.

Your entertain and holiday budgets are far to high, you spending £3600 a year on yourself, whilst you owe £12,500 to other people. Keep that in mind, cut back and get the level of debt down.

Sav

DarkConvict wrote: »

I felt the same way, but atleast ready meals are cheaper than going out. I actually find if cooking for one ready meals work out just about the same although quality of food is less, cooking time is alot less also.
Stirfry is a dead cheap way to took especially if you use no meat, if it fills you up it is worth doing it. Wok + 10-50p stirfry pack (late evening at supermarket) and your away

Your rent is very high, i got a 2nd bedroom flat for 850, and let out the 2nd room (not a sub let) so was paying £450 in leatherhead, nearly London and popular area.

Your entertain and holiday budgets are far to high, you spending £3600 a year on yourself, whilst you owe £12,500 to other people. Keep that in mind, cut back and get the level of debt down.

Thanks for the tips! I think I definitely need to reconsider my living quarters. It's such a nice place, it's really hard to let go. But I'm kidding myself if I think it's manageable as it is.

DarkConvict

Sav wrote: »

But I'm kidding myself if I think it's manageable as it is.

Amount short for making debt repayments. -242.99

Moving is a pain, i hate doing it, and nice accommodation does keep you happy, but if it costing to much you get worried and depressed over debt.
Reduce your costs over time to a level you can afford, you may find it easier to reduce slowly and to hit rock bottom spending on month 1, feel miserable and give up. It takes time and experience, starting is good but don't try to jump down costs to quickly.

DVardysShadow

My take on this is that although the house you have bought is a net drain on your resources, it is actually a generally good investment. But you need to work hard on your debt to keep it. Holidays away and entertainment are a luxury for you at the moment, particularly while you have debt. You should also try to shift your debt to cheaper cards by making cash purchases using the cheaper cards and using the cash saved to pay off the more expensive card

Sav

DVardysShadow wrote: »

My take on this is that although the house you have bought is a net drain on your resources, it is actually a generally good investment. But you need to work hard on your debt to keep it. Holidays away and entertainment are a luxury for you at the moment, particularly while you have debt. You should also try to shift your debt to cheaper cards by making cash purchases using the cheaper cards and using the cash saved to pay off the more expensive card

You are right, it takes a lot of self control to stop spending and treating yourself. It does for me anyway. Especially when you work a lot, if you have a bad day, you think stuff it, and end up spending.

ViolaLass

Sav wrote: »

The problem is I'm completely guessing on some of these expenses. All I know is, I struggle every month to keep afloat. I need to start putting money aside for holidays as they currently tend to go on my credit card. Then I will spend months paying these back as fast as possible. I think I need to keep a diary so I know exactly where it is going. I definitely think the smaller place idea is an option.

This sounds good - writing down everything you spend to the last penny can be a real eye opener. Also, you haven't said where you live but when I lived in London, I knew sites that told me about things that could be done free e.g. comedy evenings, film showings etc. Maybe there's one for where you live?

Putting money aside for holidays rather than putting them on the credit card is good but not having holidays is better (at least short term). This doesn't mean that you shouldn't have time off but instead of e.g. flying to Spain for a week, stay at home and explore the area in which you live. I don't know what you do at the moment or where you live so I can't be more specific but I hope you get the idea. No expensive holidays for at least a year will help take the pressure off.