Debt free advise required!

NFFC_2006

Hello I'm a newbie here but things have been getting a little stressful money wise over the last 2-3 months. I have recently moved in with my girlfriend and as you are probably aware bills become more and more frequent. My current job is Monday - Friday 9-6 and pays around £15,000. I just really wanted some advice on taking a second job possibly over a weekend or at an evening time so my weekends are still free. I owe approximately £8,000. This is due to my fasicnation with cars and going out which have now come to a fast halt! I do have things like sky and broadband which obviously sky i could cut back on. Also have other outgoings. I think my current outgoings are around £700 which leaves me about £250 a month. My current loan payments are about £252 a month currently 6 months in to it. A second job would give me lots more freedom to get myself out of a rot. Just wondered what opinions people have on 2 jobs. I have seen a weekend job on Saturday and Sunday which pays around £150 a weekend which would vastly improve my income but would mean working 7 days a week. Has anyone worked 7 days a week for a while? I have heard people mention a phrase called moonlighting would this affect me at all with having 2 jobs. This is just a 3-4 month temp solution but any advice would be much appreciated.

HairyHandofDartmoor

Hi NFFC. It depends upon how your employer would feel about you having a second job. Some mind and some don't.

I think working 7 days a week would be very tiring and you might not be able to keep it up for long. I would try just working sat or sun and not both. You need 1 day off a week or you will get tired and ill. Good luck anyway.

Mizz_Pink

I also am looking for a part time job, however my Mum told me to be careful as I'm not very good with burning the candle at both ends!! i.e working too hard.

Maybe a pub job would be best so you can do 1 or 2 evenings and maybe sunday lunch, that way you still have some eves and saturdays free.

lynzpower

have a look at AQA too, I believe they are recruiting at the mo

Also to say that if you wanted to, you could always post up your SOA to see if theres anything cheaper or cutbacks. 750pcm might nbe OK, but there might also be some savings to be made.

Ive worked a 7 day week doing days and nights, and Ive also worked full time and done a full time course, and I worked 2 jobs while I was at uni too.

It wont kill you for a few months, definately not.

[Deleted User]

There's loads of Xmas jobs coming up in all the high street stores and supermarkets. You could probably quite easily get a few extra hours evenings/weekends in any of them.

david_hellier

Welcome. You've hit this site at the right time in your life. Early enough to take control with some ease. As Lynz says let's see your SOA

NFFC_2006

Here is my SOA.
Well monthly breakdown
Monthly income is £995 a month

Loan £252
Car insurance £45
Mobile phone £40
Bank card £15
Pet insurance £8.99
Pru health insurance £23 a month although £100 free boots vouchers for joining and £115 back through quidco!
Sky £43.50
BT phone and interenet £40
£130 petrol
£130 food
Total outgoings without counting luxuries is £727.49.
I know there are things I need to cut back on which shouldn't be taken for granted especially top bank card (platinum) and also sky package. I am prepared to work though to keep some of the luxuries. That's why an extra £500 a month would give me room to save while also paying off my debt at the same time through my 1st income. Any advice or ideas would be much appreciated. I can easily keep up the payments but feel my social life has really taken a nose dive over past few months.

david_hellier

Thanks. According to my calculations you have £91.73 per week to spend on food, clothes going out etc. I suggest you write this amount in a little book (a spending diary) each Monday and keep track of what you spend by subtraction. Carry forward any you have over to the next Monday. This prevents overspend. Then you can concentrate on cutting back.

Your biggest overhead is the car, so if you can do without this, do so. I note you have not included other car costs in the figures or rent or utilities. Beware this situation could lead to friction in your relationship later on. I would advise you discuss this with your GF, so you share some of the bills. Sky is largely unnecessary, so get rid. You could get a part time job to generate say £50-100 more per week to improve your lifestyle. Do not save whilst you have debts; it's pointless.

Good luck, here are the figures:

income weekly monthly
self 995.00
partner







total 0.00 995.00 divided by 4.33
£229.62

£229.62 total weekly income

spend weekly monthly
rent/mortgage 0.00
council tax 0.00
elec 0.00
gas 0.00
water 0.00
secured loans 0.00
TV licence 0.00
fines 0.00
loan 252.00
car ins 45.00
mobile 40.00
bank card 15.00
pet ins 8.99
health ins 23.00
sky 43.50
bt 40.00
petrol 130.00













total 0.00 597.49 divided by 4.33
£137.88

£137.88 total weekly spend

Start= income - spend = £91.73 per week

NFFC_2006

Thanks David for the information. It's my birthday today and over the next 12 months I am going to try my hardest to try and halve the debt. I know it's not going to be an easy thing to do, but it certainly will be challenging. My loan amount left is around £9100 and I have £250 still owing on an egg card wihich I am going to clear at the end of this month. I should hopefully here from my part time call centre job by the end of this week so that should give me a better indication as to the future. If I can earn an extra 100-150 pounds and can carry that on for the next 3-4 months then that will clear approximately £2000 off my debt. Do you set yourself long term targets or is it best just taking each day/week as it comes? Any advice would be appreciated.

CLAPTON

you need to review and revise your SoA to include all your spending...basically if you spend then it has to be in the SoA otherwise its impossible to know whether you are actually overspending or repaying debt.
The budget isn't just for this month but for month on month so it has to include everything you will spend over the next 12 months...so if you need to pay e.g car tax, mot, servicing, or buy any clothes , or xmas or birthday presents, or go on holiday overe the next 12 months then you need to estimate these and divide by 12 and add to the budget (in the months you dont buy these things you save up the mopney so you have it available when the bills come in rather than adding it to your CC)

also you dont seem to contribute anything to your GF rent, utilities ..is that right?

NFFC_2006

Having looked at other contributory factors I probably haven't given a true reflection on my SOA as I haven't taken in to account probably all monthly outgoings.
I will try and put all my outgoings together as some of the things I haven't really thought of.
Monthly income £995 main job
Loan £252
platinum bank card £15
Sky £43.50? I think for full package (I do like my football)
BT payed quarterly but normally around £120 so works out at £40 a month.
Mobile phone (contract) runs out in July currently £40 a month
My westie pet insurance £8.99 a month (gold)
£130 petrol
£130 food including pet food per month.
Gas £10 a month
Electric £10 a month
Car tax £12 a month
Car insurance £45 a month
Rent - currently my g/f pays council tax and rent as it's her place and I just moved in with her. I contribute to all other bills but she pays the main bulk of house bills.
Without contributing any rent to my g/f my outgoings are £736.49?
I understand that can be cut right down abit.
Have I missed anything out that has not been considered. I assume money left is for luxuries???
Thanks for peoples help on this one and advice. It's great to be surrounded by people who can offer sound helpful advice.