No money for Christmas :(

jls022

Hi everyone,

I am looking for some advice. I recently consolidated my debts by taking out a graduate loan. I got a really good rate (under 6%) and on the small wage I am on it seemed like the best option for me. It has been going well so far, I cancelled all credit cards/overdrafts and to make it better I have just been offered a new job paying a lot more money However, I am due to start on 6th December but due to the changeover this means I will be paid on 26th November (which has to cover pretty much all of my Christmas shopping) then my next wage will not be until the end of January.

I cannot afford to live for 2 months on my current wage so I reluctantly applied for a small overdraft (the absolute minimum so as not to get stuck in the debt cycle again) but it was declined. I have since spoken to someone at the bank who said they can't do anything about that but I would be able to get a credit card or loan top up. TBH both of these options seem like bad idea to me. Due to my rent being paid in cash the credit card is out as I do not want to have to withdraw money on it and pay the high charges. However I don't really want to top up my loan and be paying interest over 5 years on the few hundred pounds needed to see me through either, especially since I could easily pay back all at once when I get the first wage from my new job. Can anyone think of anything else I can do? Thanks

Lottebear

Can you use any of your tesco,boots, Necar points to buy gifts? Ebay to generate some money, sell old text books on Amazon. A little part time job waitressing?

How much would you need?

katsu

Cut back as much as possible on Christmas spending.

So the issue is the new job will not pay you in Dec but will pay you 2 months pay (allowing for not covering 1-5 Dec) at the end of Jan? If this is the case, ask the new employer for an advance of salary - ask them to pay it around end Dec or start Jan, basically talk to HR and see what they can do for you.

People ask, and this can be done in most companies, so should be the simplest solution to cover essential living elements. HTH.

pupsicola

Your family and friends should be extremely proud of you for how much you have sorted your finances out. Dont go getting in pointless debt just to buy pressies. Speak to them and explain the situation and suggest that you do something nice together when you have got your 1st good wage.

In my family we dont give of recieve pressies for the adults. We just get together and have a fab time and buy little gifts for the kids. Xmas is about more than presents.

juliapenguin

I second asking for a small advance from your new employer, just the bare minimum so that you don't leave yourself short in January.

I also second making this a no presents Christmas - I stopped all present giving and receiving between adults a few years ago and haven't looked back. I give some cash to a few family kids who are inundated with c**p from other relatives and are much happier with the money! I know it sounds like I'm a miserable Scrooge, but I started this when money was tight and although the first year was tough not having any presents on Christmas Day I'd never go back. Now I'm not so short of cash, my friends and I do things together for special occasions rather than exchanging 'things'.

Good luck - you're doing soooooo well.

misskaytee

Not ideal but could you ask family for a short term loan to get you through?

foxgloves

Yes, agree that you are not in a position to be buying unnecessary presents. If you absolutely must give something (for closest relatives ONLY as all good friends should understand your position), get some Christmas cards from the pound shop, then make some vouchers to go inside them where you give your time or a promise. And then choose simple things i.e Promise to pop in with a home-baked cake during January when people often need cheering up; An evening of free babysitting for a couple who don't get out much; a promise to do all the washing up after Christmas lunch.....that sort of thing. I don't think people should EVER feel guilty that they genuinely can't afford to buy presents, but it's human nature, isn't it, so doing this could help, if you feel uncomfortable about your predicament. The most important thing, as you rightly identify is that the debt cycle doesn't start again & that you are in control and do what is best for you.

DanielleR

Really feel for the OP. That's a bit like the situation I am in now (except I can't get a CC or consolidate all my debts).

What I've done is... luckily... bought my nephews & nieces presents earlier this year, ebayed a lot of stuff recently and have bought ingredients to make the adults in my family fudge, biscuits, I've knit my sister a scarf using reclaimed wool from an old jumper. Sounds a bit twee I guess but my family understand the predicament I'm in being between two pay cheques. They are more appreciative about me sorting out my financial situation.

As for my other half. I refuse to let him lend me money and we've decided to do "our" Christmas in the New Year when he's worked some overtime and I've been paid. Added bonus everything will be on sale.

Hope this is of some help!