new to the site

eminemfan001

He everyone im new to the site and would really appreciate some advice. i lost track of my finances and have way over spent over xmas. im now over drawn by just over £1000 but my hours at work have been cut so im now only earning just under £500. im determined to pay this off but need help and dont no where to turn. the bank refused to have a meeting with me to give me advice because "i wasnt that bad off compaired to some people" (there words not mine)

my main downfall is over spending on social meetings like going 4 coffee twice a week or some times lunch. also the pubs where i live cost a lot of money and while i dont drink much they dont like u 2 sit and not buy anything. my friends birthdays have all added to my money worries as i had 6 birthdays in december 2 buy for and i have at least another 4 this month coming. any advice on how 2 not spend as much would b helpfull but i would still like a social life if i can! thank u for reading xxxxx

dancingfairy

Hi - I think the first place to start is to do an SOA (statement of affairs) - will post link in a mo. This will show you how much money you need to live on to pay the bills etc - hopefully you will have a bit spare each month in order to have a little for socialising and a little for debt repayment - don't forget to put a small amount aside for things like car tax, christmas, birthdays etc otherwise you will get derailed again - even if you just put say a 10er away whilst you are paying debts off you will not have such hefty bills coming out of the blue at you.
Good Luck
df

dancingfairy

SOA link here:
http://www.makesenseofcards.com/soacalc.html
hopefully you can afford all your bills on the 500 a month - have you looked into whether you can get any extra benefits now - working tax credit or something?
df

eminemfan001

thank you for the advice. i dont think i would get any benefits because i live with my boyfriend and his parents to technically i only pay "digs" which is 150 a month. then i have my home learning college, phone bill, tesco films (saves buying new dvds or games) which come to 95 a month. then i have piano lessons which is 7 a week plus travel to them at 2.30. also i get a taxi 2 work once a week (7 am start) which is 3.00. apart from that i stock up the fridge when i get paid and need to buy lunch for the days im working. i no i can make cut backs I just need someone to point out where!

bridgend_girl

running up the overdraft is easily done. As your income is so low as your hours have been cut the most obvious solution would be to find some extra hours of work elsewhere. I know good jobs are scarce but if you're willing to work for minimum wage and happy to do anything then there are usually cleaning or bar jobs etc available.

If you cant afford pressies for friends perhaps offer them a treat instead - offer to valet their car, tidy up their garden, etc or something else inventive. Next week i'm babysitting for a friend as a birthday pressie so she and her hubbie can go out without the hassle of finding and paying for a sitter.

good luck

eminemfan001

i like the idea of giving them a treat it would feel more personal as well. only problem is none of my friends have children or their own house (all aged under 25 including me!) but im sure i could find things on google that would be good. i have the option of taking back my job as a function waitress but that wouldnt start till march/april and im not sure how much i would be taxed for having a second job. my mum thinks it wouldnt be worth it but she isnt always right lol. i really like this website with people being so friendly

ellesbellesxxx

7 a week for piano lessons that's amazing! I used to pay 30!!!!
What standard are you? could you teach it to beginners or aural?

eminemfan001

i get student discount because i have been going since i was in primary 7 she normally charges £8.50 lol. im at grade 2 but i only play because i enjoy it not to earn grades. i may be working towards a grade 3 but im nowhere near good enough to teach others.

tallyhoh

Stopping the films, piano lessons & buying gifts would be a start. Is the taxi really necessary? most bus services start at 5am. How much are you spending on food, you could try checking out the old style money saving board for tips on cutting the grocery bill.

Regarding the gift business, you could try explaining the situation & promising to make it up to your friends when times are better.

ixia

Insted of birthday nights out could you not explain to your friends you are struggling with money just now and ask them over to yours for a glass of wine and a dvd or girlie chat if you all chipped in would be a fraction of the cost of a night out.

good luck.

weeclick

I would firstly say cancel films striaght away and consider stopping piano lessons even for a few months. My piano lessons used to be £10 a week but when finances got tight (wa paying myself and was only 16 with other lessons costing £160 a month!) I was allowed to take a break, as you say your not playing to earn grades so a few missed lessons wont hurt your study.

As for presents you could make everyone a small hamper - with a bubble bath, thorntons bar of chocolate, fizz bombs and home made jam. I did this for everyone last year - and added perfumes, books etc as and when I could afford it for family members. The amount of compliments I had was fab because it was more unique than just buying any present in the shop. Including perfumes, chocolates, books and kids toys etc I made 11 christmas hampers for £150!! so it can be done!! Just shop around for bargains, buy multi packs and open them up so you can scatter a few around the hamper - or use for 2 or 3 hampers!