Graduate spiraling into debt doom

unborn_chicken

Hello all,:p

I'm new here, but I've frequently used the website and decided to join.

Basically, I graduated last June and managing my debt is really difficult. It took me a while to find a job to get by, lost that, got another job and I'm now about to start an internship (paid, but only £700 a month!) so career wise things are gradually getting there and I've worked hard and sacrificed alot (money mostly) to work for free to get experience to get into the arts industry.

I'm just getting really down because it seems to be never ending. At the moment my council tax is huge - £90 a month until the new tax year, I can't afford my mobile contract anymore and can't get out of it, even though I've told vodafone its making me seriously stressed, they've been no good and they wont let me reduce my contract, even though im a year in and ive been a customer of theirs for 3 years.

I also got into debt with my RESERVE overdraft with barclays, I now have a 6 month agreement to pay them back inbetween £30/£40 each month, £66 of this being reserve charges, and I've exausted the complains procedure and am now thinking of taking it to the Ombudsman. I broke my wrist and missed time off of work (I work for £6.50 an hour in a call centre currently and am not entitled to sick pay) and I also had time off due to a badly infected wisdom tooth which I still cannot afford to get removed (I'm getting my meds form together so soon hopefully...)

I'm also trying to get into a postgrad performance course ad the audition fees are high for this, as is the tuition. I know this is my choice...I've just always been poor and it's really getting to me. I owe my friends and boyfriend money and I just cant take it...I don't know what to do. Well..I know what to do...make a budget and stick to it...but something ALWAYS seems to happen to make this impossible. I'm not pretending to be perfect..I've made stupid mistakes of spending money on things that I really shouldn't have...my wisdom tooth is so so painful and I literally cannot afford to get it removed this month.

I'm doing things to try and help myself...I'm looking to start teaching singing part time to get some money and experience, and I'm also taking part in medical studies which I will be paid for if i qualify.

I think what I'm trying to ask is...does it ever stop? Will I ever be comfortable? And why, why, can I not save money? I have this mentality where I just think I have alot of money when I don't.

It's getting to the point where I seem to be selling stuff each month to get by - a bike, my ipod, camera, my beloved guitar amp. I will run out of things to sell.

Basically, it works out for the next 4 months I will need to live on around £20-£30 per week after bills, debts, etc. I share a food shop and we manage to get by on around a £40 food shop which lasts 2 weeks. Things always come up- an audition fee, travel, a friend will come down...I want to be able to stick to a budget ridgidly.

I'm aware some people will be thinking 'ohh... shes been a naive student for three years' and I suppose this is partly true. But I have always had to stand on my own 2 feet-I have a very difficult family situation and never relied on my mother financially through uni.

I know there are people out there worse off- single mothers, people who have gone bankrupt-I just just just just JUST want a break from it.
I'm currently just looking at my bank balance wondering how I will control myself to live on £30 per week.

help.

Does it get easier?
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Sharon87

Post up a Statement of Affairs (link is on a pinned thread at top of board). It will detail your income and outgoings, as well as your debt. Only then will we get an idea of your situation.

Can you move to a cheaper place?

Also I would get your tooth sorted out asap, even if it costs money, otherwise it may get worse and end up costing you more money to fix the problem the neglect causes. Can your parents loan you money for the dentist? Have you checked to see if you can get any benefits? When I was on a low income I could get some housing benefit and council tax benefit. I take it your under 25 so can't get tax credits.

Linky: http://www.makesenseofcards.com/soacalc.html fill in the details, press calculate, press MSE and copy and paste the entire thing into a post.

jamesy1986

Hi, this sounds very similar to me. My immediate suggestions are to go a good few weeks living on very little to build up a small reserve of money you can rely on for bills.

I also work in a call centre but thankfully am protected for sick days to a certain extent.

Mobile contract.. I have one and can afford itm if you cant, cut your losses and pay off the contract. £200ish (?) now will seem harsh on the pocket but you may be better off in future, wasnt an option for me personally as I use my mobile (good call package too) as my main phone.

Honestly what I've found the most helpful as far as living costs go is to live cheaply. Meaning, no take aways, cheaper food, iceland is a god send for me and a lot of my meals probably cost less than £2.

Teeth should be your upmost priority, not just for money reasons, but itll end up costing more in the long run if you dont get it sorted. I've a problem with a chipped wisdom tooth as well and from what I know they are directly linked to the heart as well.

Take a second job if you need to, bar work is always flexible to suit you. I don't need it as I an get overtime but youll be surprised at how much that £30 extra a week makes up for.

We live in debt for a reason, find out why you are in debt. "Student debt" is an easy way out to think about it. My reasons were that I spent a fortune on clothes, drink, drugs, cigarettes, food and travelling as a student. What are yours?

Raquela

have you checked to see if you would be eligible for free dental care? People on a very low income are entitled to free prescriptions and dental care.. the form you need is an HC1 or 2 I think.

Nottoobadyet

Wisdom teeth should be taken out free on the NHS. I had all 4 of mine (all impacted) taken out this year and they did a fantastic job. Find an NHS dentist to refer you urgently.

unborn_chicken

Hellloo everyone,

Wow- thanks for all of the responses!

I actually managed to wangle £5 a month off of my phone contract without losing anything - So a small saving there!

I've decided to bite the bullet and get the tooth out next week. I'm currently getting my HC form together, So hopefully I can claim some of the cost back.

Sharon 87- thankyou for this link - I'm definately going to take a good look at this.

Jamesy- I'm looking into getting a part time job whilst doing my internship- realistically I just need a Friday night job, to bring in like an extra £120 a month - you are right- this will make all the difference. And to be honest- £40 a week after bills- it isn't too shabby considering so many people have nothing - I think I do get swept up in wanting material things and waste too much time thinking about it all! I think it really is a lifestyle change - I mean I don't really go out drinking or anything like that, but I have a silly and wastful coffee habit, I think I;m going to start taking a flask around with me. I think part of me feels like I'm missing out if I don't treat myself to something, and I know that really, it is silly and wasteful.

Student debt- I think mis-management of money really. Again, I didn't really go out drinking much...rent in Oxford is pretty expensive, at least £350 per month per person...I spend too much on food. I'm a foodie. foooooooood.

Nottoobadyet- I agree....I'm just going to my dentist as I just can't put up with the pain any longer! Wisdom teeth need to learn a lesson and understand that they aren't useful anymore. I haven't met anyone yet who has said they improve the way they chew! haha

I'm really going to try hard and not spend money wastefully. Honestly- I think I waste too much money on eating out and drinking.

What are your experiences with debt? Have you any fun money saving tips, or anything that has changed your life in terms of the way you think about money and its ACTUAL value in relation to everything else in your life? (sorry if thats a strange question...)


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climbgirl

Check out an NHS dentist in your area - I had my wisdom tooth out last year and it cost £8. It doesn't need to be expensive, they did a good job on mine.

curlytop12

good on you for facing upto the issues.
think "jamesys" reply was brilliant btw.
i'd say:
do SOA
work out budget into different "Pots" ie. food,entertainment,bills,savings etc.
meal plan-always see what you have in the cupboards/fridge to add to whem making your shopping list.
stick to the shopping list.
wait for advice on the SOA from the MSE'ers.
2nd job
use cashback sites if you need insurance or buy anytjing online.

good luck!

curlytop12

ps.
get your tooth sorted asap,bless you!

THINGS WILL GET BETTER !

GeorgieFTB

Hi Chick

Sometimes it is boring and a grind, everyone feels it which is why there are so many challenges - Grocery, NSDs, Sealed pots, work lunches, weekly spends etc. Try to join some, probably 1 a month, if it helps and is entertaining, well more so than just staring at an empty purse and feeling depressed, then it will do you good.

Its a little more entertaining to have an £80 grocery challenge and have £4 left for the month and a store cupboard with stuff in, the meals will be 'interesting' but you can then post that you stuck to your budget.

Take a look on the old style board, there are some great ideas for cheap meals which should keep your inner foody happy.

Gx

unborn_chicken

Hi all!

What is a SOA?

I have been utilising my skills a little- after spending so much on my singing tuition, I actually started giving singing lessons freelance today and got paid for it SUCH a good feeling!

Gem- thankyou

Georgie- what are NSD's and Sealed pots? and what should I join?

(aware I sound like a COMPLETE newbie!!!!!) hahaha.

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