Graduate spiraling into debt doom

foxgloves

Boring as it sounds, it's learning how to budget properly & then sticking to it that will make the difference. I wasn't earning much money when I first graduated either, but it did increase over the years, then I got together with my partner, who was also on a good salary (not huge, but 2 perfectly reasonable full time salaries coming in). However, I still 'never had any money'. I've put that in quotation marks because of course I should have had plenty. It was just that I never did a budget & just frittered money around all over the place. We never had huge debts, just a lot of them and as soon as we got anywhere near paying one off, we'd just borrow it again. So what I'm saying is earning more made little difference to either of us because we hadn't learned how to use our money sensibly. I never thought I'd be giving ANYONE money advice, but I really have found that I am now as motivated about not spending money as I used to be about going out & blowing it on nice stuff & eating out. Even just a simple thing like always taking packed lunches to work has saved us around £2000 a year. It sounds so boring, but budgetting is a lifeskill and if we don't acquire it (it took me 20 years to do so!), we will always find money a struggle.

dreamdreamer

Hi chicken, welcome to MSE!

Most of my debt was accumulated as a struggling graduate so I definitely sympathise! It's not an easy Market right now so big congrats on the internship, will it lead to a job?

First of all, find an NHS dentist and get your teeth sorted. I cracked a tooth and left it a year because I "couldn't afford it" and wound up with a serious abcess and very unwell. https://www.NHS.uk will list NHS dentists in your area and whether they are taking new patients. If you need an emergency slot call NHS direct.

An evening job or a Saturday job would indeed make a big difference to your budget, would the call centre consider keeping you on for a Saturday shift?

Anyway be assured you will get through this! 2 years after graduation i was unemployed and feeling hopeless but I found a way and you will too, the struggle won't last forever!

Dreamer x

katsu

Try living with cash. You say you spend too much going out if a friend visits, well work out what you can afford to spend after all the bills are paid, then take that £20 note out of the cashpoint and put it in your purse. Then take your cashpoint card out of your purse. Then you have to make decisions...a coffee treat? a drink with the friend - "I can't do rounds, sorry", a top-up shop for a food treat, new shoes, whatever it is. If the £20 is spent by Weds then you have no more money until the next Sunday and can't impulse shop by card (I'd break the monthly money into weeks to start with).

viv0147

I found that having a menu to cover 2 weeks I shop accordingly, and besides eating well it eliminates impulse buying.If you see food offers that suit you! if you can buy quite a few then within a few months your store cupboard builds and you're shopping bill comes right down.Good luck

basketcase

unborn_chicken wrote: »

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.

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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Hope the tooth is fixed soon...

In the right hand panel (yellow section 'Free Tools') there's something called the Demotivator. It shows you how much those 'little treats' - coffees, Mars Bars, Newspapers etc - cost when you add it all up.

It can be :eek:

unborn_chicken

Thanks guys!

My boyfriend and I are budgeting meals and I am doing alright, got another prospective student today too

Call centre wont keep me on for one shift a week, but said I can have my job back whenever I want it

Internship possibly leads to a job which I have a really good chance of getting as I'll be full time- It's more a toss up of if I get into drama school or not...heart is in performing, but I'm really good art Arts admin and marketing and organising events and fundrasing etc

I'm trying to think of money in a different way..instead of thinking that I've got £100 to spend on what I want for the month, trying to have a bit more for next month instead, and for the future. It's SO hard with all the commercial temptation out there! I'd be really scared to try one of the challenges you guys do though! I don't think I could hold out that long? I don't know..

unborn_chicken

I've made a decision!

Apart from when my friend is coming down to visit this weekend (we're going for a drink) I've decided NOT to spend money on anything that isn't essential (coffee, extra food, etc). I may need some soup and painkillers for tooth healing time, but I'm going to try really really hard. And I'll start leaving my card and loose change at home..