I want to be debt free!

stoker0nine

Hello everyone,

I have been a bit of a board lurker for a long time but have now decided to join and post!

Basically, I was hoping someone could give advice as to what I can do to sort out my financial issues, if I post my earnings / outgoings.
I am unsure whether this is the right place to ask this sort of thing, as some other posters' debt problems seem to be more serious than mine.
My problem is not that I am in debt due to loans, etc., but rather, every month, I have to borrow money, whether it is from the Bank or parents. I am not on a huge wage, but i'm pretty sure I should definitely not have to repeatedly borrow money.
Please advise if I can get this kind of help here, and if so I will post my earnings, bills, etc.

Many thanks in advance.
S.

viv0147

Don't buy anything you dont really need for a month or two, if you go out DONT! You should then be in the black, then save a little out of the surplus each month you will then be in the position to be totally independent and when you do wish to go out or buy something you will have the money to do so.

stoker0nine

Thanks for the reply Viv.

This is something I have tried. Whenever it looks as though I am going to have money spare at the end of the month, something happens where I have to spend money! For example, last month my car broke and cost me £300 or so!
Also, I find that the the reason for borrowing money each month has been an ongoing thing. About a year ago or so, I moved in with my girlfriend (I'm 22). I still had debts at this point of a few hundred per month. I am now clear of those debts as of 5 months ago, but because when I had debt I had to borrow each month to get me through the next, then borrow the next month to pay back the previous then borrow the next month to pay back the previous, etc., etc. So I think I am still borrowing each month to pay back the previous!
Maybe there could be a way to bring down my current bills?

Thanks.

snowqueen555

no-ne is going to know unless you post your numbers

tealady

stoker0nine wrote: »

Hello everyone,

I am unsure whether this is the right place to ask this sort of thing, as some other posters' debt problems seem to be more serious than mine.

Many thanks in advance.
S.

Hi
This site is for all who have money problems, no matter what size.
If you post your SOA (sticky at the top) then we can hopefully get you organizerd so that you keep out of debt AND have an emergency fund stashed away.
Go on - we won't bite. Promise.

stoker0nine

Thanks for the replies people.

Ok here we go. My salary is basically £1000 per month, after deductions.
Here are the costs of my half of the 'house bills':

• Rent: paid for by working tax credits
• Gas / Electric: £37
• Water: £17
• Council Tax: £50

Here are some temporary bills we are paying (these should be complete within the next few months):

• TV Licence: £15
• Catalogue Money (Hoover): £30

And here are my own personal bills:

• Car Insurance: £88 (I'm 22 with 0 no claims - this was my best quote!)
• Mobile Phone: £35
• Gym: £40
• Sky TV: £60(ish)
• Petrol: £100-150

So far, does this look like an average person's expenditure? As you can see at this point, I should have over £400 spare.
Obviously, shopping comes out of this too, but other than our large shop at the beginning of the month (which equates to £30 each ish), it doesn't cost too much because we still have money left over to pay for shopping from working tax credits/child tax credits, etc.

Also, this month, I owe my parents £200 from borrowing last month, plus I have to pay £75 for our week's break next month. It is also our daughter and my nephew's birthday this month, so I will be buying birthday presents for them.

So that is this month's pay virtually gone! I am slightly worried this will always happen, every month.

Any advice on what I should do, whether amend bills, get rid of things, etc. would be appreciated.

PS. I have considered getting rid of Sky TV. I have also considered swapping my mobile to pay as you go, however my contract does not finish until the end of the year.

Many thanks in advance,

S.

Theblueone

I'm no expert (only just registered) but a couple of things we did recently

1. Looks like you have the full sky package? We rang them and said we wanted to cancel the movies off the subscription and they have reduced our bill by £10.00 a month for six months to assist:D you never know if you don't ask.

2. I also have a phone contract that has some way to go but am not using my inclusive minutes these days so have asked for a tariff downgrade which they have done, only £5 per month but it all helps:j

Good luck x

stoker0nine

Thanks for your reply TheBlueOne.

Yes, with Sky I have unlimited Broadband and full Sports (only missing the movies). I think I will give them a call tomorrow and see what they can do.

Also, I did not think about calling my mobile provider (t-mobile) for a downgrade. I wasn't aware that they would do anything for me at this point in my contract.
Thanks for your advice.

Would appreciate any further advice from anyone else.

PS. Something I missed above; I also have my car to MOT this month (£40) plus any repairs, which are likely!

Thanks.

Theblueone

Just say to yourself if you don't ask you don't get! My mobile is with orange but t mobile will hopefully do something for you!

Hopefully some one more useful will come along with some more constructive advice for you on your whole situation x

OneHubbyOneSon4Debts

One thing I wouls suggest, ring Sky up and tell them you are thinking of switching to Virign, I did the other month but the other way round if that makes sense! I was with Virign told them they were to expensive so was switching to Sky, I had broadband, 24/7 calls and line rental with Virgin which was costing me £47 a month, after I chatted on the phone to them for a while they came back with a figure if I would stay with them..................£20 a month for the lot for as long as I wanted it!

Competetive

Stoker0nine: Have you tried putting aside some money every month? Say £50 or more the day you get paid. Tell yourself that no matter what and how hard this is going to be, you will not touch this money (treat this, as if you don't have it). Use ISA for this, (the best one at the moment is Santander Flexible ISA think!) It will be a bit tough for a month or two, but you'll be happy when next time you check your savings, you will have some money in it! I've done that (still doing) whilst being in debt and it works! to the point where I have more money in my ISA than debt, so if I want to I can pay all my borrowings.! Still a lot to achieve, though. best of luck and take care. Don't get money matters affect you!

FYI: I'm a student on placement
I have got an interest free student overdraft (up to 1,300) currently I am in -£900 ( will get paid in 1 week time)
in ISA (+£1,200)
Trying to pay off my overdraft and save 2k before end of September.

P.S I have found saying no to a lot of things I usually buy saved me £100s. Stop smoking (if you smoke), shop around! and go one brand lower on food!:beer: