Account in Credit!

lambda

Hi!

It's pay today and my current account is now in credit for the first time in years! 65 pounds in credit, to be precise. Considering 4 months ago I was almost 1800 pounds overdrawn on pay day I think that's pretty good going!

Sorry to sound like I'm bragging here, but I feel like I'm about half way to having all my debt paid off. There's light at the end of the tunnel at last!

The advice on here really works! Stick to a budget religiously!

shezam

Well done!

My wages get put into another account and i'm paying my overdraft of at £50 a month, so although my account is not in red, I know the one with the overdraft is! xxxxxx

McKneff

Well done lamda, nice feeling isn't it.

CH27

Well done :T

lambda

Yes I do something similar. My wages go into my account with the overdraft, then I pay my "budget" into another account that i use for spending. It really works! It's been a tough 4 months though, but at least I feel like I'm really getting somewhere with this!

lambda

if I call my bank, do you think they will lower my overdraft limit? It's currently at 2800, but I think I can now lower it to 1800.

lambda

Just called Barclays and they lowered my overdraft limit from 2800 to 1800. The guy on the phone was very surprised at my request "Most people usually ask for me to raise their overdraft!" It's instant - online banking already shows the lower limit. I can't be tempted by the large overdraft now!

kylie_smiley

Woooo! This is very inspiring to hear! Thank you for your help on my post. It's funny how one little bit of advice can make you feel more in control so quickly. Just waiting for application to appear now. Am thinking about taking out the cash for my groceries etc this month and not taking card out?

lambda

Cash is also a good way. I would try both and see which is best for you. Try a month using cash, and then a month using a card. There are advantages to both:

With Cash, just withdraw your total monthly limit divide by 4 once a week. Then just use it to pay for petrol and food. What's left over can go over to next week, so you may only need to withdraw less. The amount left at the end of the month can go towards whatever you want. We all deserve a treat!

With the card: you can keep an easier track using online banking on what you spend and what you don't. Some prefer this, but it requires more discipline.

I've tried both. I slightly prefer the cash because, to me, parting with cold hard cash is harder than just handing over a piece of plastic, where money is just an abstract concept. I do wonder whether the increase usage in cards is what's causing the debts problems for most people!

Percy1983

Well done, I remember going into my bank and asking about changing the amount on my overdraft to which they confirmed it was £2500 and asked what would I like, when I said I don't want an overdraft it took the poor girl a few seconds to process what I just said.

backinbusiness

lambda wrote: »

Cash is also a good way. I would try both and see which is best for you. Try a month using cash, and then a month using a card. There are advantages to both:

With Cash, just withdraw your total monthly limit divide by 4 once a week. Then just use it to pay for petrol and food. What's left over can go over to next week, so you may only need to withdraw less. The amount left at the end of the month can go towards whatever you want. We all deserve a treat!

With the card: you can keep an easier track using online banking on what you spend and what you don't. Some prefer this, but it requires more discipline.

I've tried both. I slightly prefer the cash because, to me, parting with cold hard cash is harder than just handing over a piece of plastic, where money is just an abstract concept. I do wonder whether the increase usage in cards is what's causing the debts problems for most people!

I do this - withdraw my weekly cash for petrol, grocery shopping, dinner money and any other odds and sods. It feels more "real" to me handing cash over at the till and I like the challenge of having some left over at the end of the week.

Even although I am now debt-free I now have the discipline to continue this way and it's working well for me.

Good luck OP

BiB