Advice appreciated on my financial situation.

Shocky

elsiepac wrote: »

Hi Shocky

Just poking my head in but noticed you're spending £30 a month on meals etc at work and coffees and that. Can you cut this down? Make your own food for work etc out of your grocery shop? Very good thread on here with some good ideas for lunches - called something like Bring your own lunches to work May (or similar, sorry!)...

Also noticed no allowances for water, electric, gas, council tax, tv license etc - I assume this is because you are living in something like a shared house and all this is included in your monthly rent of £360?

Sorry for quick post, on lunch break!

Hello Elsie,
I can certainly cut this figure down. I have been making my own lunches for work this month.
Water, electric, gas etc.. is all included in the £360 per month as I am a tenant.

allybee101

Hi,

I'm in a similar situation, overdraft at ~£2700, CC balance of £536, no car finance though.
A couple of things to mull over

1. Do not take out a payday loan. I have never had to use one thankfully, but they are bad news with ridiculously high interest rates.
2. You're spending £95/ month eating out, socialising, meals at work. Tell your mates you need to cut back this month and stay in! They will understand if they are good friends. If you want to socialise, invite them round for a film and a drink (bring your own bottle on the invite, and a film you already have). Take sandwiches to work.

3. £150 on groceries a month!? As has already been said, you can do this easily for £60 on your own - the Old Style money saving board is great for recipes and meal planning.

4. It's a good idea to transfer your CC balance to interest free. Don't bother with a loan - paying debt with debt is not good. When I last phoned up to reduce my overdraft limit from £3400 to £2900 they offered me a loan, thanks to MSE I knew the right questions to ask, it would have cost me more in interest for the loan.

Yes it's less fun declining the St*rbucks coffee with your mates and tightening your belt but it'll be better for you in the long run when you're back in the black.
Have a small treat once a week or fortnight (so you don't feel completely deprived!) but keep a track of these.

Keep a track of your spending (in your diary/a little booklet.) it might help you see where your money goes.


Good luck, you can do it

Shocky

allybee101 wrote: »

Hi,

I'm in a similar situation, overdraft at ~£2700, CC balance of £536, no car finance though.
A couple of things to mull over

1. Do not take out a payday loan. I have never had to use one thankfully, but they are bad news with ridiculously high interest rates.
2. You're spending £95/ month eating out, socialising, meals at work. Tell your mates you need to cut back this month and stay in! They will understand if they are good friends. If you want to socialise, invite them round for a film and a drink (bring your own bottle on the invite, and a film you already have). Take sandwiches to work.

3. £150 on groceries a month!? As has already been said, you can do this easily for £60 on your own - the Old Style money saving board is great for recipes and meal planning.

4. It's a good idea to transfer your CC balance to interest free. Don't bother with a loan - paying debt with debt is not good. When I last phoned up to reduce my overdraft limit from £3400 to £2900 they offered me a loan, thanks to MSE I knew the right questions to ask, it would have cost me more in interest for the loan.

Yes it's less fun declining the St*rbucks coffee with your mates and tightening your belt but it'll be better for you in the long run when you're back in the black.
Have a small treat once a week or fortnight (so you don't feel completely deprived!) but keep a track of these.

Keep a track of your spending (in your diary/a little booklet.) it might help you see where your money goes.


Good luck, you can do it

Thanks for the helpful advice. Do you have any advice on how I can pay my direct debits for this month if its not advised to take a pay day loan? I need to pay £30 for mobile, £157 for car finance and £180 for rent. The landlady who I live with is understanding and will probably let me pay it when I get paid on the 31st.

pip10

Hi

Re: your phone contract payment. I was in a similar situation with 02 a couple of months back where i couldnt afford my bill. I spoke to someone via their online chat. I told them i couldnt pay this months bill and said the date i could pay, which was basically four weeks later (around the time when the next payment would be due). They said it was fine - they would put a note on to make sure it didnt get blocked. And they said they would cancel the direct debit, which they did. They just said to make sure i rang and made the payment to avoid any problems etc. Next month i rang up and made two payments (for the one i'd missed and the new bill). It really was no problem. It could be worth a try with orange...

rdchick

can't you just be a little bit late with the direct debits? maybe let them know and ask if they can push it back a few days til payday?

Shocky

rdchick wrote: »

can't you just be a little bit late with the direct debits? maybe let them know and ask if they can push it back a few days til payday?

I was thinking I could just cancel the orange direct debit and pay using my credit card. The car finance direct debit leaves my account the day I get paid so that may not be an issue.

rdchick

I'd just play it by ear and if car finance comes out before wages goes in I'd just give the company a call on payday and pay it then

Shocky

rdchick wrote: »

I'd just play it by ear and if car finance comes out before wages goes in I'd just give the company a call on payday and pay it then

Thanks for the advice. I had a look at when my car finance usually comes out my account. It varies from the 29th to the start of the following month. Would i not get penalised in some way for making a late payment?

rdchick

errmmm you could just give them a call and see when it's due this month and if they can push it back if needs be because chances are they haven't put it through yet

Shocky

rdchick wrote: »

errmmm you could just give them a call and see when it's due this month and if they can push it back if needs be because chances are they haven't put it through yet

I guess I have no choice but to give it a go.