Sinking

messyfreckle

I've never been that good with money. Got myself into a good deal of debt (£1,200) a few years ago and finally managed to pay it off and get myself on the straight and narrow.

I moved out of my parents house into a 1 bed flat in December as I do not get on with my parents and it was making my life very uncomfortable.

It's now July, and the £1,000 savings I moved out with have now gone. I am now living in my £250.00 overdraft and can't seem to sort myself out.

I earn circa £1,100 a month (once everything is taken out at source, including pension contribution and student loan repayment), and once rent and bills are out, i'm left with around £200 a month.

£550 rent
£70 council tax
£40 electricity
£15 water
£35 phone
£15 house insurance
£35 gym (yes, I know, but I go every day. It keeps me sane!)
£50 bus pass
£15 internet
£8 prescription
£10 petrol (I get loan of parents car once a week to visit friends)
£50 food

I know full well that that should be more than enough for me to live on. But for some reason I still keep sliding into more debt.

I've tried budgeting, tried taking out a certain amount of cash a week...I can't seem to stop myself though!

I plan each month, just before my pay goes in, to be really good, and keep within my money. But it just never happens. The only one to blame is myself...but I don't know how to change things.

I hate it. Hate feeling so...so weak, I suppose. Weak and uncomfortable. All it would take is for me to spend NOTHING other than what i've listed above, for one month, to clear the overdraft. Then if I can allow myself maybe £50 a month 'spends', i'll be able to put the other £150 aside in my savings.

Sounds nice and simple, right? Lets see how I get on. I'm tired of feeling so crappy about myself, and panicking about money all the time. It's time to take control.

FireWyrm

That there is what is called a 'lightbulb moment'. We've all had them and no one can help you except you. All I can say is that a large part of this board is devoted to mutual encouragement and help. You sound like you are already doing what yu should be doing, you know what the plan is, all you have to do is stick to it. Personally, I've found that I can't run a household effectively with just cash, but I do have a spending app on my phone where I record every single transaction. I've found this is almost the same as watching an ever diminishing pile of cash. Don't worry, do it one month and pretty soon, it will become normal to you, it's just breaking the habit to start with.

browneyedbazzi

Have you thought about keeping a spending diary for a little while? Forcing yourself to write down everything you spend will make you think twice about every spend and it will also show you where all the money has gone at the end of the month - that will help you make sure your budget is realistic or see where your weaknesses are and address those.

Also, when I split up with my ex I originally rented a flat on my own but found it incredibly expensive...I opted to move into a house-share which worked out much cheaper and easier to budget because the rent is all inclusive and I don't have to worry about bills changing etc. I've lived in a couple of shares, each time with just one other professional and it's been a good experience. Might be worth considering if having your own flat is unaffordable.

I hope you find a solution...it might not be painless but I'm sure you can do it if you put your mind to it.

theoretica

Has some of the spending gone on 'stuff' you don't use? You could see if you could clear your overdraft by selling stuff on ebay or equivalent.

MrsTUS

well done for having your lightbulb moment while you're only in a £250 overdraft!! I am so envious! You're definitely in the right place. You could DEFINITELY get that food bill down with some proper meal planning, including making your own meals to take to work so you dont have to fork out for lunches etc...

pleasedelete

Well you can't afford to live alone. Can you move to a house or flat share or rent a 2 bed and sublet one room.

Your rent and bills are taking up too much of your income.