Living on Earth is expensive - But is does include a free trip around the sun!

ZTD

jcst104 wrote: »

Hi ZTD - No not elligable for benifits, was earning alot more before I started the PhD so that is prob why I have not had a problem paying everything before now.

I do the odd mystery shop, but thats hardly a huge money maker. My debt is more than I earn in a year - does that mean I should just give up and declare myself bankcrupt... youv'e really thrown me. I was really optimistic that by cutting down spending, and doing odd jobs, mystery shopping I would be able to pay everthing off without having to go down the bankcruptcy route.

Whoa there horsey!

I never said anything about bankruptcy. That's a hell of a leap from where you are at the moment.

The first step is recognising that you have a problem. I hope you recognise you have a problem now.

Second step is to cut out unnecessary spending. I don't think the £50 a month, £300 a year on haircuts is particularly appropriate given the circumstances.

Third step is to up your income. No, mystery shopping doesn't pay much, and neither do jobs that fit around your PhD. However you may not need a fantastic amount of extra money. If you do, then you may have to give up your PhD until your have cleared your debts.

Plug your debts into http://www.whatsthecost.com/snowball.aspx and see what comes out.

jcst104

haha - the haircut thing I only put as £50 as I thought thats what I should be spending... to be honest its more like £40 every 3 months... if that...

Okay so cut down spending and earn more money... simple... I know I can do that. This month I have really cut down my spending to next to nothing!! And today was the first of my NSD. I want relistically to have 4 a week.

ZTD

jcst104 wrote: »

haha - the haircut thing I only put as £50 as I thought thats what I should be spending... to be honest its more like £40 every 3 months... if that...

An SOA is an accounting of what you are spending. It should be as accurate as possible. Decisions will need to be made on the basis of what it says.

jcst104 wrote: »

Okay so cut down spending and earn more money... simple... I know I can do that.

It's a bit more complicated than that. Those will help, but if they aren't enough (and this will be determined by the SOA) then you will need to start thinking about other things.

jcst104 wrote: »

This month I have really cut down my spending to next to nothing!! And today was the first of my NSD. I want relistically to have 4 a week.

Stopping spending for 4 days and spending twice as much on the other 3 doesn't help all that much. Start meal planning and see if you can cut down the amount you are spending on food (though this is already pretty good). Take a look and see if you can cut down on travelling expenses.

But your SOA will need to be re-done if it is not accurate. You are on the cusp between "problem" and "crisis" and you need to see *exactly* how much you have to work with.

jcst104

Hi ZTD, Thanks for your posts but to be honest I am not finding them in anyway helpful, I am well aware of the situation I am, and I am well aware of how I need to get out of it. I have never missed a payment on a bill, and even now I am not in a situation when I will. Having taken a cut in pay of 25K I am having to re-evaluate how I spend my money which is what this diary was about. Before I went back to do a PhD I did a mini budget to make sure I colld afford to pay all the minimum's on debts I owe which I can. I had just planned to try and pay them off quicker, becoming more frugal than I was before.

I have been an avid reader of this forum for many years and am well aware of what I need to do to earn more money/spend less money, This diary was just to document that journey, prehaps more for my own memory rather than for others. Prehaps I should have just stayed old school and used pen and paper. Do you really think I am that naive that I would have 4 no spending days and 3 double spending days - Its not about pretending to pay of the debt its about actually doing it!!

ZTD

jcst104 wrote: »

Hi ZTD, Thanks for your posts but to be honest I am not finding them in anyway helpful,

No problem, I'm gone.

jfh7gwa

ZTD - at least you tried! Some posters, eh!