Am I making the progress I need to?

Finalv

Still a noobie and I don't think anyone will remember my previous post so I will do a quick sum up.

Im 21, a student who with the help of my OH have managed to get stuck in a Payday loan trap. I wont go into detail by how it happened, just that we were stupid and the rent at our halls of residence last year was more than a mission to the moon.

So after a year of surviving on payday loans we worked insane hours over summer to get ourselves in the black... moving into a new house rolled around and we couldn't afford the rent as our student finance was late. this ended up with us using payday loans.. stupid I know.

Anyway December rolled around and we were £1200 In the red to 1 payday loan company between us...and we ran out of money. I have managed to contact them and its extended till we get our student loans on the 16th of january.

on the 16th we will get a total of £4,000 pounds from student loans, bursaries and a lodger we have taken on. This leaves us after all debts are paid and all bills etc for the period of loans with just under £500 for two people to survive until mid May.

There are a few other debts but these are 0% and not priority i.e student overdrafts. We are madly searching for work as the left over money has to cover food, travel and everything else except bills.

Its salvageable but am I on the right track? will we survive? and am I doing the right things to become debt free? opinions, suggestions and criticism all welcome.


Thanks again guys


Edit: forgot to say the money ran out at the end of October, Payday loans paid the rent and food... was paid for by selling things and the odd stupid treat from the loans. from selling our possessions so far we have managed to total a sum over £500 with another £100 on ebay atm

camuk81

Ok not would be a good time to look at an SOA (statement of Affairs) and see if there is any extra work on a weekend. Yep you might want to be out but that extra cash may help you live till May

Finalv

camuk81 wrote: »

Ok not would be a good time to look at an SOA (statement of Affairs) and see if there is any extra work on a weekend. Yep you might want to be out but that extra cash may help you live till May

I Dont drink or go to town, my OH does but once every 2 months in general and pre drinks spending no more than £10.

I have done a spreadsheet for my SOA and balance sheet. the conventional SOA is a bit tough for us as we get money tri-annually. I did do one but it was less accurate than my spreadsheet.

Edit: also i have a few interviews and job searching at the min has been mad.

Tixy

Good luck with the job hunting.
Whilst £500 doesn't sound like a lot but if its after all bills (rent, gas & elec etc) then I would imagine its doable if you are careful and strict with yourselves.
You won't have much breathing space but at £125 a month it should be doable. How much of that will go on travel costs? are these as cheap as can be (ie could you cycle instead of get public transport, or could if you need transport can you get season tickets if its cheaper.

In terms of food and managing on a very limited budget there are lots of tips and advice on the oldstyle money saving section of the forum as to how to stretch not a lot of money into filling healthy meals. Also keep an eye out for any freebie vouchers etc on the site for putting towards your food budget.

camuk81

Well done.

Its sounds like you are getting there. If you think you can survive on £100 per month till May. However if will mean, budgeting meals try the old style boards for more info. Personally keep trying on the work front. Is there any option of shift work or even a touch of agency work.

Can you tutor? What do you both study? May be an extra income stream you haven't thought of?

Tixy damn you are quick today! Quickest fingers in the west today!

Finalv

camuk81 wrote: »

Well done.

Its sounds like you are getting there. If you think you can survive on £100 per month till May. However if will mean, budgeting meals try the old style boards for more info. Personally keep trying on the work front. Is there any option of shift work or even a touch of agency work.

Can you tutor? What do you both study? May be an extra income stream you haven't thought of?

Tixy damn you are quick today! Quickest fingers in the west today!

Tixy is always quick thanks for the advice both of you. We are already living on a tight budget, bought a 25kg bag of potatoes yesterday for £5, should last a while. I have set us both the task of eating on £10 a week each. which fits in the budget.

travel costs are already at a minimum. we both walk to uni and back but I sometimes get the bus as it is over an hour walk uphill... and when I have a 9am start it can be a killer. Never amounts to more than £10 a week between us though.

other things I have put in the budget for the left over money is husehold goods I.E. cleaning products, loo roll etc. al ot of these costs are cut as their are a total of 5 of us in the house now. (don't worry its a rather large house, 4 double bedrooms).

I'm hoping to be living within my means, all worrying debts paid and on top of the bills by may. then the task of paying off student overdrafts and paying back the £500 I owe the uni. ( they don't care when they get this money as long as I pay before I graduate. This was from left over rent from last year, I managed to pay off over £1000 over summer from work).