start new job soon - how to survive until the 1st payday

Gromitt

MoneySaverLog wrote: »

I used to be able to get mccoys 6 for 99p in tesco but they put the price back up to £2, where are you getting them for 99p?

Home Bargains sell them for £1. Cool Trader sells them for 99p when they've got them in.

CLAPTON

callum9999 wrote: »

I can't comprehend why everyone is advising them to use a credit card, for which they must pay interest on, over their interest and charge free overdraft...

Yes some people don't have the discipline to put that money back into the overdraft when they get paid - but it's a bit unfair to not even consider the possibility that the OP isn't a complete idiot with money! Solely going by what I can see on here, they seem pretty with-it with regards to their finances so far.

use the CC for as much of the spending as possible

pay in full with the OD so pay NO interest on the CC

and much less on the OD as the negative balance will be there for less time

Gromitt

callum9999 wrote: »

I can't comprehend why everyone is advising them to use a credit card, for which they must pay interest on, over their interest and charge free overdraft...

The CC is paid off, and since the statement is the 26th, they'll only have pay for 1 week. If they don't want to pay interest, they can just pay off the statement using their overdraft.

opinions4u

beadgirl87 wrote: »

I get 12 packets of crisps from sainsburys for 68p Also bake own bread for sandwiches, get reduced items at supermarket etc.

Opinons for you - the petrol and a bit of food is the main really. I'm not going to go wild.
thanks everyone, already determined to pay off debts first etc, not going ot waste my money or spend what I don't need, just need short term help to begin with. Got a strict budget sorted and will be getting though the debts asap.

atlonglast - thanks, I am very pleased to have a weight off my mind, and start moving on with my life.

Sounds like you've got the right idea!

I'd use the credit card and clear in full on pay day.

As for the job, best of luck with it. Genuinely. If they subsidise a pension get on board for that free money ASAP.

callum9999

Gromitt wrote: »

The CC is paid off, and since the statement is the 26th, they'll only have pay for 1 week. If they don't want to pay interest, they can just pay off the statement using their overdraft.

So why not just cut out the middle man and use the overdraft money directly? Unless the credit card has some kind of reward/cashback scheme, I don't see the benefit to your plan (if it was being taken from savings then I'd agree as you'd get interest on it for longer, but it's coming out of a charges-free overdraft).

CLAPTON wrote: »

use the CC for as much of the spending as possible

pay in full with the OD so pay NO interest on the CC

and much less on the OD as the negative balance will be there for less time

As their overdraft is already negative and doesn't have charges etc., in the grand scheme of things, it will have a negative balance for the exact same amount of time either way - and both ideas will cost exactly the same (i.e. nothing).

Which is why I'm just curious about why people are so strongly against using the overdraft - it makes zero difference either way (going on the information given here).

Bufger

beadgirl87 wrote: »

All monies will be paid back as soon as I am paid the first month. Then once I know what my monthly pay is, I can create a proper and more exact budget. Planning to get out of the overdraft asap and then carry on with other debt repayments in my signature.

I take it you're on a salary and you havent worked out what your take home pay after tax will be? could you work this out before being paid so you can budget early? it will also benefit you incase they pay you incorrectly as its more likely they will make a mistake in the first couple of months.

Try it out anyway. Remember to take out any student loan payment (from Gross pay) and budget for pension payments.

Well done on getting a job!

MoneySaverLog

Gromitt wrote: »

Home Bargains sell them for £1. Cool Trader sells them for 99p when they've got them in.

Funnily enough Tesco had them in store today 6 for 98p, so I bought up the 5 remaining multipacks while they are on offer and before they go back up again

beadgirl87

Hi everyone,
thanks for the discussion. I think that was my point, at the end of the day there is no cost advantage to either so I guess it doesn't matter too much. So I personally couldn't see which was better, which I guess is neither from a cost perspective.
I have worked so hard on the overdraft that if I see the balance go up by even £50 or £100 it will feel like a step backwards and it has been decresing since july last year.
Fingers crossed it will be clear in a couple of months if I work really hard.
Opinons4u - yes there is a 'group personal pension scheme' after 3 months, I was going to talk to my parents about it, as they have told me to get a pension sorted. (also can get an app. with HR)
Bufger - no I havn't worked it out, I have figured it out very roughly and it will be more than I have earnt in a month before. I'm thinking of doing a rough budget of all my expenses and then sort of see how much money I have left after that.

MoneySaverLog

Any pension from a company is better than having your own as the employer will put some free money into it :-) Ideally you want a Final Salary Scheme or Defined Benefit, though these are becoming very rare these days and your employer may only have the DC or Defined Contribution scheme.

To borrow on the OD for a couple of days would not necessarily be a problem after all you should be able to pay it off quicker once you get your salary anyway. But putting essentials on a credit card and paying it off with the OD is what I'd do if it was just a couple of days between due date and pay day.

The worse thing you can possibly do is get a Pay Day Loan as they charge extortionate rates of interest, and I very much suspect banks don't like them when they see money going into your account from them, or out by DD they might affect your internal credit score with them.

Gromitt

beadgirl87 wrote: »

Opinons4u - yes there is a 'group personal pension scheme' after 3 months, I was going to talk to my parents about it, as they have told me to get a pension sorted. (also can get an app. with HR)

If you like the job, then after 3 months get it sorted. Make sure of the finer details however. We have to setup our own pension, but then the company pays 6% of your yearly salary into it each month, so its like a 6% payrise Plus, if the company goes into money troubles, they can't 'borrow' your pension like has happened in the past!