2013! We made it this far, lets keep rollin!

StrontiumJenkins

Hey all, and Happy New Year! Hope your all starting well.

New to the Forum but long time browser, hoping to get involved, figured I'd just let you know a little about my situation and maybe get a little help along the way.

25 years old, in an IVA unfortunately, made some pretty stupid decisions. Renting my own flat paying council tax phone bills Etc.

Which boards do you think would be best for me to post, I'd like to try and reduce my monthly mobile bill, I'd also like to see what council tax benefits if any I apply for because it seems expensive?

To be honest I'm pretty terrible with money! I need to learn a hell of alot, i moved out of my folks place about three years ago, and I guess I still don't really know what I'm doing haha, I don't budget well, I don't go shopping enough and I probably go to the pub too often! What I'm really seeking is advice on how to straighten out my budget and how to live away from my folks successfully, to be honest I'm surprised I've made it this far!

Any help appreciated!


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bargainbetty

Hello Strontium.

If you go to the top of the DFW board, you will find a sticky detailing how you can fill out a statement of affairs. If you fill it out, you will be able to see where your money is going, where you can make cutbacks and where you might need to spend a little more.

Visit the Old Stlye boards for ideas on how to get a decent food stock in place, and eat well for the best prices possible (thus allowing you some of the pub budget )

If you post it up here, lots of lovely folk will help you with ideas. If you aren't ready for that yet, at least you will know where you are!

Finally, http://www.turn2us.org.uk/benefits_search.aspx is a great website for advice on what help you may be able to claim. It will depend on a number of factors, and be honest when you put your details in!

Good luck, and welcome to the boards!

Teacher2

Hi Strontium,
Your predicament as a young person starting out on her own is familiar to me. Several young teacher colleagues were in the same boat after leaving the parental home and living in their own flats. To my horror TWO of them ended up with £25,000 credit card debts and BOTH left the country to try to recoup their losses and start again. One could not stop spending and got into a high spending ex-pat community.
Firstly, I would suggest that, if it is at all possible, move back with your parents (if relations are good) and try to get them onside with paying back debts. Agree your 'keep', hopefully a global sum where rent, bills and food are all subsidised by sharing. I charge my daughter £400 a month which she thinks expensive but which is probably half what she'd be paying in her own flat. Next, set up a direct debit of as MUCH as you can to pay back debts - in order of height of interest rate. Build in a 'pocket money' sum for yourself so you don't feel hard done by and have some money to spend after working. This is really important so you are not tempted to give up trying. I suggest £50 a week. If your parents see you trying they might want to help out.
Whether at home or in your own place try the following until you are debt-free:-
Make your own lunches. NEVER buy food out until you are solvent.
'Drop a brand'. Buy own brands and shop around for bargains.
Don't buy new clothes. Make, do and mend the old ones. Do 'swapsies' with friends.
Get friends and family on side. For birthdays have money and use it to pay off debts. Have present limits, i.e. £5 only. Try 'no present' deals with friends and family until you're debt free.
If friends or family are mocking or dissuading you keep them in the dark and ignore them. It's hard - but they're not really good friends if they do this.
Have a written down budget of income and outgoings and update it frequently, at least once a week. Know where you are financially.
Ring-fence money you know you will have to pay out later and don't touch it, the equivalent of putting the rent under the teapot and the milkman's bill behind the clock in the old days.
Cut up your credit cards until you are debt free.
See if you can have a holiday by staying with friends or in someone else's house when they are away. You might get a freebie holiday by dog-sitting, for example. Staycations can be great and you get better facilities.
Keep reading 'Martin's Moneyfacts' and use its advice. I'm 'all over' domestic economy and yet I've picked up many useful tips from Martin and his paid and voluntary contributors.
Change your habits. Think about your choices in life and plan ahead. You CAN be in charge of your life and the confidence and self respect it brings will be worth more than anything money can buy.
Finally, good luck. Don't blame yourself too much for your predicament as life is tough. Just aim to be on top of it in future.

kendo109

Hi Strontium,

I am 23yo Male in a similar position. I've only moved out of my mums house in August last year. I knew i was in debt but it was the bets decision at the time.

I have a credit card £2500 maxed out
£1000 over draft yet to pay.
and £700 on a car to pay off.

I have a good job but it's stressful as hell trying to budget when you have the flat situation too. (&pub )

I'm so confused with this coucil tax stuff too, i feel like i've been paying too much since i moved in in August i've paid £105 a month until January (feb and march are my free months). After my free months are up i'm due to pay £87 a month but i don't understand why i've had to pay £18 extra a month over August-Jan

Also the main reason for me writing to you is to enquire about your mobile phone bill, may i ask your provider? As i work for o2 and i could possibly help with tricks of the trade for reductions

Hope to hear back soon.

Kenny

vic.star

Hi I'm a 22 yr old female in my own rented house. I have no debts, other than £1,000 me and my partner owe to the council for overpaid housing.

Have you checked your council tax band is correct? A friend of mine recently found out her flat was a higher band than the other flats in her building, she queried it with the council and got a rebate for all the over paid tax since she moved it. It's always worth double checking

Go to your local housing office and get a form to apply. You won't know unless you try! Be completely honest and you might find out your entitled to something. If not then at least you've tried! Have you applied/are you receiving working tax credits? If not check online and see if your entitled

I would sit down and do a budget. I haven't checked the budget planner as mentioned but am about to. I've worked since i was 16 and would rather save my money than spend it, and find my and my OH to be in a good position for our age and the current climate. You need to write down your total income, everything you are guaranteed each month/4 weekly. Write down all your outgoings and when they need to be paid. Then anything that is left after bills you can budget for food and a drink down the pub.

When it comes to food shopping i've recently started doing a meal plan. I've got 3 weeks worth of dinners planned for and will use up everything in my freezer by then and half of my tinned supply. If you have shops near you like Aldi and Lidl, shop in there. Supermarket own value food isn't as bad as you think - my partner last night had half a tin of sainsburys basics meatballs with some pasta. The total cost of the meal was 60p, 80p if you have a whole tin!

I'd cut back on anything you don't NEED and spend your money on WANTS I'm sorry if you've heard all of my advice before, but if not then i hope it helps. I hope you can find a way to clear off your debts too, good luck

specialkaye

Hi just a little not about council tax: you are actually charged council tax for 365 days of the year. that charge is just paid in 10 installments from april to jan. if you move in part way through the year the payments will seem higher as council tax for feb and march is still paid for but the payments are still taken within the ten months. It means that every month you are paying 1 months and a few days council tax. This is so if anyone has any problems they can still clear the amount before next years liability is due. Some councils will allow you make an arrangement to pay over 12 months or pay fourtnightly/weekly but it is at their discresion.

Hope this helps.