Noob alert :) Wondering whether to use a 0% CC to pay off my overdraft?

SunderlandBlackCat

aliportico wrote: »

Which whenever I write things down like that, seems like plenty, but always disappears in no time. Since the 1st of June I've been penny-pinching, as I was almost back to my OD already (pay day was 30th May), and I won't get any more until Child Benefit on the 18th.

Sounds like you need a spending diary. Write down every penny you spend then after a month have a good look at it & you'll be able to spot where you need to be more careful.

david_hellier

Hi and welcome.

I think closer monitoring of your spending should be fine here. According to my figures you have £227.77 per week to spend on food, clothes, children and anything else. I suggest you write this amount in a little book on a Monday (a spending diary) and keep a note of what you spend by subtraction. I have included £50 per month OD payoff so ignore your bank balance and it will reduce to zero; pay attention to your book. If you have any over at the end of the week carry it forward in your book. You are not in a position to give to charity really until you have no overdraft. Once your OD is clear, cancel it if you want, however a small OD is handy to prevent accidents and bank charges, because even if you cancel it, they'll still charge you if you go over zero.

Good luck, the figures:

income weekly monthly
self 1410.00
partner
ctc






total 0.00 1410.00 divide by 4.33
£325.39

£325.39 total weekly income

spend weekly monthly
rent/mortgage 0.00
council tax 120.00
elec 78.00
gas 49.00
water 32.00
secured loans 0.00
TV licence 12.00
fines 0.00
bt 15.00
life 7.00
app prot 5.00
od payoff 50.00
petrol 55.00



















total 0.00 423.00 divide by 4.33
£97.62

£97.62 total weekly spend

Start= income - spend = £227.77 per week