need a fresh pair of eyes re: overdraft

emzky

Hi there, I'm new to the site so pls forgive me if this is in the wrong place. I am also on my mobile however we have 1k overdraft of which we used 800 last month, we have an out going cost of £1187 and an income of 1700 so we should have disposable left and wouldn't need the overdraft at all. Now the money has gone in we were left with 500cr with £1187 worth of bills still to go out. What can I do? I'm truing to work my way out. We shop at aldi and not spend any money on luxuries but I just need some help. I've sold all that we could sell to earn a bit more but in stuck!

MPH80

You're probably better off on the debt free wannabe board.

There's a simple rule to paying debt off faster: Earn more, spend less.

You have to do at least one or the other in order to pay debt off. In order to be able to spend less - you have to know where your money is going. If you review the debt free wannabe board - you will find the advice about creating a budget and this will help you sort out where your money is going.

M.

pmduk

I'd suggest you look at this post from the debt-free wannabe board. My first instinct is that you need to either increase income or cut expenditure. The latter is generally easiest. Best of luck.

opinions4u

Stating the obvious, you're spending more than you earn.

1. Complete a statement of affairs.
2. Post it in the Debt free Wannabe forum and ask for help.

Stop buying things in shops or online. Make do with what you've got. Don't eat out. Prepare workplace lunches at home. Walk instead of driving. Allocate two meals a week as "left over" nights where you use up bits in cupboard, fridge or freezer that will never get used unless you force yourself.

TV and mobile phone subscriptions might be worth looking at closely for starters.

Make a note of every time you spend money. Then you know where it all goes.

bengal-stripe

Go to the 'Debt free Wannabe' board

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

and post a 'Statement of Affairs' (listing all your incoming and outgoing monies).

The regulars there will have suggestions where savings could be made.

eskbanker

There must be something missing from the OP - if you begin with -800 and pay in 1700 then before the bills start you should be at +900 not +500! If you can identify where that missing 400 went that might help point you in the right direction....