get that extra money in

Goodwinners

I currently earn about £1000 a month and am looking to pay off a £1500 overdraft and I am looking to earn some extra cash to get it paid what is the best thing to do??

opinions4u

Goodwinners wrote: »

I currently earn about £1000 a month and am looking to pay off a £1500 overdraft and I am looking to earn some extra cash to get it paid what is the best thing to do??

Pay money earned in to your bank account.

Spend less than you pay in.

Your overdraft balance then reduces.

Goodwinners

opinions4u wrote: »

Pay money earned in to your bank account.

Spend less than you pay in.

Your overdraft balance then reduces.

having a young family with the money i bring in is hard and i feel i need to earn more to stand any chance of paying it off as at the moment it doesnt seem to be reducing or i do not have money to reduce it as i would like

ColdIron

Goodwinners wrote: »

I currently earn about £1000 a month and am looking to pay off a £1500 overdraft and I am looking to earn some extra cash to get it paid what is the best thing to do??

If you spend less than £1,000 a month you could use the difference to pay off the overdraft

You could also earn some extra cash to get it paid

pmduk

Try the debt-free wannabe board for ideas to reduce your outgoings, that's usually easier than increasing income.

opinions4u

Goodwinners wrote: »

having a young family with the money i bring in is hard and i feel i need to earn more to stand any chance of paying it off as at the moment it doesnt seem to be reducing or i do not have money to reduce it as i would like

I'm not really sure what you expect by way of reply.

My post above is simplistic. But it works.

You might be best going over to the Debt-free Wannabe part of the forum (see the dropdown in the top right corner - it's near the top of that list). There you can get suggestions on what to spend less on.

Usually the answers are along the lines of:

1) Review your TV and mobile contracts.
2) Make sandwiches and take lunches to work (don't buy lunch at work).
3) Drop a brand when shopping for food / cut out biscuits and crisps.
4) Walk instead of drive. Or car share.
5) Sell stuff on eBay.
6) Itemise every spend in a diary and challenge / review the need for similar spending in future.

Goodwinners

opinions4u wrote: »

I'm not really sure what you expect by way of reply.

My post above is simplistic. But it works.

You might be best going over to the Debt-free Wannabe part of the forum (see the dropdown in the top right corner - it's near the top of that list). There you can get suggestions on what to spend less on.

Usually the answers are along the lines of:

1) Review your TV and mobile contracts.
2) Make sandwiches and take lunches to work (don't buy lunch at work).
3) Drop a brand when shopping for food / cut out biscuits and crisps.
4) Walk instead of drive. Or car share.
5) Sell stuff on eBay.
6) Itemise every spend in a diary and challenge / review the need for similar spending in future.

my tv/internet bill is about £68 a month which i cancelled yesterday, my phonebill is around £38 a month which i wish to cancel but obviously there is no way of doing this it ends in May so will have to do so then

your reply is exactly along the lines of what i needed to hear and thankyou..... i just didnt think earning a few extra bob would have been so hard

Gromitt

Goodwinners wrote: »

having a young family with the money i bring in is hard and i feel i need to earn more to stand any chance of paying it off as at the moment it doesnt seem to be reducing or i do not have money to reduce it as i would like

You need the MSE saying - each time you go out and pick something off the shelf, think: Do I NEED this? Can I AFFORD this?

Every time you buy something that you don't need, think about how much its going to cost in overdraft fees and interest (as the money could have been used to pay that off).

Goodwinners

Gromitt wrote: »

You need the MSE saying - each time you go out and pick something off the shelf, think: Do I NEED this? Can I AFFORD this?

Every time you buy something that you don't need, think about how much its going to cost in overdraft fees and interest (as the money could have been used to pay that off).

that reply was very helpful....i went to the bank yesterday and managed to cancel unneeded direct debits and set up a money manager to see where my finances were going it seems that in the last 4 months i have only withdrawn £70 but again this is £70 that could come of the overdraft i feel motivated to do this as i am fed up of getting paid to pay off overfraft charges and interest as the overdraft is only interest free til August

opinions4u

By the way, clearing a £1,500 debt rarely happens overnight.

Set a target and stick to it. If you've cancelled £150 of direct debits, but pay £30 a month in interest, you'd expect the debt to reduce by £120 a month.

So monitor it. £1,380 after a month. £1,260 after two months. £1,140 after three months. And so on.

Make it happen. You can't wave a wand. But you can work at it.