Time to get Debt Free!

FinanciallyUnsavvy

I think the previous comment re finding another job probably meant instead of your current job, not as well. Your pay is very low, and although at the moment I assume you're living with your parents (?) it's not a wage you can sustain living on - it's less than minimum wage! Either ask if you can get a solid contract in place with your minimum hours upped, or start looking elsewhere.

Even the most thrifty, financially savvy person would struggle to make savings and overpayments on your wage.

Mobile phone............................ 59
TV Licence.............................. 0
Satellite/Cable TV...................... 16
Internet Services....................... 29.99

Is there any chance of reducing the £59 iphone/ipad charge? You're over half way through your contract so it's worth phoning them up and see if they can change your tariff at all. I did this 12 months into an iPhone contract with Orange last year and got reduced from £41 to £31 AND ended up with extra minutes.

£30 just for internet is quite a lot. Could you not combine broadband and TV to save some money? I'm assuming the internet is Virgin, and TV sky. Could you not have Virgin's basic TV package (which is possibly even free/nominal if you have other services with them)? Something to consider to cut back £16 a month - that's £192 over the year, and would pay off almost half your Littlewoods debt.

You do have an awful lot of zeros on your SOA. It may be worth keeping a spending diary for a few weeks. Just tracking what you're spending brings up some surprises as to where money is going that you don't even realise. Do you never travel anywhere? No bus/taxi/car expenses? No odd spends on food/drink when at work/out and about?

GBNI

Do you still live at home? As if so, would it be worth discussing with your parents a different rent amount? As that is over half your wages! I am all for paying towards keep in the house (I did the same when I still lived at home) but it needs to be a realistic agreed amount.

ryan92

Spoken to the parents and they said they'd be happy to let me pay £150 a month for rent, possibly £100 if I'm still struggling.

This months estimated pay is £846.02 and next month so far excluding 2 weeks further potential overtime is £645.12. I managed to grab 8 overtime shifts the other day for the first 2 weeks in the next pay cycle ; 15 days in a row! Debts won't pay themselves!

19lottie82

Hi Ryan, I meant look for a replacement job, not an additional one. Even with your OT your not even earning the equivilant of full time hours at NMW.

[Deleted User]

ryan92 wrote: »

The Christmas section, I was confused as it says Monthly expenditure?

Divide what you spend over the year, by 12.

Unfortunately I can't look for another job as mine is currently on a FlexiTime contract

Why does a FlexiTime contract, prevent you from resigning and working for a different company :huh:

[Deleted User]

ryan92 wrote: »

This months estimated pay is £846.02 and next month so far excluding 2 weeks further potential overtime is £645.12.

If I were you, I'd use the extra to pay off Studio and Capital One, thereby reducing your monthly outgoings by £45, and saving you nearly £200 in interest.

sourcrates

Hi there, not wanting to sound negative, but how come you managed to get almost £5500.00 in debt on such a low wage ? have your hours been cut at work or some other event that's resulted in your income been cut ?

ryan92

Silly overspending at uni!
£1000 was a flight to Australia to visit close friends.

ryan92

Managed to clock up even more overtime for the last 2 weeks in May ; worked it out and I should be brining home £1014.82 after tax etc.

That'll be a nice little help and that added with this months pay will mean I'll be out of that overdraft