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Athletic81

Hi

Thought id post as I view the site to check on new money saving tips...

Currently I have around 4 k of credit card debt at the moment( on zero percent cards), have worked out with other people how to get rid of the debt in the next coming months. Also at the moment -400 on my bank account


My incomings are around £1459 a month after tax/ni/student loan, but my out goings are around £990 a month this is rent/food/travel/ etc. On top of this I have £2411 in money that can be used to pay off the bank overdraft and credit debt

I need to cut down the outgoings to around £750 a month to have anyway of paying off large chunks of the debt/s.

Ill keep everyone posted of how im doing...

hypno06

Hi there and welcome to DFW :hello:

If you have a look at the sticky that Southernscouser has done just above here, for first time posters, have a go at preparing an SOA and let the great and the good of the DFW community see where suggestions can be made for cutting back etc.

Good luck on your DFW journey.

LookingAhead

Hi there.

http://forums.moneysavingexpert.com/showthread.html?t=107280

Check out that post (it's the one hypno mentioned above) and I am sure with a few pairs of fresh eyes looking over your incomings and outgoings, some savings can be made to get that overdraft down and the credit cards paid off quite quickly.

Welcome aboard!

Athletic81

OK, Here we go, this is an average month :

Incoming : £1459

Outgoing :

£5 Phone Insurance
£460 rent
£20 sundries
£9 internet
£55 mobile phone
£125 food monthly
£60 work food
£100 dining out
£17 car insurance
£40 gym monthly
£15-20 Games/DVDs
£12 Newspapers

Equals : £913

Bearing all this in mind every month I either start at minus in my bank balance or just over £100

Burlesque_Babe

Athletic81 wrote: »

OK, Here we go, this is an average month :

Incoming : £1459

Outgoing :

£5 Phone Insurance
£460 rent
£20 sundries what are these - could they be cut?
£9 internet
£55 mobile phone this is high - can you switch to a cheaper tariff
£125 food monthly this can be reduced with cooking from scratch - the Old Style Baord can help
£60 work food can you take sandwiches?
£100 dining out ouch! Think this is a no-brainer to go!
£17 car insurance
£40 gym monthly can you get out of this ?
£15-20 Games/DVDs stop this and sign up to some of the free DVD rental deals.
£12 Newspapers use the internet to read up on the news

Equals : £913

Bearing all this in mind every month I either start at minus in my bank balance or just over £100

I think with a little trimming of the luxuries you wouldn't have much trouble bringing it down a fair bit.

should be do-able, I'm sure there will be some other fab DFW'ers along to have a looky in a bit

LookingAhead

The work food - try and cut back on this as soon as possible. Even if you start with one day a week then move up to two days a week of taking you own food you will start to see savings. It doesn't have to be boring sandwiches either.....we can post tips if you want them on lunch ideas!

Dining out £100....hmmm. Cut backs required if you want to reduce debt - although I appreciate we all need/want a social life!

Sundries.....? Keep a spending diary of every penny even stamps/newspapers. You need to know where every penny is going and how much it is costing you over a period of time and make decisions on whether you want to throw this money at a debt instead.

You can do this!

skintas_2

forget the gym, newspapers, can you get ur phone on payg, forget work at lunch take fruit or rice or even nite befores left over dinner , if you have any left overs. games and dvd can you borrow anyoff any friends.

Athletic81

Thanks everyone for all the suggestions.
To answer some of the questions by mobile bill is about to go into renewal soon, ill knock that down as much as I can, its basically due to slight over use of the minutes!
Agreed with the newspapers, I have journeys to work which arent short, but have been collecting the free papers each morning now.

Athletic81

Just to let everyone know Im now plus in my bank account...which is better than it was recently!

Penny2myName

Congrats over getting your bank account back in the black, now you just need to keep it there.

Little_Pickle

hooray! good for you!
you know what I do too?.. (I have long travels to work)... I print out Sudoku from tinternet before I leave work every night!

ooo and also, the taking food to work isn't so bad, I've just started and get full every lunchtime! I had last nights left over pasta for lunch today (yum!)

well done with the papers... i's a small step, but a very important one as it is your first!