Small Debt Advice Needed

CLAPTON

can you get a parttime job... not only would it earn you money but stop you spending it and stop you being bored (maybe bar work ?)

otherwise, you simply need to reduce your spending, pay off the OD and start to save money each week... if you have been used to spending 30 per week on clothes, surely you must have enough now for a while?

Helonearth

I know what it is like wanting to go out all the time when you are 19. Why not have a couple of weekends where you still go out to the pub, but rather than buying beer after beer, have a no-drinking weekend. The money you will save by buying cokes rather than beer will be phenomenal.

You have to remind yourself that you CAN clear this £135, you just have to want it more than another new t-shirt.

blackangeluk

Hiya

I agree with the others - just think if you stayed in for just one weekend you could clear the overdraft - you will feel a huge sense of achievement.

I wish I had had this site many moons ago when I was in a similar position to yours, but I chose the route of the bank loan - and that was the start of many :rolleyes:

Keep a spending diary, cut back and see how great you feel afterwards

smudgemanc26

DaveBrup wrote: »

I don't save any money at all.

To be honest i would say £30 a week on clothes, £60 a week on weekend socialising.
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The expenditure diary sounds like an excellent idea, and something i think i would benefit from.

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Also i know i can reclaim my bank charges but would need to read up on it a little more as the last couple of times i have and get a little confused

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Yeah i'm currently getting charged for being overdrawn and its worrying me, as the debt is getting bigger and bigger. Thats why i thought i would ask about maybe getting a personal loan or overdraft to clear the debt, so i can pay it back easier and in my own time.

If you need any help or advice on claiming back your bank charges PM me if you like as ive claimed mine back from Natwest alternatively look on the reclaim charges help thread that martin has produced its a sticky at the top of the forum.

Mizz_Pink

Hey DaveBrup you sound like I was...

Earned £800, paid Mum £120 a month, didnt have any other outgoings. I went out all the time with my freind and I thought I could afford it but I couldnt. I wanted nice clothes, ncie hair cuts, cd's, make-up etc etc. I was always overdrawn. I ended up giving my cash card to a work colleague.

10 years later I still owe debt from when I first had a credit card in 1998.

Do a spending diary, work out a weekly budget and it you spend that on a Saturday then you stay in all week. Its got to be as simple as that.

You haveto change your mindset of 'I earn x amount and I work hard therefore I can have what I want'

At your age you need to be debt free which includes an overdraft. If you struggle now how can you afford a car and all the expenses that go with it.

Be a bit hard on yourself now and it will give you an easier ride later in life !

Best of luck :j

postingalwaysposting

hi dave you are the same as me... i came to this site in the same situation as you although mine was credit card debt and way more than what you owe. I was going to do simmler until people on this site taught me other wise, i have now become debt free twice ~ you can do it!

You really really need to see where your odd £400+ a month is going. Everytime you buy something write it in a pad (even if its only 30p for a drink etc etc) then near the end of the week/month look at what you spend on extra food/mags/drinks/junk and i am positive within a month you will be spending less.

Its good to see you are learning/going to learn to drive i wish i did that when i was your age. looking back now when i was 17~20 i was earning a little less than you but i have no idea where all that cash has gone. Now i cannot say i have brought x, y and z with my first wages.

Is there anything you can ebay? i got out of dent first time round through ebaying my laptop (unused, brand new). Is there anything you can ebay (dvd/cds/mags/clothes) anything just to keep to one side and use it to pay back the money you owe.

As you can see from my sig now i have finally got around to saving for a car, i wont say its easy to do but once you are debt free its nice to see you money grow. You can be in the same situation as me now within a few months if you put some effort in and limit your spending. Top tip ~ go out on one night (ie fri/sat) and set yourself a budget say £60 for drinks (could be less) then once thats gone come home... then each week drop it a little you wont notice it... that way you can still have a good time but be more responsible instead of spending circa £100+ for one night out.

But please please please dont get a loan/overdraft. Once you are sucked in to the world of credit/debt its so hard to break out of. Once the bank has given you an overdraft they will increase it and inrcrease it then you will no doubt get a credit card and thats where it all starts. Ask most of the people on this board and they will say they first got into debt when the back gave them a credit card at 18 with a limmit of £50... then its a spirel. Please please please try and tackle this yourself, you may have to live a little frugal and restricted for a few months but teh feeling of it being payed off and oweing no money to noone is a far better feeling ~ its worth it trust me.

Good luck

david_hellier

Hi and welcome.

According to my figures you have £128.46 per week to spend on yourself, including cigs.

I suggest you write this amount in a little note book (a spending diary, ebay) on a Monday and keep a note of what you withdraw from the bank, deducting as you go. Do not spend any more than this every week.

I suggest you pay all your cash into the bank each week, so as to minimise interest and charges. My figures include £20 per month towrds your od. Once your od is cleared, have it removed and then start to save in a savings account. The use of credit cards is to be avoided at all cost. Controling spending is the key to your future financial happyness.

Good luck; the figures:

incomeweeklymonthlyself185.00 partner0.00 total185.000.00divide by 4.33 £ - £ 185.00 total weekly incomespendweeklymonthlyrent/mortgage 80.00council tax 0.00elec 0.00gas 0.00water 0.00secured loans 0.00TV licence 0.00fines 0.00dvd 15.00train 80.00hols 50.00od payoff 20.00 total0.00245.00divide by 4.33 £ 56.54 £ 56.54 total weekly spendStart= income - spend = £ 128.46 per week

rich1983_2

Hey Dave,

I found that the best way to sort out a small amounts of debt is to try and reduce your outgoings. I know some outgoings cannot be reduced (bills, travel expenses etc), but it is amazing how much money you can save by cutting out some of your daily unnecessary purchases, such as coffee/tea, sandwiches, papers/magazines, cigarettes (I know it’s hard!).

If you have a minute take a look at www.makesenseofit.com/cut-back-n-save I found it quite useful as it gives you a good idea of how much you could actually save by spending a little less on little things that you won’t really miss!

Hope I’ve helped man!

Crown

Please do not make the mistake of taking out a loan to clear the debt. you will not be clearing it at all and are getting on the slippery slope that led us all into debt in the 1st place.

Have you spoken to your parents about how much the bank are charging you. If not speak to them and maybe they can help you out and then pay them back. If you take the loan I reckon in 2 years you will be back telling us how it all has spiralled out of control

Good luck with it