Overdraft

SallyBeck

I want to pay off a large overdraft over the next few months - but it's really hard to do when I'm living out of it - it's so easy to dip into.

Any tips?

lee111s

Don't dip into it?

Alternatively, when ypu get paid, call up and ask to reduce the overdraft by x amounts of pounds, do this each month when you're paid until you have no overdraft

grumbler

SallyBeck wrote: »

Any tips?

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CLAPTON

SallyBeck wrote: »

I want to pay off a large overdraft over the next few months - but it's really hard to do when I'm living out of it - it's so easy to dip into.

Any tips?

stop spending
use savings to pay off OD
set up a proper budget (including all the yearly, irregular stuff and unexpected things like xmas, birthdays, holidays etc.
keep a spending diary (i.e. write down everything you spend)
review spending against budget at least once a week
stop spending

Dobbibill

Have you got another account you can use for your spending?
If so, transfer spending money to other account leaving £x amount in main account to pay off OD and DO NOT withdraw any additional money from main account.

Hope this helps

DB

pmduk

Be careful, not all banks will just allow you to reduce the limit, sometimes it involves withdrawing the overdraft and applying for a lower limit, with no guarantee of success. Unfortunately self-control and careful budgeting is the safest way.