Literally no money...

PoorGuyNextDoor

Iv got money coming out of my account on Monday but iv literally no money coming in until Friday. Phoned my bank today to ask what happens/about an overdraft they said it will cost £6 a day so im expecting Mondays bills+£30 to come out on Friday. Iv lived beyond my means for a long time, iv only just kept my head above water these last few months. I started off £70k in debt. I got this down to £40k yet a 3 month spell off work has got me back up to £50k with no money in the bank.

I earn good money but it does vary sometimes. Im due around £1,800 net pay on Friday for 2 weeks work. I need to find a way out of this mess iv found myself in so starting Monday il just have to stop spending money on just about everything and get an emergency fund built up. My loans at about £48k paying £1,440 a month. £2,700 is on a credit card. Any advice/encouragment is welcome. I dont know why but i feel so motivated to take action now, it feels like a real lightbulb moment!!

Thanks for reading

suebgriseum

Hi, First of all, well done for getting the debt down from 70k - well done!

The best thing is to do a list of in's and out's and then post on here, often someone else can see something you can't, sometimes its simple things, like do you need that cable / sky tv ? etc...

Having a light bulb moment happens to us all.......... it is the start of a jounrey and you are not alone

PoorGuyNextDoor

Hey, well that was my first plan. Get a post down then put up a budget. Any ideas of where i can get a good online budget to fill out so i can copy and paste?

Thanks for the reply. Yeh i feel like the hard part is done, now iv posted on the site and im not alone it should be sailing from here on

foolofbeans

most posters use stoozing.com as that gives you the option to complete a budget and format it for MSE. It is also a useful tool for yourself to see where the money goes and take stock of what the debts really are.

PoorGuyNextDoor

Ok, thanks foolofbeans il go and check it out and report back!

elsien

How did you manage to spend 10k in 3 months at a time when presumably you were trying to cut back?
As in, do you really know where your money is currently going or is it evaporating with nothing much to show? A budget's only of use if it's an accurate reflection of your spending pattern.

PoorGuyNextDoor

Elsien i bought a new van on finance....silly move really but i am really stuck without one. Cant try to justify it now its bought so iv to deal with it and get it paid off.

DCFC79

Pay for things in cash eg shopping, contact your utilities and see if your are in credit. Cancel the sky/cable tv (if out of contract) and get a cheaper mobile sim only plan (if out of contract).

Maybe call stepchange/national debtline for help/advice.

PoorGuyNextDoor

Sky seems to think they have us tied into a contract....i dont remember agreeing to one? Been here 3 years its never changed.

PoorGuyNextDoor

Also im looking into checking if im owed any PPI. A google search took up a template on here so il get that printed off tonight.

gettingtheresometime

Don't want to be the bearer of bad news but Friday is Good Friday so it's a bank holiday.

Though I might be the bearer of good news and you'll get paid on thursday