stuck in overdraft

glentoran99

Cafuddlepants wrote: »

I cant have as I'm over my overdraft and my husband usually has about 50 left right before payday, he gets paid tomorrow we had to use his last 50 yesterday so now we are stuck until Monday.

You'll need to thoroughly check where your money is going then as you've miscalculated something

Cafuddlepants

i will have to do a spreadsheet over a month

DCFC79

Grab say 2 or 3 months worth of bank statements and go through it with a toothcomb.

You might find theres ATM withdrawals which is where the money is being lost, just a thought.

sheramber

Cafuddlepants wrote: »

I cant have as I'm over my overdraft and my husband usually has about 50 left right before payday, he gets paid tomorrow we had to use his last 50 yesterday so now we are stuck until Monday.

your statement shows

Monthly Budget Summary
Total monthly income.................... 2,988
Expenses (including HP & secured debts). 2,447.16
Available for debt repayments........... 540.84
Monthly UNsecured debt repayments....... 20
Amount left after debt repayments....... 520.84

what have missed out that you spend the £520.84 on?

Cafuddlepants

i have no idea i possibly should fill it in with my bank statements in front of me i think

louby40

Hi

£600 a month for groceries for 3 people is a lot!

We are a family of 4 with 2 teenage boys and I spend about £280-£300 a month (£60-70 a week)

We cook from scratch and shop in Aldi.

I found that my overspends were top up shops nipping to the local Co-op and withdrawing cash that I didn't account for.

Is there anything that you can sell on Ebay or Facebook selling sites? I've sold quite a bit of stuff that I threw at my overdraft and credit card.

YorkshireBoy

louby40 wrote: »

£600 a month for groceries for 3 people is a lot!

OP is married with 3 kids. I make that 5 people. Still a lot though.

Dobbibill

Cafuddlepants wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 1400
Benefits................................ 188
Other income............................ 0
Total monthly income.................... 2988

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 154
Rent.................................... 675
Management charge (leasehold property).. 0
Council tax............................. 170 is this over 10 months or 12 months?
Electricity............................. 45
Gas..................................... 47
Oil..................................... 0
Water rates............................. 35 is this over 10 months or 12 months?
Telephone (land line)................... 0
Mobile phone............................ 21
TV Licence.............................. 12
Satellite/Cable TV...................... 17
Internet Services....................... 18
Groceries etc. ......................... 600 do batch cooking, reduce this, it's a lot even for the size of your family
Clothing................................ 20
Petrol/diesel........................... 240
Road tax................................ 17
Car Insurance........................... 47
Car maintenance (including MOT)......... 29.16
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 100 how long have you been putting money in an EF? Can some of this be used towards the OD?
Total monthly expenses.................. 2447.16


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 600......(154)......0
Total secured & HP debts...... 600.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................800.......20........0
Total unsecured debts..........800.......20........-


Monthly Budget Summary
Total monthly income.................... 2,988
Expenses (including HP & secured debts). 2,447.16
Available for debt repayments........... 540.84
Monthly UNsecured debt repayments....... 20
Amount left after debt repayments....... 520.84

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -600
Total Unsecured debt.................... -800
Net Assets.............................. -400

A few extra suggestions from me in red above.

For ideas on batch cooking head over to the Old Style board, they also do grocery challenges too if you want to take part.

enthusiasticsaver

As someone else pointed out you should have a £520 surplus which would mean your overdraft would be gone in 2 months. As you don't then you are overspending somewhere else. You should be able to get the groceries down to £500 a month for 5 people if you menu plan and batch cook. Can you compromise with your eldest and maybe do 2 dinners a week and 3 packed lunches to cut costs?

Where does the emergency fund go as there is no cash showing on soa?