Anyone know how to make big money

marcus84

Im really fed up. I just want my debt to go away, ive been working so hard to pay it back but its taking forever and i dont have a life. I feel like i may as well not exist anymore if this is all this life has to offer. I know its my own stupid fault among other things, but boy its really tough. I dont think i can carry on doing this. Im desperate to buy a house, im fed up of renting - its dead money down the drain. I just want something good to happen in my life. I have saved 10 grand up towards a deposit and its sat in premium bonds waiting for when i buy a house, i am not using the money to pay debt off otherwise ill never get a house. I just wish i knew how to make some big money or just a little windfall or someone to show me how to make some money. I feel really fed up think i have that SAD thing. If anyone knows how please show me!

tlc678910

Hi Marcus,
Looking at your signature it looks like you have made good progress to me.

Are you 24K in debt with 10K of savings so actually 14K in debt or 24K in debt after the savings?

Tlc

MrsTinks

Marcus,

I think ultimately it's impressive that you have managed to pay of the amount you have and also put away savings.

However... If any of your debt is not 0% apr then you're actually paying money to have savings. Likelihood of any rates you get from your bonds (or winnings I guess) being more than a non-0% apr debt is slim to none.

I get the mental thing about wanting to use that savings for your deposit, but ultimately it's all about how you look at it... Right now you have £14k of debt. You can either look at it as £24k debt and £10k savings, or you can look at it as £14k debt. The total at the bottom of the tally will still be the same when it come to it.

How soon you are hoping to have enough set aside for a mortgage deposit will have a lot to do with what you do. If you are hoping to change this in the next year or two then I suggest you speak to an independent mortgage adviser and find out if you are likely to be accepted with debts of this level but whilst you have a deposit.

Alternatively you can post up your SOA and we will take a look and see if there is any scope to reduce your outgoings to increase your repayments and saving potential

EssexHebridean

The sooner the debt is gone, the sooner ALL your spare income is available to build a deposit. As Mrs T rightly says - if you're currently paying interest, you're actually slowing the process down, rather than speeding it up!

Do you have defaults on your credit file at the moment? If so then remember until those drop off (6 years after they were put on) realistically you're not going to get a decent mortgage deal anyway - view this as waiting time, practising a frugal lifestyle for the time when you own your own home and the budgeting skills you're learning now really do come into their own.

Absolutely agree about the SOA too - get it done, and up, and let's see if we can make any adjustments for you!

enthusiasticsaver

I would agree with Mrs Tinks. Unless you have your debt on 0% it makes no sense to have £10k in premium bonds and £24k in debts. You should pay it off the debt. It will knock several years off your debt free date based on your current rate of paying it off. Are you keeping to a budget?

There is sadly no quick and easy way of paying off debt and I am guessing you did not get to £42k in debt quickly either. Once you are debt free though all that money you are throwing at it now will be yours to do as you wish with. Making big money is not something most of us can do and inevitably any moves you make to try and do this will backfire. Slow and steady wins the race.

marcus84

I guess you could say 14k in debt now. But i like having the savings separate in case anything happens and i need to use them

EssexHebridean

marcus84 wrote: »

I guess you could say 14k in debt now. But i like having the savings separate in case anything happens and i need to use them

You need £1000 for an emergency fund - not 10k. Seriously - you're throwing money away if you're paying interest while you've got that level of savings.

marcus84

Ive no defaults on credit file, everything is paid on time. ive just so much debt to get anything any good like good deals or debt consolidation.
My credit file is squeeky clean and i want to keep it that way for when i do eventually buy a house again.

enthusiasticsaver

I agree having some money available for emergencies is a good thing but with a rented flat £10k is not necessary for an emergency fund. Being debt free is far more important as this is the blocker for you being able to move forward with your life. What interest rates are you paying on your debts and how much are you paying off each month? It looks like this year you have paid around £3500 off which is effectively £300 per month. If you are paying out more than that each month the rest is interest. As others have said post an soa to get ideas of how to trim and the best way of getting rid of it.

enthusiasticsaver

If your credit file is squeaky clean and you pay the £10k off the debts down to a more realistic level for your income then you may get some interest free balance transfer cards which would help you clear the debt sooner. Seriously it makes no sense to pay interest on debts while having £10k in premium bonds. Instead of focusing on buying a house focus on getting out of debt and then look at getting a house. It will happen quicker that way.

Raspberry_Queen

Firstly, make sure you go outside for some daylight everyday, to combat the winter blues. You ought to also take a vitamin D supplement (there isn't enough sunlight to make vit D in the winter)

Secondly do any of your debts have interest? If so, you're probably losing money by having savings, instead of paying your debt off. (Having said that premium bonds are a chance to win big. I don't know what the statistics are, or how likely that is)

In terms of earning money, there is no easy fix, but here are a few ideas:

*Matched betting: There's a board to learn how on this forum. Experienced matched bettors make up to £2000 a month doing that. (Newbies make more like a few hundred) You have to be careful though and take your time to learn, you can make big mistakes.
*Selling any interesting stories you have to the papers, and real life magazines. Eg my cousin broke her spine while horse racing, and got paid £1000 for her story.
*Buying and selling things - getting hold of cheap bargains at car boot sales etc and selling them on for profit.
*Teach yourself coding (or another trade) and start a new career

These are the only ideas I have. You could look on the boost your income board for more. Also, have you posted your statement of affairs? Plus, what job do you have?

You've already taken a big chunk out of your debt, so you're well on your way on your debt-free journey. After that, you can then start saving towards buying your own home.

I think we are due for a big property crash soon, so I would hold off on buying anything until that happens (and you can then snap one up cheaper).