Feeling miserable and stuck- big debts

Donaldluck89

Hi there

My debt is getting bad and it seems to be getting a bit out of control.

My current debts are:

Nationwide -450 od 600
Natwest -1100 od 1350
Nationwide credit card -1950 cl 2100

So in total around £3500.

My current income is £1300 per month


My bills are as follows

Housing 300
Gas/electricity 17.50
Water 9
Food 70
Council tax 65
Transport 170
632
Phone 23
655

So I'd say around 655-700 is my fixed expenditure each month.

That leaves me with around 600 to spend elsewhere.

I feel I'm addicted to spending, most months I'll spend everything I have and run my overdrafts to the end.

Please help

Thank you

-taff

You need to
a) make a budget, and
b)actually see where you are spending money each month, it may help if you go through your statement from last month, see what you spend money on, then mulitply that by 12 to see how much you spend a year...
If you spend £4 on a coffee once a week, you're spending over £200 on coffee alone....etc etc
Also,c) post an SOA so people can help you to cut your spending.....

freshcotton

Seriously well done for realising that it's a problem early on. Your debts are at least manageable. Youre clearly spending too much, so just cut back where you can. You will be surprised how little you can actually live on and still enjoy life.

ReadingTim

• Close online accounts with Amazon and the likes
• Unsubscribe from marketing and other promotional e-mails tempting you with money off vouchers for things you don't need
• Stop going to the shops as a leisure activity - walk around the park not up and down the high street
• Leave the debit and credit cards at home - take out a small, set amount of cash for the week and spend only that. No more

In short, stop buying "stuff". You don't need it, and it doesn't make you happy.

angelpye

Hi, do the SOA thats in the sticky at near the top of this forum threads - it really helps to be dealing with actual fixed numbers rather than approx. Once its all properly in black and white you can make a plan. You need to include all realistic expenses for over the year - haircuts, presents, dental, perhaps a holiday you booked but haven't budgeted for. that kind of thing. Then if you want to share it the guys on here will likely help with suggestions of anything that can be cut and a plan forward of what to pay off first etc. You need exact amounts of each account and the interest rates.

Well done for facing it though. I am on a low income and although the numbers are not big it is still tough. You have caught it now though so time to make a plan including one for future saving pots.

The other thing is to really think about why you have been running up debt because from the looks of it you have relatively low expenditure but have been overspending. Being someone who is now on her third debt free quest, yup paid it all back and did it again - twice, I think knowing why you did it and addressing that will help prevent a relapse or it happening in the future once debt free again.

MrsTinks

You could also try this tool for online spending: http://www.moneysavingexpert.com/news/shopping/2017/01/free-tool-to-stop-impulse-buys-online-launched

Farel01

MrsTinks wrote: »

You could also try this tool for online spending: http://www.moneysavingexpert.com/news/shopping/2017/01/free-tool-to-stop-impulse-buys-online-launched

I heard about that on the radio, interesting concept

MrsTinks

Farel01 wrote: »

I heard about that on the radio, interesting concept

I think it's a great concept and will definitely help stop those drunken late night ebay surprise purchases!

EssexHebridean

Donaldluck89 wrote: »

Hi there

My debt is getting bad and it seems to be getting a bit out of control.

My current debts are:

Nationwide -450 od 600
Natwest -1100 od 1350
Nationwide credit card -1950 cl 2100

So in total around £3500.

My current income is £1300 per month


My bills are as follows

Housing 300
Gas/electricity 17.50
Water 9
Food 70
Council tax 65
Transport 170
632
Phone 23
655

So I'd say around 655-700 is my fixed expenditure each month.

That leaves me with around 600 to spend elsewhere.

I feel I'm addicted to spending, most months I'll spend everything I have and run my overdrafts to the end.

Please help

Thank you

That word I've enlarged above is your problem. You should know EXACTLY what your monthly expenditure is - because without that, you don't know what is left, to save and finally to spend. If your budget relies on guesswork, you have to be darned good at guessing, and I suspect perhaps you're not?

Full SOA and follow some of the advice already given above, is your first step.