Have you ever had to borrow money to get to the end of the month just to pay for essentials?

Money_Advice_Service

Like food, gas or electricity bills or even the mortgage? What tips would you give to someone in that situation?

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NorthantsPete81

This forums is full of sarcasm


Your outgoings are too high, advice would be to write down everythign you buy


If your borrowing to get by, then you are spending too much


What do you need, to live, then work out if you can afford that. If you cant you need to increase income.

katie4

We have frequently had to borrow money off family for food and essentials, bills going up especially our gas and electric and we cant afford to heat our home plus out wages haven't improved since god knows when

[Deleted User]

Yup, usually credit rather than from people. We need to get a tighter grip on odds and ends spending.

C_Mababejive

Yes,in a roundabout way. We have a joint account for household/food/energy/joint expenditure. Sometimes it slips into the red but as i have a fee free overdraft i just let it roll . Managed debt isnt a problem. The whole country is in debt so why shouldnt i join them?

Blackbeard_of_Perranporth

No.

Not even when on ESA after my heart attack.

System

C_Mababejive wrote: »

Yes,in a roundabout way. We have a joint account for household/food/energy/joint expenditure. Sometimes it slips into the red but as i have a fee free overdraft i just let it roll . Managed debt isnt a problem. The whole country is in debt so why shouldnt i join them?

Regularly going into your overdraft looks bad to lenders and can affect the rate you're offered or if you're offered a loan at all meaning whilst you sit there thinking you're clever you're setting fire to hard earned money paying interest or more interest on things you've bought you can't afford with other people's money because I doubt very much the overdraft is the only debt you have. The whole country isn't in debt, I'm not and just because lots of people seem to be doesn't make it a good thing and you'll find that out when you end up retiring skint wishing you'd not thought you were being clever "just letting it roll".

C_Mababejive

Tarambor wrote: »

Regularly going into your overdraft looks bad to lenders and can affect the rate you're offered or if you're offered a loan at all meaning whilst you sit there thinking you're clever you're setting fire to hard earned money paying interest or more interest on things you've bought you can't afford with other people's money because I doubt very much the overdraft is the only debt you have. The whole country isn't in debt, I'm not and just because lots of people seem to be doesn't make it a good thing and you'll find that out when you end up retiring skint wishing you'd not thought you were being clever "just letting it roll".

Believe me, i dont need a loan . I'm comfortably well off. Also i dont get charged interest on my overdraft.

RG2015

C_Mababejive wrote: »

We have a joint account for household/food/energy/joint expenditure. Sometimes it slips into the red but as i have a fee free overdraft i just let it roll .

C_Mababejive wrote: »

Believe me, i dont need a loan . I'm comfortably well off. Also i dont get charged interest on my overdraft.

You don't pay either interest or fees on your overdraft. Is this a limited offer or does it have a small limit?

Which bank is this with?

comeandgo

Never had to borrow money for essentials, always had some money in the bank. Started saving at a young age, as did my children. A little often does add up.

PixelPound

Isn't this thread for newbies? Just seems to be mostly seasoned posters.

One of the biggest problems of using credit for essentials, is that its not sustainable and often people don't realise the seriousness until they are deep in debt or are just in denial about it. There are plenty who manage their money but I assume this thread isn't for those.