Overdraft- Need advice

virin96

Starmummy wrote: »

Hi
You are in a really fortunate position. Living at home with no bills and a fairly good salary for someone with no commitments.

Firstly, I want to congratulate you on being savvy enough to want to sort your finances at a young age.

I would look at what your most expensive debt is and work hardest at that.
The total you owe is £1,250
Your monthly outgoings are £300 (being generous)
This means you have £1000 to tackle the (small) debt each pay period.

I am going to mention something no-one else has said.

YOU NEED TO START PAYING YOURSELF FIRST.
You are in the perfect position to start a financial education. Starting now put aside at least 20% of your earnings.
In this case that would be £260 per month (more if you want)
I would put this in either a regular saver or a Marcus account. (if you want to do some research you may want to look at S&S ISA's)

This would leave you with £740 to pay debt each month. Your debt will be gone in 2 months.
I'd start with the most expensive so say all of Monzo and part of the credit card this month.

Once the debt is gone, I need you to sit down and write yourself a plan. what are your goals? Do you want to buy a house? Are you saving for driving lessons? A holiday?

I'd continue saving your 20%- this should be your long term savings. Do not touch it.
Then you can work out how much out of the £740 you want to use towards your goals.
If it is a house you want to save for look into a Lifetime ISA.

I understand you didn't really ask for this advice but a financial education is something few people have and yet it can save you a lot of future stress and pain.

Good luck

SM

Yes I agree totally with you, for now I am planning on saving around 20% as you said and once my debts are paid off, I was thinking of increasing it to around the 25-30% mark?

virin96

Starmummy wrote: »

Hi
You are in a really fortunate position. Living at home with no bills and a fairly good salary for someone with no commitments.

Firstly, I want to congratulate you on being savvy enough to want to sort your finances at a young age.

I would look at what your most expensive debt is and work hardest at that.
The total you owe is £1,250
Your monthly outgoings are £300 (being generous)
This means you have £1000 to tackle the (small) debt each pay period.

I am going to mention something no-one else has said.

YOU NEED TO START PAYING YOURSELF FIRST.
You are in the perfect position to start a financial education. Starting now put aside at least 20% of your earnings.
In this case that would be £260 per month (more if you want)
I would put this in either a regular saver or a Marcus account. (if you want to do some research you may want to look at S&S ISA's)

This would leave you with £740 to pay debt each month. Your debt will be gone in 2 months.
I'd start with the most expensive so say all of Monzo and part of the credit card this month.

Once the debt is gone, I need you to sit down and write yourself a plan. what are your goals? Do you want to buy a house? Are you saving for driving lessons? A holiday?

I'd continue saving your 20%- this should be your long term savings. Do not touch it.
Then you can work out how much out of the £740 you want to use towards your goals.
If it is a house you want to save for look into a Lifetime ISA.

I understand you didn't really ask for this advice but a financial education is something few people have and yet it can save you a lot of future stress and pain.

Good luck

SM

In addition, one of my goals in my head now is to save up for a car

Ok19851

Sorry if I am posting on the wrong thread but new and don’t know how to create a post. I called the bank today and they have recalled a direct debit for me they said it will be back in my account by 8.30 am tomorrow can anyone help if that will be anytime up to then and if there is a chance it will be in my account today or will it def be the next working day?