Making a dent in overdraft

Ak400

Hi all, 

It’s been a difficult few months I took a few loans out to pay for my dads care (he’s now palliative with not long left) I also have rent and my sons nursery.  I have gone through my savings paying for care. 

With all the above, even when I get paid and don’t really spend on anything crazy, I find myself in significant overdraft before payday and by the time rent and nursery has gone out with loan payments to come, I am not far from going back. 

I have been doing surveys and playing games in my spare time. I only started a week ago and have £80 in a seperate PayPal account. This is nothing as my overdraft runs into hundreds of pounds sometimes touching on £1000. 

My question how much should it let these side hussle money build until I look to transfer it into main account? 

stu12345_2

surely you should be constantly dumping everything you earn in side hustles into your overdraft to bring the balance down and hence the total you repay with all the interest .

why wait?

fatbelly

The effective interest on overdrafts is very high.

Any money you can transfer in is like getting 40% on savings

Do you do Quidco/Topcashback?

Other ideas for tackling an overdraft are here

https://www.moneysavingexpert.com/banking/cut-overdraft-costs/

elsien

Are you worried you’ll use your side hustle money to pay off some of the overdraft and then run the overdraft back up to where it started anyway? 

Are you working to a full budget planner so the overdraft comes consistently down? If not, maybe that needs to be your starting point. 

I noticed from your previous thread that you keep your finances separate to your partner. Do they need to be paying more towards childcare and other essential expenses if your earnings are not equal? 

Karonher

Can you claim anything for your dads care? I understand that you want to do the best for him but if he cannot pay surely it should be funded.

elsien

Dad would either have been funding his own care, or had a financial assessment to work out how much to contribute if the local authority were providing it. 

Any loans the OP has taken out would be over and above that as there is no obligation on family to pay for a relative Although some may choose to do so if they don’t think what’s been offered is sufficient. 

Ak400

Elsien,  this is correct I was trying to help Dad get more as it was too much on my mum to be doing so much for him. 

Sadly my Dad passed away yesterday 

stymied

I’m so sorry to hear that @Ak400  The last thing you want to be worrying about right now is money 😢