Beyond help?

jak

OK you could cancel lovefilm, and Sky if poss. Actually lovefilm are doing 3 months free for new and existing customers so call them up and ask! Put your debt minimums on here with apr and what you owe also.
It looks like you'll have lots spare to chuck at debt repayments. It isn't that bad really.
J
X

Mnemosyne74

The problem is that I am £1500 into my £1500 overdraft so I have to keep dipping into it each month and am unable to put any money towards it.

Miia

Mnemosyne74 wrote: »

Thanks guys. Sorry it's taken me so long to reply. This is what a typical month looks like for me. I am currently renting with a friend of mine, and have already looked into changing providers for my area but because it is a new build it's not possible to do so (or so they tell me).

Salary - 1,215
Overdraft 1,500

Loan - 163.42
Rent - 310
Bus Pass - 35
Gas/Leccie - (approx) 35
Debit Interest - 13
Groceries - 100
Mobile - 30
Sky - 15
Lovefilm - 13

I tend to spend a lot of money on food, transport (to Glasgow where my partner lives) and impulse buys.

Hello and welcome - you will get loads of lovely support here.

You have the same problem as me - impulse buys and food. It will help if you work out a budget for food for the week including lunches.

Also a budget for going out?

I have started the budgets this week and a spending diary. It's amazing what you do buy and when you know you have to write it down you will think twice about it.

The saving will help with your debt.

slobbs123

Mnemosyne74 wrote: »

Thanks guys. Sorry it's taken me so long to reply. This is what a typical month looks like for me. I am currently renting with a friend of mine, and have already looked into changing providers for my area but because it is a new build it's not possible to do so (or so they tell me).

Salary - 1,215
Overdraft 1,500

Loan - 163.42
Rent - 310
Bus Pass - 35
Gas/Leccie - (approx) 35
Debit Interest - 13
Groceries - 100
Mobile - 30
Sky - 15
Lovefilm - 13

I tend to spend a lot of money on food, transport (to Glasgow where my partner lives) and impulse buys.

hiya, the first thing i did when i needed to save money was knock sky on the head. check when your contract is up and cancel asap.

i'd suggest to do the same with your mobile. there's some brilliant deals out there now, or wait for your contract to expire and beat them down (theres some ways of doing this on here).

also, lose lovefilm. join your local library. you can read the books of the films (which imho are often better than the films.) a lot of librarys also do cd and dvd/video rentals too.

if you spend 20 quid a month on your mobile as opposed to 30 quid, kill sky and lovefilm, you could save 38 quid a month (ish).

it doesn't seem like much but better in your pocket than theirs:j

being in any sort of debt is depressing.

if i've overstepped the mark or offended you, i apologise.

this is just my twopenny worth (its all i can afford!)

good luck
sarah

lilian1977

Where is the other £500 odd going every month?

You can probably reduce your overdraft a bit - I know it's hard not to spend up to the max if the facility is there, so why not contact the bank every pay day and reduce it by a set amount?

Horace

Have a wander over to the Moneysaving Oldstyle board (also in this forum) and you will be able to find all sorts of advice on saving money on food, cooking and using leftovers.

I am a b*gger for impulse buying so now due to having limited funds I keep that down to a minimum. To help me I make a list of what I need when I go shopping - anything that runs out before the next shop gets put on the list until next time and I will do without in the meantime. I do a lot of shopping in Lidl and Aldi as this cuts down the food bill enormously and I can still have the occasional treat for example I like Magnum icecream but refuse to pay their ridiculous price, Lidl do something similar only in packs of 6 which cost £1.89 and are therefore much cheaper than Magnum.

If you list a full statement of affairs - even showing the money spent on entertainment, haircuts etc and we will be able to see where you can save.

dancingfairy

There's 2 ways of doing it really. You can set yourself a budget and stick religiously to that or change bank accounts and treat the overdraft like a bill and set up a standing order for x amount per month to pay it off. Then you won't see 'spare' money in your current account thinking it's available to spend (when in actual fact you need it to pay off the overdraft) - what you will see in your current account when the bills have gone out is what you have to spend (IYSWIM).

basketcase

dancingfairy wrote: »

There's 2 ways of doing it really. You can set yourself a budget and stick religiously to that or change bank accounts and treat the overdraft like a bill and set up a standing order for x amount per month to pay it off. Then you won't see 'spare' money in your current account thinking it's available to spend (when in actual fact you need it to pay off the overdraft) - what you will see in your current account when the bills have gone out is what you have to spend (IYSWIM).

What the fairy says! :rotfl:

Though I'd probably go for the 2nd option of getting a new bank account and paying the overdraft off by Standing Order. That way the money doesn't get swallowed up in impulse buying.

Watch out that you don't start building up overdraft No 2 with your new account though! (Been there, done that )

I'd also agree that a more detailed SoA would help the more knowledgeable to make suggestions.

SpendCurber

basketcase wrote: »

Watch out that you don't start building up overdraft No 2 with your new account though! (Been there, done that )

This is true. The second account should be a basic account with no overdraft facility. I have a Halifax Easycash which has a Visa Debit card - but no o/d.

This is how I paid off my overdaft otherwise you're in a sinking hole on pay day every month. Maybe set the overdraft as a challenge - selling on ebay etc to pay it off...

As others have mentioned maybe cut the Sky and Lovefilm for now and get a freeview box and a library ticket. Or maybe sign up for one of those sites that let you swap DVDs for free (or £1 postage or something like that).

Good luck!