The hardest part is admitting that, also worth speaking to other people to. Can you reduce your energy prices, spread you council tax over 12 months instead of 10. Moving debt on to a 0% credit card etc. It is always best to be open when you are struggling as there are policies in place to help. Good luck.I’ve just spoken to the bank, my overdrafts have been getting out of hand with extra charges being added every 30 days with no way of keeping on top of them, but I’ve made a repayment plan with them and had any charges frozen.
I didnt want to admit that I was in over my head with debt, but its like a weight’s been lifted finally. Thanks for all the tips on this thread, i need to get myself and my finances sorted
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That’s great! Budgeting and being realistic about your means is the only way to manage debt. I paid off £16k in two years by being strict with a budget but still having a life during! It can be done 
then once you master managing your money it becomes like second nature and hopefully no more debt again!
then once you master managing your money it becomes like second nature and hopefully no more debt again!
I’m loving this thread!
I recently started saving for a house deposit, and lockdown has done wonders for my savings account! (Always look on the bright side eh)
I’ve been doing LOTS of overtime at work (I’m a nurse) because the shifts need covering and let’s be honest there’s nothing else to do, so I’ve been having extra in my pay packet every month.
I have my wages paid into my bank account, I then transfer around £2-300 to my monzo for “everyday spending” (this was pre lockdown, I put around £50-100 in there every month at the moment) if I wanted a coffee whilst out, lunch with a friend, a book from the bookshop. Then £200 goes in my help to buy ISA and £150 into a separate savers account (rainy day fund). I also had a separate savings pot on Monzo that would automatically round up my spending and add to it.
I’ve currently started adding more money to my Monzo pot as they pay interest monthly and pre lockdown it was 0.80% but has now dropped again to 0.50% so will have to review whether it’s a good idea to keep money in there, currently earning only about 80p a month from it in interest!!
I’ve also been reading MSE forums about budgeting, saving, getting the most from your money etc and they’ve been very helpful.
I’ve recently signed up to all major supermarkets reward schemes such as Tesco clubcard, morrisons more card and sainsburys nectar card so no matter where I shop, I should get some eventual benefit.
the main battle for me is not to buy clothes, I’ve deleted all shopping apps such as ASOS and Topshop from my phone and unfollowed them all off Instagram so that I’m not tempted!
the tip about working out your hourly rate and thinking to yourself how many hours you’d have to work in order to buy something is a great idea. Really puts it into perspective the value of things/your time.
I recently started saving for a house deposit, and lockdown has done wonders for my savings account! (Always look on the bright side eh)
I’ve been doing LOTS of overtime at work (I’m a nurse) because the shifts need covering and let’s be honest there’s nothing else to do, so I’ve been having extra in my pay packet every month.
I have my wages paid into my bank account, I then transfer around £2-300 to my monzo for “everyday spending” (this was pre lockdown, I put around £50-100 in there every month at the moment) if I wanted a coffee whilst out, lunch with a friend, a book from the bookshop. Then £200 goes in my help to buy ISA and £150 into a separate savers account (rainy day fund). I also had a separate savings pot on Monzo that would automatically round up my spending and add to it.
I’ve currently started adding more money to my Monzo pot as they pay interest monthly and pre lockdown it was 0.80% but has now dropped again to 0.50% so will have to review whether it’s a good idea to keep money in there, currently earning only about 80p a month from it in interest!!
I’ve also been reading MSE forums about budgeting, saving, getting the most from your money etc and they’ve been very helpful.
I’ve recently signed up to all major supermarkets reward schemes such as Tesco clubcard, morrisons more card and sainsburys nectar card so no matter where I shop, I should get some eventual benefit.
the main battle for me is not to buy clothes, I’ve deleted all shopping apps such as ASOS and Topshop from my phone and unfollowed them all off Instagram so that I’m not tempted!
the tip about working out your hourly rate and thinking to yourself how many hours you’d have to work in order to buy something is a great idea. Really puts it into perspective the value of things/your time.
1. Write down your income and outgoings with all direct debits.
2. Can you get rid of any direct debits eg a gym membership you never use?
3. I have all my bills coming out of my account the day after payday. This means that everything left in my account is 'mine'. You can move your direct debits, you just have to call.
4. I then transfer a set amount of money into a savings account (I have a main account and a savigs account). I also do this the day after payday. I am quite strict with how much I save per month.
5. Anything left is yours
2. Can you get rid of any direct debits eg a gym membership you never use?
3. I have all my bills coming out of my account the day after payday. This means that everything left in my account is 'mine'. You can move your direct debits, you just have to call.
4. I then transfer a set amount of money into a savings account (I have a main account and a savigs account). I also do this the day after payday. I am quite strict with how much I save per month.
5. Anything left is yours
I love MSE. It helped me to pay off £20,000 of debt many years ago. The forums are great.
I’ve just gone to sign up for YNAB again as I need some focus- I used to pay £6.49 a month and thought that was a lot but now they want £11.49 a month subscription- they can duck right off!
Will go back through this thread and read the recommendations for budget apps as just looking at my bank balance doesn’t seem to help me and I’m stupid with money
Will go back through this thread and read the recommendations for budget apps as just looking at my bank balance doesn’t seem to help me and I’m stupid with money
Hey! I posted earlier in the thread about and excel template that I use for budgeting. It’s from a blogger I’ve followed for years - a tumblr blogI’ve just gone to sign up for YNAB again as I need some focus- I used to pay £6.49 a month and thought that was a lot but now they want £11.49 a month subscription- they can duck right off!
Will go back through this thread and read the recommendations for budget apps as just looking at my bank balance doesn’t seem to help me and I’m stupid with money
but it is a really good sheet!If you google “125 budget spreadsheet” it’ll be the first link that comes up. She has blogged about how to best use is etc so see if that could work for you!
Does anybody have any good side hustle apps? I see so many people in the debt free community raking it in from them but I struggle with consistency! Good ones I do use are:
Prolific - have made over £200 from doing academic surveys
Just started using Appinio which seems good and cashes out as a £10 amazon voucher.
Shoppix and ZIPZERO are good receipt scanning apps although with ZIPZERO you have to use any money towards a bill rather than being given the cash.
If anyone wants to try any of these, PM me and I’ll give you my referral code (lol @ sounding like an influencer)
Prolific - have made over £200 from doing academic surveys
Just started using Appinio which seems good and cashes out as a £10 amazon voucher.
Shoppix and ZIPZERO are good receipt scanning apps although with ZIPZERO you have to use any money towards a bill rather than being given the cash.
If anyone wants to try any of these, PM me and I’ll give you my referral code (lol @ sounding like an influencer)
I use all those and a few more, most don't make that much on the face of it but I've just got through a terrible time with money so every penny helped! Some months I'd literally be withdrawing 50p from an app to buy a pint of milk. Thankfully I'm in a much better position now so don't use all the apps as much. Prolific is probably the one I use most.
One Pulse is good, but you have to be quick to get the paid pulses. I average £15 a month on there. It pays out in $ so the amount in £ changes.
Vypr is another quick and easy one, I make £5-10 a month on there. Then I use YouGov and YouGov Direct. They are really slow, YouGov takes me a year to earn the £50.
There are a few receipt apps I use, Snap My Eats, Shoppix, Receipt Hog, Huyu and Zip Zero. Money back from your receipts if you don't mind sharing what you buy.
Airtime Rewards is great, you link your bank cards and your phone then every time you use your card in the shops on the app you earn money off your phone bill. I can send you a referral code for that if you want
@Tiredbones I was in exactly the same boat. I used to aim to earn £5 a day on prolific to buy milk, beans & bread when I was out of work due to health reasons. Terrible state of affairs but like you, things are looking up for me now!
Vypr sounds good as does one pulse. YouGov is one I use too but my god is it slow. Like with anything you’ve just got to be consistent and that’s probably the main thing I find hard.
Vypr sounds good as does one pulse. YouGov is one I use too but my god is it slow. Like with anything you’ve just got to be consistent and that’s probably the main thing I find hard.
Is Prolific good? I looked on trustpilot and it gets some bad reviews. Don't get me wrong it gets good reviews too but I always read the bad reviews to see what could go wrong.
I had alot of wedding debt and a student overdraft from 2008 to clear. I made a dated spreadsheet of income, what comes out (everything from food, travel, rent/mortgage, od/credit card payments) and an allowance each month to spend on whatever. This allowance was variable - when I was really struggling it was 100 a month then it's gradually increased once I paid my debts off to around 300 this is after nursery fees and doesn't include my husband's disposable. I spend that on clothes for me and my daughter, beauty products, soft play dates ,nights out etc.
I put this allowance into a separate account and use my other just for bills.
In my spreadsheet I also forward plan for putting away for Xmas and holiday spends
I put this allowance into a separate account and use my other just for bills.
In my spreadsheet I also forward plan for putting away for Xmas and holiday spends
I love saving money. I’m a single parent household and have 28k in savings. I get excited about seeing the numbers go up! I only earn 21k a year and we still have a yearly holiday abroad too. I’m just really strict at budgeting £30 a week food shop. £10 a week into a pot for car insurance which I pay in full every year. My car tax is only £20 a year 15 a week petrol. I don’t drink or smoke and we do loads of free days out like walks/parks/bike rides etc where we take our own drinks and snacks.
I always ask for H&M vouchers for bday and xmas so I can buy my clothes with them. My rent and bills come to £911 a month. I just know where every penny is going which I think is the key. I lived at home til I was 30 though which I know played a big part. I’ve saved from being 18 when I worked 6 days a week. Before i moved out I had the money saved to buy a car in full and to furnish a whole house so I’ve never ever been in debt. I guess this is a major factor too.
A big game changer is taking food and drinks with you to work!
Also once a phone contract is up get a sim card only deal rather than a new phone! Saves loads.
15 a week petrol. I don’t drink or smoke and we do loads of free days out like walks/parks/bike rides etc where we take our own drinks and snacks. I always ask for H&M vouchers for bday and xmas so I can buy my clothes with them. My rent and bills come to £911 a month. I just know where every penny is going which I think is the key. I lived at home til I was 30 though which I know played a big part. I’ve saved from being 18 when I worked 6 days a week. Before i moved out I had the money saved to buy a car in full and to furnish a whole house so I’ve never ever been in debt. I guess this is a major factor too.
A big game changer is taking food and drinks with you to work!
Also once a phone contract is up get a sim card only deal rather than a new phone! Saves loads.
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Wow, well done you!! That’s seriously impressive being able to budget and live well on a single salary. Kids ain’t cheap! Do you have any tips for keeping costs down for kids toys / clothes?I love saving money. I’m a single parent household and have 28k in savings. I get excited about seeing the numbers go up! I only earn 21k a year and we still have a yearly holiday abroad too. I’m just really strict at budgeting £30 a week food shop. £10 a week into a pot for car insurance which I pay in full every year. My car tax is only £20 a year
I always ask for H&M vouchers for bday and xmas so I can buy my clothes with them. My rent and bills come to £911 a month. I just know where every penny is going which I think is the key. I lived at home til I was 30 though which I know played a big part. I’ve saved from being 18 when I worked 6 days a week. Before i moved out I had the money saved to buy a car in full and to furnish a whole house so I’ve never ever been in debt. I guess this is a major factor too.
A big game changer is taking food and drinks with you to work!
Also once a phone contract is up get a sim card only deal rather than a new phone! Saves loads.
I have one son. He only really gets presents on bday and xmas. All his bikes have been second hand off Facebook. We got a carrera bike for £25. He’s not really into toys now but definitely look on Facebook for second hand! And then re sell ! He really doesn’t go without anything, He’s got an iPad which we bought in 2013, still going strong. we share a laptop. Clothes I mostly buy H&M. We keep clothes for years. I buy the next size up in most things. Recently bought him some converse in the John Lewis sale for £18. I cut off jeans to make into shorts when they are too short! They look really cool too. We just don’t need to buy that much really as I wash regularly. I’m quite a minimalist too so I don’t like drawers and wardrobes full of clothes for him. I also don’t go shopping. I order what he needs on h and m or Asda. I always select ‘price low to high’ on websites. I always make a coat do for two winters by buying a bigger size.
I’ve waffled on a bit there but just a few ideas.
Oh and thank you by the way
My kid sounds like he’s drowning in all his clothes in bigger sizes. I promise he’s not. He always looks nice
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I use the credit union, comes straight off my wage, I also use plum, I have 2 separate bank accounts for savings that direct debits are set up for. I am good with money but my husband is terrible. It really annoys me
Ooh I’ve just downloaded plum @Scvee13 - do you find you don’t notice the money going out? I’m hoping it will help me save up an emergency fund as currently I live wage to wage with nothing to fallback on.
@orangelolly Prolific is really good, I've made £700 in 2 years, the studies can be really interesting. The only downside is there isn't an app so you can only check it on the website. When I'm on my laptop I have the Prolific tab open so I can see if studies come in. I also have the link saved on my phone so I can check it there, some studies can only be completed on a computer but you can reserve the space on your phone. Some of them fill up quickly
@Jc456 OnePulse have changed the minimum payout to $20 during lockdown, I've cashed out twice. I've heard people say you get more paid pulses if you open the app each morning, not sure how true that is but it's worth a try! Also completing the free pulses to get your price up on the paid ones helps
@Onecandream that's amazing well done! Living at home must have helped but it seems you've got in really good habits! I'm also a single mum with one son, he's never had tons of clothes or shoes. He's now 14 so wants branded clothes, and he growing so quickly clothes and shoes are only lasting 3-4 months, even when I've bought them bigger
I'm trying to teach good money habits so he doesn't get in the position I was in
I use Monzo and have loads of pots for different expenses, school uniform, glasses, holidays, my son's sports costs, gifts etc.
I also have a Help to Save account, if you get tax credits/universal credit you can set up an account on hmrc, you can save up to £50 a month and the government will give you a 50% bonus of your highest balance after 2 years and after 4 years
@Jc456 OnePulse have changed the minimum payout to $20 during lockdown, I've cashed out twice. I've heard people say you get more paid pulses if you open the app each morning, not sure how true that is but it's worth a try! Also completing the free pulses to get your price up on the paid ones helps
@Onecandream that's amazing well done! Living at home must have helped but it seems you've got in really good habits! I'm also a single mum with one son, he's never had tons of clothes or shoes. He's now 14 so wants branded clothes, and he growing so quickly clothes and shoes are only lasting 3-4 months, even when I've bought them bigger
I'm trying to teach good money habits so he doesn't get in the position I was inI use Monzo and have loads of pots for different expenses, school uniform, glasses, holidays, my son's sports costs, gifts etc.
I also have a Help to Save account, if you get tax credits/universal credit you can set up an account on hmrc, you can save up to £50 a month and the government will give you a 50% bonus of your highest balance after 2 years and after 4 years
No I haven't noticed it but the more money in your bank the bigger amount it will take, I've been using it since Feb this year and have £369 saved there. No a large amount but it's something that I'd probably have spent on rubbish. I used live wage to wage in my last job, that's when I started tracking all my outgoings and meal planning, doing batch cooking. Most of my outgoings were spent on food
