Just was after some advice and shared stories really. I am employed and don’t earn a bad wage really but for some reason I just can’t seem to stop going into my overdraft! I go into it by 300-500 each month which means I am in it every month! I will admit I am a bit of a spender I am always spending money on things and am very generous. I just wondered if anyone else was in their overdraft because I feel like it’s just me? Also any budgeting tips.
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If it's bothering you then I would maybe set yourself a target of getting yourself back into credit by say £50 a month (£100 if you can afford it) and then cancelling it altogether.
If you have a separate account then maybe transfer yourself a spend allowance each month into that account. And only allow yourself to spend what's in that account on non essential things?
I would recommend starting by making a list of your outgoings, work out everything that goes out each month and see if there’s anything you can cut back on or cancel completely.
I’d then work out how much money you have left after all essential bills have gone and then maybe try and set yourself a budget of so much a week.
it can be tough to get into that mindset, but you’ll probably feel a lot better once you get it all sorted, good luck.
I’d then work out how much money you have left after all essential bills have gone and then maybe try and set yourself a budget of so much a week.
it can be tough to get into that mindset, but you’ll probably feel a lot better once you get it all sorted, good luck.
Overdrafts suck, they only help you that month you extend it.
like said above work out your bills and living costs first.
Put what you’re willing to live off in a seperate account like monzo. Its great as it has a budget for everything, like £100 petrol, £300 food shopping… etc. I also gave myself like a £100/£150 treat budget.
Get that overdraft down! I was able to do it in one chunk but you may need to chip away at it.
Best tip I could give you is save/put aside first, don’t save what you have left at the end of the month
like said above work out your bills and living costs first.
Put what you’re willing to live off in a seperate account like monzo. Its great as it has a budget for everything, like £100 petrol, £300 food shopping… etc. I also gave myself like a £100/£150 treat budget.
Get that overdraft down! I was able to do it in one chunk but you may need to chip away at it.
Best tip I could give you is save/put aside first, don’t save what you have left at the end of the month
I used to be in my overdraft every month too I was getting sick of it, I budgeted over a couple of months and reduced my spending and when I managed to go a month without going below £0 I cancelled it, I will never set one up again now.
I use mine every now and then but it’s a £200 free overdraft and I’ve never gone over that. Doesn’t happen often I’m usually good at sticking to a budget, I transfer the majority of my pay into an account I can’t quickly get it from. I usually leave myself around £200 a month to spend on whatever sometimes a bit more depending on what plans I have or how much overtime I’ve done.
Try and get out of it and cancel the whole overdraft ASAP. If you’re not using any extra credit each month then you don’t even need the overdraft anyway, it’s just keeping you in the cycle
Maybe try £250 this month and £250 next month so it’s more manageable. Or even £100 a month off, but if you can afford to suck it up and be skint for a month try and do it as soon as!!!
Maybe try £250 this month and £250 next month so it’s more manageable. Or even £100 a month off, but if you can afford to suck it up and be skint for a month try and do it as soon as!!!
When you next get paid and your account is back in credit, go to your bank and get them to reduce your overdraft - preferably to nothing. That way you can’t keep overspending. It’s self control in the end - you know you overspend so just stop doing it. Budget. Write down what you have coming in and then write down all your static outgoings - rent/council tax/bills/food shop etc - then look at what is left over from your wages and that is what you’ve got left for spends - no overdraft, no credit. There’s no magic way of doing this - it’s basic mathematics and the ability to budget and live within your means.
You've already figured it out. You're 'a spender'.
Go through your last 100 transactions and be honest with which ones were necessary or frivolous. You'll be shocked, but you know the answer. Stop spending.
I assume you don't have any savings either? That would worry me more tbh
Go through your last 100 transactions and be honest with which ones were necessary or frivolous. You'll be shocked, but you know the answer. Stop spending.
I assume you don't have any savings either? That would worry me more tbh
I have a planned overdraft of £150 - sometimes I'll go into it but I'll never use the full amount and it's not every month this happens.
You've admitted you're a bit of a spender, so the obvious thing to do is consider whether the things you're buying are really necessary. One way I keep on top of my finances is by having a spreadsheet. At the top I have my monthly wage, I then deduct and list out all my bills and money which I put into savings to give me a figure of what's leftover which I know is "disposable" money. I think it's important to know exactly how much you have going out each month on "necessary" bills (car insurance, rent/mortgage, food etc) and then at least you know what money you'll have leftover so you can't or won't be tempted to overspend.
Some of it is about self control. If, for example, you know you have £300.00 leftover for the whole month, but 2 days before payday you're down to your last £20 and you see a handbag for £50 the simple thing to do is just wait until payday when you'll have your next lot of "disposable" money available. Self control is key. I'd also be ensuring I put money into savings/have an emergency backup fund BEFORE I calculate my "disposable" money.
As @Saddlesoap says, I bet if you actually sat and put all your transactions in front of you, you'd be shocked at how much of it was pure waste!
You've admitted you're a bit of a spender, so the obvious thing to do is consider whether the things you're buying are really necessary. One way I keep on top of my finances is by having a spreadsheet. At the top I have my monthly wage, I then deduct and list out all my bills and money which I put into savings to give me a figure of what's leftover which I know is "disposable" money. I think it's important to know exactly how much you have going out each month on "necessary" bills (car insurance, rent/mortgage, food etc) and then at least you know what money you'll have leftover so you can't or won't be tempted to overspend.
Some of it is about self control. If, for example, you know you have £300.00 leftover for the whole month, but 2 days before payday you're down to your last £20 and you see a handbag for £50 the simple thing to do is just wait until payday when you'll have your next lot of "disposable" money available. Self control is key. I'd also be ensuring I put money into savings/have an emergency backup fund BEFORE I calculate my "disposable" money.
As @Saddlesoap says, I bet if you actually sat and put all your transactions in front of you, you'd be shocked at how much of it was pure waste!
I’ve been so guilty of this the last year - I got into a really good position as I’m naturally quite sensible, then had a bit of a blip and was guilty of overspending. Not in debt, but just reckless unnecessary purchases, because I felt bad/anxious/classic pick me up.
I think, don’t beat yourself up too much - build good habits in gradually. Delete shopping apps off your phone, unsubscribe to sales/shops/etc emails, mute them on Instagram. Every time you go to buy clothes, devices, skincare, etc - open your wardrobe, your bathroom cupboard, and look at what you have. Adding up the static bills and putting them in a pot when you get paid, then another pot for your allowance for the month.
I think, don’t beat yourself up too much - build good habits in gradually. Delete shopping apps off your phone, unsubscribe to sales/shops/etc emails, mute them on Instagram. Every time you go to buy clothes, devices, skincare, etc - open your wardrobe, your bathroom cupboard, and look at what you have. Adding up the static bills and putting them in a pot when you get paid, then another pot for your allowance for the month.