Does anyone else live in their overdraft?

[Sarah Lou 80]

Im constantly in my overdraft. It's frustrating as in theory we can afford our lifestyle (which is not an extravagant one at all). There's really not a great deal we can cut back on. I'm starting to be a bit thriftier with our food shopping. Meal planning etc.

Our incoming is more than our outgoings but it's always the unexpected things that catch us out like needing a new tyre on the car, that kind of thing.

Who else has this problem? Does anyone have any advice on how to get out of it?! It's starting to depress me a bit!

 

[suzib76]

Can you meet with your bank and get them to knock £10/£20/£50 (whatever is affordable and not hugely missed) once a month in order to slowly reduce it? Not ideal and it can take a long time but if it's just a small amount you tend to manage without it rather than losing it all in one go

 

[toffee87]

We are often, but I found what helps is setting aside in an easy access savers account, money for stuff that often occur annually. For example, tyres, Christmas, birthdays, pet vaccinations, car services. Just work out what you spend on average, divide it by 12 and set up a standing order

 

[Sarah Lou 80]

Thanks guys. I think the chipping away at it is a good idea. Think the minimum with my bank account is£50 from whT I can see online.

I have got an easy access savings account but this is quite new so once (if) I manage to get back on track this should hopefully come in very handy.

Thsnks again

 

[bubblychick]

Me I'm out my overdraft maybe one day a month if I'm lucky. I'm not working right now so I only have child tax credit and child benefit going into my account, i only pay for the food and kids clothes etc; I'm pretty good at shopping cheap; in charity shops, free sites on Facebook for clothes, Aldi and other discount stores for food,with maybe the occasional treat lol, but it is hard it seems the money goes out quicker than it goes in lol.

 

[Sarah Lou 80]

Me I'm out my overdraft maybe one day a month if I'm lucky. I'm not working right now so I only have child tax credit and child benefit going into my account, i only pay for the food and kids clothes etc; I'm pretty good at shopping cheap; in charity shops, free sites on Facebook for clothes, Aldi and other discount stores for food,with maybe the occasional treat lol, but it is hard it seems the money goes out quicker than it goes in lol.

Glad it's not just me! Need to win the lottery I think!

 

[c1403]

Yes! More money comes in than out but as it's always different dates etcwe are usually always in the overdraft.

I am trying to clear a CC first then try and keep out of our overdraft. We get by on day to day things, though like you its the unexpected things (and my spending) that catch us out.

 

[hanni]

Me 😳 I'm awful with money I won't lie! I forget about things we have to pay for and then they get taken out when there isn't enough in. My OH handles all the bills. It doesn't help that I haven't been paid from my new job yet and I'm only getting my child benefit going in my account.

 

[Sarah Lou 80]

Yes! More money comes in than out but as it's always different dates etcwe are usually always in the overdraft.

I am trying to clear a CC first then try and keep out of our overdraft. We get by on day to day things, though like you its the unexpected things (and my spending) that catch us out.

Also trying to clear a CC first! Feel like we are just treading water at the moment!

I see lots of friends and family who seem to always be wearing nice new clothes and are getting their hair or nails done regularly and I'm wondering how on earth they manage it?!

 

[Iren_iren]

Try to put some money aisde each month for some unexpected emergencies.
We put £50 each for "maintenance" and that could go towards house insurance/any small home improvements etc.
Meanwhile, try to question your every purchase to end up montb on a positive balance from my personal experience its small things that end up eating all your money like take out coffee, extra chocolate on the till, just one more toy etc
I am always good and keeping track first few weeks for the month, but then tend to loose it and i do get into overdraft sometimes, so i know its not pleasant feeling

 

[MissN8]

I see lots of friends and family who seem to always be wearing nice new clothes and are getting their hair or nails done regularly and I'm wondering how on earth they manage it?![/QUOTE]

They could be in debt or living off credit cards too. You many people try and keep up with the others these days

 

[Geebug x]

I find that I spend whatever I have so it is safer for me not to have an overdraft/CC/store cards etc.
I don't have any self-control.
If the money isn't there it isn't there xx

 

[Rags]

I think the advice to chip away at your overdraft is a great idea. It may take a wee while but you will get there and feel great when you do. It doesn't need to be much and it might take a while but especially when you know you are living within your means it must be very frustrating to find a negative balance every month.

I work freelance and have done for many years. This has taught me to be very strict with budgeting as I often have times where I am working for a couple of months with no income until the end of my contract. I am single so don't have a second income as a buffer. I have an overdraft but it has to be purely for bills in absolute emergencies and I often have periods where the only thing that is bought is food. I watch many people around me with new cars, cloths, big houses, and understand that they are pretty much without exception all in high amounts of dept - were as if we have something new or go on holiday it is because I have managed to save the money or worked an extra contract to have enough by for the bills for a couple of months. I only got to this position by paying off an overdraft about 10 years ago after working a particularly lucrative contract and deciding it was better to clear the overdraft than have the holiday I fancied. I'm so pleased I did as it allowed me to plan to be a single parent - something I would never have done had I been in dept.

Good luck

 

[Sarah Lou 80]

Thanks for all your replies ladies! Of course, Christmas isn't helping and we are moving house as well (hopefully) in fact, we may have a bit of money left over from our sale to allow me to clear some debt and start a fresh. Fingers crossed.

Some great advice here though and I have made note!