Debt thread!

[Applecider]

I have been tempted to sell my iphone but I Love it!!!

 

[BevG]

One major major tip is t put a spreadsheet rgether...so u can see ur incoming n outgoings visually.we have dun this since we moved in tgether three yrs ago.oh n i earned 17k less bkthen btween us n somwtimes we inly had 100quid a mnth for food n had t b mega mega careful with electric etc but we did it n did acrue any debt from it. if u aibt got it..u cnt have it...simples x

i needed food and my car. i even stopped smoking at that point as i couldnt afford it and i lost 3 stone as i couldnt really afford to eat. pretty much had to get into debt just to live.
i wish i earned 17k. thats how much me and my OH earn total in a year now.

 

[mustard]

Hunnie, it is a very good question you asked. It sounds like a lot of the girls here got into debt for very good reasons but I didn't, not really. I borrowed for living costs at uni which would have been ok but it kinda made me just feel that credit cards were for spending on so I spent everything I earnt each month some on bills but a lot on crap and I saved nothing so when something unexpected happened (car problems or something broke or even I wanted to go on a trip) I put it on cards. I didn't understand interest rates properley and the debt easily racks up. I'm not an idiot (i have a first class honours degree). I was just young and a bit silly and to be honest no one had every thought me about money, my parents and school never told me anything and my friends all seemed to live on credit. Fortunately my debts never got too high and once I realised they needed to get sorted I was able to deal with them quite quickly, but I have two friends who had to go bankrupt in their early 20s because they had spent too much on rubbish and racked up silly debts they could never pay back. I am definately going to teach my child about personal finance and how banks work because it does scare me how easy it is for debt to rack up.

 

[l_maclean]

Its quite scary how easy it is to get into debt. I got my first credit card at a Freshers fayre at Uni - cos we wanted the free popcorn maker that you got for applying.

I was lucky at uni, my parents paid my rent as well as giving me a food allowence that was pretty generous. I worked as well - but it meant that my wages were basically for fun. So i was never tempted to use it.

xxx

 

[jojo_2012]

I've just been told I've been overpaid tax credits so for the rest of the year I'm getting £0. I can no longer pay my childcare my only option is to leave work at 29 weeks for mat leave.

Reading all u guys dealing with credit cards makes me glad I never had one I'm a single mum and it'd be so tempting to get myself into debt just so I could have longer with LO after he's born.

Sorry if it's a bit off topic but I'm feeling a bit hopeless money wise and this thread was calling out to me.

Going to citizens advice tomorrow to see if there's anything else I can do but it doesn't look good. I'm a full time working single mummy who refused to go on benefits.

 

[Applecider]

Jojo have a look at martin lewis website money saving expert there's advice on there and a forum where everyone shares their probs!! But CAB is a good place to start hope u get it sorted xx

 

[titch]

I love the martin lewis website, and I TOTALLY agree with his campaign that all children should be taught finances in high school. My parents bought me a book called "your money or your life" I cant remember the name of the guy but it was fab, made total sense and it was stuff Id never known before. Noone had ever told me about interest rates, credit ratings, mortgages... I learned soo much and felt like I was finally in on the secret!

 

[jojo_2012]

I went to the CAB. They said to let them keep overpaying me. Like in a few months theres gonna be some magical pot of gold and I'll be able to afford a £1500 overpayment.

My plan now is to stop them overpaying me, live off what little they give me, and go on maternity leave at 29 weeks instead of the planned 37, that way I don't have to spend £120 a week on childcare. NOT happy about it though. At least when I go back to work I've been given 16hrs not 38.

Oh and I have to claim housing benefit.

 

[Hunnie]

Jojo I think in your time of need you need to claim benefits! You obviously work as it is and contribute to the economy so in my eyes you have completely every right to take the help you deserve!!

OH has always been brought up with a strong belief that you don't spend money that you don't have and is a bit of a tight arse when it comes to spending but hopefully this means he will keep me on the straight and narrow as I fully admit to never being taught by my parents how to manage money properly! Luckily we get our mechanicing done for free (the perks of having an awesome mechanic for a BIL who accepts payment in the form of brews and food) but I'm definitely going to budget monthly for appliances breaking on us as I know these could potentially cripple us. Ive also decided to stay away from the credit cards! I've already got a Topshop one that I can only rack up about £250s worth of debt on but I think I'm gonna get it cancelled as there's no need for it and it's an unnecessary temptation.

 

[l_maclean]

Little word of warning on the credit card front. I know it can be difficult for some people to have one and not use it - but if you can it's worth having one for big purchases!! Like a carpet or sofa or something ur getting delivered! My dads a whizz with finances (I really should listen more) but one thing I got drilled into me is using a credit card for items your not taking home with you. This is because if u buy for example a sofa using a debit card - and it's to be delivered 6weeks later - and the company goes bust, you are very unlikely to see any of that money again - but if u used a CC it's their problem. Xxx

 

[mustard]

Also if you can use a credit card sensibly it helps to build your credit score (by showing lenders that you can borrow responsibly) so can be helpful when you need to get a mortgage or loan.

 

[Applecider]

And it protects u when u book holidays etc! My
Nanna got hers all back when the flights were cancelled last yr!

I've bn really lucky this week my OH has received £700 back PPI! He didn't even kno he had it!! Xx

 

[mustard]

Thats great applecider. What a nice suprise. I haven't done that well but made £35 on music magpie and £17 on old mobile phones. Which has the added bonus of making some space which we badly need to do (I'm discovering that babies come with a lot of stuff).

 

[Applecider]

Lol!! That's a good amount mustard! I've not heard of music magpie will have to have a look. I think everything I make online n selling I'll put in a jar so that when I have no cash it will be all in there!! I thinking I'm gonna try n sell some
Of my decent clothes!!

£3000 is so far down to £2850
Extra cash from wages
I can do this!!!! Xx