To think living in overdraft is the norm?

[user1490465531]

Beginning to think it was just me.
Despite working I am always in my overdraft a week before pay day.
I have paid it of before only to be in it the next month.
Speaking to people it seems very common due to rising costs of living and no wage increase.
AIBU to think unless you have a fantastic paid job you will living in your overdraft.
I live a pretty basic life apart from odd treat so not exactly due to extravagant lifestyle don't own car don't go on holidays etc.

I used to up until recently gonin, drag money over from my ‘oh shit ‘ savings account and then do the same thing the next month. One night I realised how quickly it was going and after initially panicking buckled down to a spends per day budget. It’s been tight but so far so good - but agree with everyone, it’s horrible having to live with one

Never used my overdraft, never been in debt. Im just careful with my money

I have had loans in the past and consolidated debt on to 0% cards to pay off etc. But overdrafts I found very insidious - they never seem to go!

I think if you can reduce spending enough to chip away at it then it's a huge confidence boost. I used an app to track spending and my accounts and found it motivational - as well as the Money Saving Expert site.

I don't have an overdraft. I'm a single parent with one DS, total income including tax credits is about £20k.

I never buy anything I can't afford. Never had a loan and I do not have a credit card. But I have very small outgoings, I rent my home so I'm not responsible for the maintenance and I don't have a car.

I’m also perpetually living in my overdraft. It’s £700 and I’m typically into it a week after pay day. It’s been this way for years. The £5 or so it costs in fees each month feels reasonable vs the struggle it would be to get myself out.

No. And i wouldnt want one either.

I was in £1100 overdraft every single month for around 4 years, during my student days. Then my bank decided it was going to reduce it by 200 per month till it went down to zero. Best thing ever. It was a pain in the arse for the first month but then i got the hang of all the changes i HAD to make.
I managed it on a wage of 1088 a month at the time...600 on rent and bills and the rest went on phone bill, food, and fuel for car.
I cut back HEAVILY on all my eating out/ takeaways/shop bought lunches/nights out etc and just batch cooked for the week every sunday, only spent £3 a week for snacks (bought tesco own brand crisps and cheap biscuit packs to last the week). By the end of the first month i had actually had enough left over for a meal out with friends.
Honestly never learned how to live on a tiny budget until that happened. And it was life changing.

That was a sprightly 6 years ago and ive not looked back since. Clearing it on a student wage was hard but i did it.

I still see overdrafts as a student thing. I cant imagine having one now.

I don't use mine anymore but was up to £1000 overdrawn for years when my kids were younger and I wasn't working.

Never. Sometimes I shift savings around and pay them back on payday, but we live within our means (and are fairly tight people which helps )

No, I don't think it's a good idea to live beyond your means. However it isn't easy with living costs high compared to basic wages.

I am at the moment, tend to go into it over the summer months and pay it off in October. Bank charges £7 a month to use it.

No.

No OD. No credit cards. No loans. Dh got into fucktons of debt gambling and I took on everything financial when it all came to light. The absolute choking fear of who might turn up on the doorstep cured me of ever wanting anything I can't pay for upfront.

Nope not since I moved out of UK and its poverty wages

No, I don’t have an overdraft. I did when I was about 19 and being overdrawn made me feel so sick I swore never to get another one.

It's not normal. You either need to find a better paying job or stop living beyond your means.

There are definitely people who are in debt and live off value noodles with zero slack in their budget. If you're smoking £85 a month because you enjoy it OP, that's not you.

How do you feel about the overdraft? It's not the norm but it is common, but that doesn't necessarily have any relevance to you and what you want to do. Would you prioritise smoking over clearing it, forever?

No. Not even when a student. I don't have a particularly high salary and I certainly don't want to waste it on bank charges.

Use credit cards for everything (for the cashback) and pay off in full every month by direct debit. Mortgage paid off by 40 (London).

Can't get an overdraft or credit card, I have £120 a week coming in and that has to do.

it'sallgoingtobefine. What software?

no over draft, credit cards or loans thank god

it'sallgoingtobefine. What software?

YNAB (You Need a Budget) First budgeting thing I have ever stuck to.

www.youneedabudget.com

After the OP's last post: 'If your offended by being thought of as smug no need to post on my thread. You can share your wisdom on other posts in the aibu board.'

I think it's obvious the OP is totally disinterested in posts from anyone who doesn't use their OD or used to but stopped and gave helpful tips (none of whom were smug BTW).

If your offended by being thought of as smug no need to post on my thread

If you're offended by people being able to live within their means & not be in the shit every month no need to label them "smug".

HTH.

oh ffs

I think one or two people definitely came across as santimonious, and lacking empathy, to be fair.

OP I think the “ smug” people on here are just sharing their experiences which don’t necessarily match yours. I am gratefully smug in that I learned my lessons and worked my way out of what was mostly unnecessary debt. But that doesn’t mean I don’t remember what it felt like to have the sleepless nights, nor have I forgotten how easy it would be to build debt up again. But now I actually enjoy having savings instead so I’m simply not tempted