How can I save money quickly & sort myself out?

[lostandconfused2]

So I'm 24, almost 21 weeks pregnant and I live alone in a two bedroom house with a loft conversion for an extra room. My partner will be moving in in January.

I have out a loan and I am deeply into my overdraft. I used to be amazingly good with money, I always had savings of over £5,000 (I come from a working class background, I've worked my arse off since I was 15) but I was with someone for six years who I looked after financially as he kept losing jobs. He then left me for another woman and after that I was paying rent and bills on that place before moving to somewhere cheaper (but still not cheap) into a one bedroom place. But I shared the deposit we got back on the previous house with my ex because I was a walkover and I had to put £1,400 down on my new place plus £800 in rent. So basically I ended up using most of my overdraft and have been skint ever since.

I have a good job but I am self-employed and I have a chronic illness and I'm struggling with pregnancy so when I have to take time off I don't get paid for it. And even when I do get full-time play, I still can't seem to get myself out of my overdraft! My bills are excessive, I'm paying so much and it's all got a bit out of hand!

Last month I yet again moved into a new property to be closer to my family and also to have a bigger place for me and the baby, so that was more deposits and rent in advance. I will be getting my deposit back from my old place, but I am still in my bloody overdraft deeply and I just want to get out of it but every day a new bill comes out.

I will hopefully be out of it in January as I have a big payment coming through, but I worry that that will also go quickly. My partner doesn't earn as much as I do so can't help out 50/50 and he won't be financially contributing until he moves in anyway.

So, what I'm asking after explaining my situation is how can I make sure from January, when I get this payment, that I can keep myself financially stable? How can I be more savvy? I want to save for the baby and make sure I have enough money to support myself while off for maternity, but I'm just really worrying!

I would work out how much you should theoretically have left over (income necessary spending- be brutal!) And transfer that over to a different account when you get paid.

If something comes up and you really need the money, you can move it back across, but it will at least mean you need to think about it more rather than just spending it.

With things like Netflix and amazon, do you use them both regularly? Could you maybe cancel one for a couple of months and then swap, rather than having both at the same time. Only a few quid savings a month but it adds up.

Oh, and it seems like you don't know how much he earns. That needs to change right now. He needs to show you his wage slips. Even in a NMW job, as he's not paying his parents anything, he should be easily able to pay for things for the baby. And food while he stays over with you.

Get rid off either Netflix or amazon prime. We always have amazon prime and switch around our Netflix subscription. Currently I’ve ditched it in favour of now tv (good movies on at Christmas...!)

Catfood (we only have one spoiled cat) I spend around £25 a month/6 weeks on her. Royal canin food £16 and the rest is litter from coop.

With the babies I order wipes etc from amazon on subscribe and save.

Sort out energy companies. Switch if you can. We’re paying £197 a month for electric here but only have one service provider (I’m in jersey so we don’t have any switching options).

Mobile phone - are you on the best tariff you can be? Can you switch? I’m only on a pay monthly contract and downgraded my data allowance as am currently on mat leave - so when I’m home or visiting family my phones connected to their WiFi so I use less data.

Meal planning and online food shopping will help save some cash too.

I do agree with other posters re the relationship and that you need to have a frank money discussion before he moves in but appreciate that wasn’t the reason for the thread.

Car insurance: £140 (I unfortunately had an accident) . This is extortionate! When is it up for renewal? I normally pay annually as it is cheaper (if you can afford to pay upfront). As you are quite young could you go for a policy where you have a black box fitted in your car.

Gas & Electric: £172 (I have no idea how but the company insist it is) . This is extortionate! Google uswitch and input your usage and it will tell you what is your cheapest supplier. I’m with Bulb and I pay £90 a month but I have all electric (which is expensive) and a tumble drier that eats electricity!

Water: £35 - is this done off actual or estimated readings? I pay £27 per month and I am on a meter with 2 x adult, 1 x child and it feels like my washing machine and dishwasher is going all the time.

Broadband: £20 - could you shop around for a cheaper deal? Could you get cash back through Quidco?

Netflix and Amazon: £15 - do you need both?

Food ends up being £200 a month on home shopping. - can you meal plan and cut down here?

If your partner can’t pay half then maybe he should stay where he is and you claim child support. This way you’re less likely to get completely mugged off.

Sorry, OP, but no number of apps etc will help you get out of your overdraft if you are not willing to make any lifestyle changes. If I were you, I would move back to an 1-bed-flat as soon as I could and I would move further away from my parents, say 30 minutes by car, to a cheaper area. Find an area that has a direct bus to your parents' and get rid of the car as soon as it is feasible, unless you absolutely need it for work. These changes will make a huge difference in your outgoings.

A big part of your financial problems is your partner.

As other posters have said, looking around for better deals on car insurance and utilities may save you some money. Similarly, food is the one expense where savings can really be made, like looking for stickered items , batch cooking and looking at Jack Munroe’s recipes. I also think that you can make some savings regarding your cat ( who I’m sure gives you much comfort and companionship.)

As to your ‘cocklodger’ , well I’d try not to get too disheartened with what some posters have said. As it turns out, I was a ‘cuntlodger’ as , when I moved in with my boyfriend, there was no way on Earth that I could pay half of the bills. He lived in an expensive part of London and earned way more than I did. I contributed what I could but... by MN standards, I was positively scrounging off him. Thirty years later , were still very happily married.

Try talking to your bank. They might be sympathetic and grant you a ‘holiday’ from your loan repayments. It is in their interest to help you as they , ultimately, want their money back one way or the other.

Good luck OP and I look forward to hearing an update from you in the New Year.

Are you self-employed or not? You talk about not being sure how much tax you’ll pay, as if you’re an employee?

I use the round-up function on my banking app, money then accrues in a separate pot that you can access if you need it.