Am I being unreasonable to think I can clear my overdraft some time soon?

[twoandone]

I am usually about £1500 overdrawn by the time pay day comes around. It's cleared for a day and then straight back down. Please gives me some tips to clear it off? It's getting me so worried.

How much is your salary every month? The only way you can clear it is to either have more money going in or to cut back every month to gradually pay it off. Do you have cutbacks you can make?

How much is all your money that you get all together? Is there any cut backs that can be made?

Ideally make a incomings and outgoings list and have a look at where you can cut back and slowly get out of your overdraft.

You can also ask the bank to remove it and pay them back separately but it will effect your credit rating but so does staying in your overdraft constantly.

Get a 0% credit card (do not use it for new purchases).
Use the balance transfer facility to repay the overdraft.
Work out how much you need to pay each month for the debt to be repaid before the 0% ends. (Eg. If your 0% deal ends in 15 months. You need to pay £1500 divided by 15 equalling £100 per month )
Set up a standing order for the monthly payment.
If you have any spare cash, throw that at it to keep plugging away clearing the debt.

Is it a budgeting issue or more expenses than income?

My husband was like this when we first met, drove me bonkers. Once we'd established how this was happening (alot of frivolous spending) we set up a seperate bills account which the amount transferred on pay day. The O/D account was his "free money/fuel etc account" and from there he reduced his O/D limit by £100 a month until it was at the standard £100 O/D limit.

If £100 is too much then set a reasonable target.

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You'll need to set yourself a budget to spend less than your income every month and put the money that is left over towards paying off the overdraft, a little bit each month. Start making a note of all your spending to see where you money is going now. If all your money leaves your account on one day, is that already debt payments that you are making or standing orders for household items?

Pots!! But you'd need to create a second bank account. You'd need to give £100pcm to you overdraft and slowly reduce it that way

I'm reducing mine. Each month I commit to either £100/£200 to reduce my overdraft. So basically each month when I get paid I ask the bank to reduce my limit by the £200 so I don't have it available to spend. That was each month the debt gets £200 lower.