To ask for budgeting advice

[Kitten678]

I am 35 and make around 28k a year including overtime.

I owe £1200 on a low-interest supermarket loan.
£750 on another loan.
£800 on a credit card.
£250 overdraft.

I earn £13.85 an hour for a 37-hour week and I do overtime as much as possible, the problem is it's capped so some weeks I won't get it. In September I'll restart tutoring to earn an extra £70 a week.

I'm not bothered about having £0 debt, but looking to just get it to under 30% utilisation if possible.

I live alone and pay £850 for mortgage and bills, the other expenses are braces £55 a month, yes they weren't essential but my teeth were horrific and braces have significantly improved my self esteem.

Otherwise I pay student loan repayments, no car, I have the cheap Netflix £5.99 subscription and honestly can't think of much else, my credit card debt was higher so I took the loan out as it was low interest.

I want to have the balance reduced in a year, I only have £100 in savings. Sensible suggestions only please I'm not selling my TV! I think buying my flat and being in low paid work has set me back financially but I have a couple of interviews lined up with better pay.

I am paid weekly on a zero hours contract so work is variable eg one day last week, 3 the week before. We are a 'family' of 3, oh doesn't work and we have one at school so get UC. The relief when we paid off the last credit card(£100) - OH's!

I still have a credit card which I use for essentials eg glasses and I pay back ASAP but without leaving us short. I pay the minimum monthly plus £10 for each day I have worked weekly. It soon goes down. I also pay the interest if any each month as I don't want to pay interest on interest!
Also I have a Chase account with saving pots and put £10 for each day I've worked into my rainy day pot. I also have pots for the car, christmas presents and my dd. I have a target and once I reach it I leave it. I also have a Help to Save account and save £50 a month which I plan on giving dd when she goes to university as it matures then.

Have you checked if you are entitled to UC to top your wages up?

I second this. What you need to look for in the DebtFree Wannabee forum. You'll find there a template for a "statement of accounts" (SOA). Fill that out based on what's on your bank statements for the last 2 - 3 months. Average out your income.

You need to get a realistic picture of what exactly you spend each month and that will tell you how much, if anything, you have to chuck at your debts. The aim should be to get it down so you are paying no, or at least minimal, interest as that's just a waste of your hard earned ££.

If you post a copy back on the MSE forum helpful debt advice types will give you ideas on how to tighten up your budget or highlight where your blind spots are.

If you don’t save an emergency fund you end up spending on a credit card in an emergency.

having an emergency fund is operative IMHO

How much interest are you paying a month?

But if you already have debt, it makes sense to pay that off before saving.

You need to do both - to get into good habits so you don't get into debt again. I currently owe about £500 on my credit card (just bought something, it was 0 before) and I have £1200 in my rainy day pot. I could have paid outright but made the decision to put it on the credit card.
My income is not steady and I feel I need that security. I can afford to make payments on the cc and will be overpaying so I pay it off ASAP.

I sound like a loon….

put all your figures on outgoings and incoming into ChatGPT and ask where efficiencies and improvements can be made. Also state what policies you have with what utility providers and ask for more affordable alternatives. It will run a deep search - take 10/15 mins.

I know people will be horrified but it’s maths - you’re spending more than you’re earning. There will be better policies than the ones you will likely have. It’s pretty clever. Lose nothing - give it a shot. Taking advice from strangers is no different, for all you know everyone on here is horrific with money and have terrible debt.

No because you end up a never ending cycle of debt.

for me this is what worked and now I don’t have any debt I cannot pay in full each month or is a planned spending.