Money saving tips

[Chloebw]

Hey DD is 9 months now I'm a single mum of 1 and I'm fed up living in my overdraft. It drives me mad. I just want my bank to be a big 0! Any tips on saving to pay it off.

A better job?

www.mumsnet.com/Talk/credit_crunch/1543785-your-top-tips-for-money-saving-and-a-more-frugal-life

www.mumsnet.com/Talk/credit_crunch/1600030-Small-money-saving-habits-petty-even

Try these threads.

You can great tips from here to cut down on grocery shopping etc but I would try to increase my income or get rid of expenses (ie. car, downgrade to smaller home) if applicable to make any impact really

stop buying clothes for you - most people have way too many. All your daughter's clothes (except shoes when she gets that far) come from charity shops. As does all baby gear.

don't buy makeup, magazines, take-away food or coffees, books (use the library).

shop around for all utilities and bills. Don't buy presents, ignore Christmas.

Thanks for reply. My job is good I'm happy in it and it's a good wage. I just seem to be in a constant cycle of spending it all before a chance to save.

hi
have all direct debits paid out at start of month (or straight after your salary goes in)
then make sure you have enough for food and necessities.
next pay as much as you can off your o/draft.
keep a track of your spending then make a realistic budget that you can stick to.
when o/draft paid off in full, start paying that amount to yourself at the beginning of the month that will now be your savings/spending pot.

loads of tips how on those threads mentioned above.
I was in your situation once it can be turned around

Every month when you get paid, ring or email your bank and ask them to reduce your OD facility by a small amount eg £5/10/20.

Then each time you make some saving (eg nappies on 3 for 2 or caviar half price, or using boots points instead of real money to buy soap etc. etc.) put the actual money (or as much of it as you can) in a jam jar. At the end of the month pay it into the bank account and add this sum to the amount you reduce your overdraft by on pay day.

It sounds like nothing, but honesty and promisedly it will mount up and you will be out of the OD and you can start slinging your monthly jam jar plus your original £5/10/20 in an inconvenient savings account. It will become addictive and you (absolutely) will feel like all-powerful Chloebw who can conquer mountains. Just chip away.

Years ago I took out a loan (cheaper interest) and asked my bank to only allow a small amount to be overdrawn

The fact it was a loan made me determined to pay it off quick

Thanks quitequietly! Sounds good! Are they happy with you doing that? Mrswellyboot I work for the bank I have seen people getting into trouble with loans it was something that crossed my mind.

My bank allowed me to reduce the overdraft in £20 multiples. DH's bank allowed multiples of £5. We had already consolidated out debts twice (and then run up new overdrafts and credit cards). We also were somewhat over-optimistic as to what we could manage for our monthly repayment each time, which didn't help. The small reduction monthly plus jam jar is what worked for us. We paid off £28k, tenner by tenner. Good luck!

forums.moneysavingexpert.com/showthread.php?t=2426287&highlight=sneaky+ways

have an hour or two spare??

I downloaded the app called 'meal plan'. It is really good and helps you organise all your meals and has an area to store all your meal ideas. Then you just drag and drop. I actually created my own grid recently as I am better at writing down on paper but this app was great for a while.