I have less than nothing in my bank account until 31 May

[iloveruby]

According to my bank account I will be £99 over my overdraft once all my direct debits are paid.

I don't get paid until the 31 May.

I have some available credit on credit cards but I don't want to use them because that will make next month's payments even higher.

So, what do I do? I've got to pay for fuel and food for the month.

I'm currently looking at things to sell.

Is there anyway to reduce credit card payments without it impacting my credit score?

Help me please!!!

Any family who can help you out? Food bank?

Are you able to negotiate payment holidays on any of your other bills?

Is it possible for you to go and see a financial advisor at e.g. CAB or speak to someone at Stepchange (for example). Unless something is going to change next month (you'll presumably get paid the same on 31st May as you did on 30th April) this is an unsustainable situation and something fairly chunky has got to change - either outgoings, income or both.

You talk about having available credit - that suggests you're in debt. It may be possible to come to an arrangement with your creditors that means you don't get charged any more interest but there may be consequences for your credit score, so if you need to e.g. move somewhere cheaper then it would probably be best to do that first.

The best place to go for things like this is Debt Free Wannabe in the money saving expert forums. Mumsnet seems to mess up the links to that site but worth googling it.

I'd also note that round here we have a concept called a "top up shop": they're not free but you can get a big bag of shopping for £2 and it might be a good option to help make ends meet as they don't usually require a referral and you can go there every week.

Organisation is going to be the key.

Start with what you’ve already got. Can you try and do a 1 week menu plan without a shop? Can you manage travel to/from work and school on the petrol already in the car?

Then try and look a bit further ahead. Can you make washing liquid/washing up liq/shampoo/shower gel etc last the month? Looking at what you have in is there any meals you can do once a week for the month? Can you ration some of the stuff like teabags and squash?

Then think about how you can get the additional things you need. Any family who you could ask for help? Can you get a food bank referral? Is there a community pantry? You said about seeing if there is anything you can sell. Any points on club cards or vouchers anywhere? Any coins round the house or down the back of the sofa?

Do you have time to contact your energy company and skip a month? Stop water dd if you have one and restart next month?

That’s awful.

What food do you have in your cupboard? Also fuel, is that to get to work?

Can you get a food bank referral?
Family or friends that can help out?
Hopefully you'll find stuff to sell.
Any way you can take on any extra work?

Can you cancel any of your DDs?

Is this a one off, or a situation that has gradually been getting worse?

If it's the latter, this is probably the trigger to get more formal help. I know you say you want to not damage your credit rating, but often, keeping on borrowing more money only keeps you in debt for longer and it might be better to pull the trigger and seek help, even if it means a formal debt management solution that damages your credit rating in the short term but puts you on the path to being debt free sooner. Have a look at:

https://www.moneysavingexpert.com/loans/debt-help-plan/

If you’re in the situation that paying your credit card minimum payments is taking you over your overdraft so that you have less than no money to live on, then you have to stop paying the credit cards.

I know that’s a terrifying prospect, but realistically it sounds like you cannot afford your debts.

Could you put up a list of your income, all outgoings and your debt payments?

I went to the comity fridge for the first time last week. I'm also skint as I had two kids school trips to pay off last month, and This month will buy two new tyres. I'm going to go the fridge each week for fruit this month as I bought this months food as soon as we got paid. I'm hoping this is my last month of being skint. Do try step change too. They can negotiate interest freezes on c.cards but not sure if that's over a set amount. Just trying to save on my food bill last month actually helped with my entire spending mind set. I also did a set food budget per head for a few weeks and stuck to it religiously

Not an immediate solution but consider switching banks for a cash incentive

there are only so many options unfortunately

1. reduce debt repayments by paying the minimum required even if it takes longer to pay off you can't keep robbing Peter to pay Paul
2. reduce bills probably already done by getting best deals cancelling gym, subscriptions using SIM only deal, getting rid of any paid for streaming service
3. reduce flexible outgoings like food, transport to work, spending on clothes kids clubs birthdays
4. increase income can you get a second job overtime etc even an extra few hours in a pub one night could make a difference
5. sell stuff outgrown stuff anything that is valuable that you can manage without or any duplicates
6. temporary help food bank, relatives
7. keep a written budget of absolutely every penny you spend, always get a receipt even for the smallest purchase so nothing is forgotten
8. some say use cash only but if it is too easy for you to wave your phone or card over a machine it might help

Getting proper help Step change CAP (Christians against poverty)

The decision making here really depends if this is a one off situation because of something like a change of job where you missed the pay roll cut off or is reflective of getting further out of your depth each month.

Are you servicing large debt repayments? If so then options like Stepchange are probably better than trying to stumble on one more month.

Selling things is fine in a one off but you can't do it every month and so need a longer term solution. Reducing debt repayment is the most obvious if that is a substantial outgoing.

What are your outgoings?

If it is the case that this is a situation that’s been gradually worsening, what is your living situation (housing etc), your job, and your general fears about your credit rating? Because sometimes actually people’s situation is such that sacrificing credit rating isn’t the worst thing. Maybe you don’t need to remortgage for 5 years, or you rent in a secure tenancy, or whatever. In those cases it’s almost always best to fall on your sword and default. On the other hand, if it’s the case that you are in a profession where financial defaults will bar you from working then that’s different.

Hi everyone and thank you all so much for your comments and suggestions.

I'll try and answer them over the rest of the day but quickly:

I won't be able to access a food bank or any family support.

I've had a large (£400) one-off bill that I've had to pay this month.

If I didn't have credit card repayments to make I would be absolutely fine!!

I will be going through my bank account today and double checking all my direct debits etc to make sure I'm not signed up to anything I shouldn't be.

I currently have half a tank of petrol which will last for a week or so and should be able to top up my food shop for the next week with cash that I have. Hopefully I'll have been able to sell a few things by then.

I will contact stepchange to see what they recommend.

I have looked into p/t remote work but want to avoid any scams!!

Thank you all again!

There are loads of threads on here with masses of advice

Have a search

Ring the credit card company(ies). You won't be able to use them afterwards but they can halt interest so you're just paying the debt itself if thats an option to you. My OH did this a couple of years ago and still is. The amount is always coming down which is good to see and completes much quicker.

Onlyfans?

If the £400 was a one off payment, then you should be okay by the time you get paid. Can you borrow off friends or get an advance from work?

Skip a bill. You can’t leave yourself with no money. Water bills at least.

are you paying the minimum on your credit card or a higher set amount? you could just pay the minimum amount this month to get back on your feet and recover from the £400 bill

Unfriend anyone who voted for the conservatives- they have put you in this position whilst making cronies richer!

If you call the credit card companies they may give you a ‘grace’ period where they allow a token payment this month, and not affect your credit file.

BUT

This will only work once.

So you need to get yourself into a position where you can afford all your bills PLUS your debt repayment minimums PLUS save a £500-1,000 emergency fund for months like this.

If you can’t consistently get your head above water each month so that you can save a little -£25 a month, say, into an instant access savings account for the unexpected- then your budget is too tight long term and you should seriously think about debt management solutions and defaulting (not as awful as it sounds for many people).