Feel like I’m drowning...

[Sadsoul18]

Pay day last Friday (I have a professional job and am a single parent) and there’s literally none left. Mortgage, bills and then debts mean I’m struggling every month. I borrowed from a family member to pay off my overdraft (£2 a day interest) and I’ve had to use it again. When I’ve working out my incomings, it leaves literally nothing left over. I clearly need to earn more but not really sure what I can do. I’ve looked at reducing non-essentials like sky but I’m tied in for another year. Any suggestions will will be gratefully heard. 😞

Thanks so much for replying. I just feel so terrible because my family member basically lent me all their savings so reducing the payments doesn’t feel like an option.

Today I’ve been signing up to multiple market research agencies in the hope of making some extra cash. I’ve also looked in to adult phone lines. I’m not sure that’s really an option though.

I would go to Martin Lewis debt free boards and write out a statement of account, lots of helpful people there who have been through the same thing.

With sky, can you really not pull out/decrease your package if you explain you can't afford it?

Could you move into the tiny room and rent out your bedroom instead?

How much are you paying family member every month and over how long in total?

I think you can tutor English online for some extra cash.

Sky - ask for a cheaper package and see what they say.
Check all mobile phone contracts
Go through your bank statement and make sure you are not paying any random direct debits or standing orders
Declutter to sell what you can

How close are you to the family member? Woukd it be an option to live with them for a while so that you could pay them back and start off from scratch?

I know if either of my sons got into a sticky financial situation I would be happy to have them live with me for a couple of years so that their debts cleared and they could at least have that worry out of the way.

I know this isn’t possible for lots of families though for various reasons.

I do think you need to speak to the family member who lent you the money. They may have no idea how much you are struggling .

I agree with a change of mindset when it comes to spending money. We buy so much stuff brand new that we really don’t need. Clever advertising makes us think we do. So instead of getting credit on a new sofa for example, buy second from charity shops: all your furniture and other home stuff. Clothes etc. It won’t be forever. Most of us have had to do that at some point in our lives. It’s the debt that will worry you most so if you can get rid of that and then live more within your means until you DO have spare cash for Sky etc.