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ideas to clear overdraft?

4 replies

overdrawnandoverwhelmed · 04/07/2023 17:08

I have a personal account which was my "pin" money - DH does all big bills
I do kids school meals, scouts (which are DDebits)
I am selfemployed
Have sold almost everything of value in the house (ebay is very slow so is fb market place)
What else can I do?

OP posts:
overdrawnandoverwhelmed · 04/07/2023 17:08

Heading out so may not reply immediately - TIA for any help

OP posts:
RoseslnTheHospital · 04/07/2023 17:11

It sounds like you need to speak to your husband about how your finances are arranged.

If you're self employed and your earnings aren't covering kids school meals, scouts and your own personal outgoings (you don't mention these?) then can be pay for them? Is he also in his overdraft? Do you have a joint account you can access?

BarbaraofSeville · 04/07/2023 22:18

I agree, you need to look at the overall picture.

No point being in overdraft if your DH has spare money. It's very expensive debt.

But you also have to look at why you're in debt. If it's because you're trying to cover more family expenses from less money, you have to share your money in a fairer way.

If it's because you spend too much on yourself or buy unnecessary things for DC, you might need to cut down.

If you're self employed, unless you earn too little to pay tax, you need to be putting the money aside to pay your tax bill. It's not your money, so you can't spend it.

Then you need to prioritise as a family so that joint essential expenses, including pensions, emergency fund, insurance, car repairs, MOT, insurance, etc are covered.

Then you need to decide how much spending money is available for DC and family and you and DH as adults.

TwoLittleDucks22 · 04/07/2023 22:21

How much money does your husband have left each month?

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