Registered: Nov 2003
Location: .
Posts: 7947

I need constructive advice on how I should handle my money! I am fucking useless when it comes to managing money and to my horror I found out today that I have incured some bank charges for going overdrawn just last month. £2.21 in petrol turned into £32.21 because I never had sufficent funds in my account.

My money skills suck as do the friggin' banks for charging so much..

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Registered: Nov 2003
Location: .
Posts: 7947

Oh, and I'm £1250 overdrawn.

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Registered: Jul 2000
Location: Beyond Mason-Dixon Line
Posts: 16334

Prioritize and budget. No one can take as good care of you as you can.

In the very, very short term, for this present emergency, you need to: 1) Determine how much quid you have out in checks; 2) take out a cover loan and deposit it in your accounty; and 3) prioritize, make a budget, and live by the budget. Do all three immediately.

Amen.

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Registered: Jan 2002
Location: Shreveport, LA
Posts: 3834

man......try this one for a while: spend money on NOTHING AT ALL besides rent and utilities. groceries are acceptable, but don't eat out at restaurants. do this for 3-4 months and you'll have a fair idea of what you can afford to spend over and above the absolute necessities.

and a nice little cushion in case you fuck up again, to boot.

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Registered: Dec 2001
Location: Ducktown, GA
Posts: 1428

Jeb is correct on getting the cover loan. SLH is correct on spending less.

You also need to take note of expenditures. You might be surprised at how much you spend on silly crap. I'll do this once in a while if money seems to be heading out oo fast. One time i found that I had spent $120 in a month just stopping by gas stations to grab stuff like a soda and a can of chewing tobbaco too often. Keeping those items in stock in the house by buying them in volume saved me $60 a month.

Just make note of when where and what you are spending on. You'll find where it's going. Then trim in appropriate places. Making a budget from scratch is hard for those unused to it, but once you get an idea where the fat is, it's easier to cut it out.

Manage any debt you have. You have to eliminate any long term debt you have before really getting on the savings bus. Otherwise you'll be accruing service charges and interest that can outstrip your saving efforts.

My wife and I have a firm rule of only ever having one thing on credit other than our home at any given time. If you have a car loan going, everything you buy must be cash, once the car is paid off, then another may be started, say for furniture, a different car, or whatever. If you can't buy it cash, it is likely that you shouldn't have it.

A popular radio show host here has a great plan for those that seem to be constantly out of savings. He says to try running totally in cold hard cash for daily expenditures. And to never buy anything with a bill smaller than a 5 dollar bill. At the end of each day, put the dollar bills in a jar or drawer, and at the end of the month count them up and put them in savings, or apply them to debt. You would be surprised how many less silly little unneeded items you will purchase once your mind gets used to the idea that they will cost you 5 dollars.

Good luck with it.

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Registered: Oct 2000
Location:
Posts: 9331

Stop living in London.

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Registered: Oct 2001
Location: Lat: 43° 42' 0 N, Long: 79° 34' 0 W
Posts: 2820

Rent a room out. My aunt rented her basement, and ended up getting a good sum of money.

I know all about the gas station purchases. I'm a sucker for spending money on stupid stuff. Another good trick: Don't use debit, and only carry around the cash you're "allowing" yourself for the day/few days/week.

I find that interac is the death of me everytime because you're just using plastic and what feels like a big wad of cash on the other end. You don't actually see what you're spending that way. If you're hesitant to take a pad of paper and a pen around to record expenses, at least only carry around the money you're allowing yourself to have.

Heh. If I were you, I'd take up walking. Then again, Under 80 cents a litre is good for us. ONLY in Canada... land of the passive could we spend over three bucks a gallon for gas without really doing anything about it.

*sticks it to the government*

Quit smoking is a good one too. Dunno if you do, but I've been saving mad money without the cigarettes.

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Registered: Sep 2001
Location: ........
Posts: 15003

quote:

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Originally posted by Oracular_Jinx
Rent a room out.....

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Registered: Mar 2004
Location: USA
Posts: 24755

Sell one of every organ that you have two of. Or, just spend less than you make.

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Registered: Nov 2000
Location: UK
Posts: 4776

quote:

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Originally posted by Oracular_Jinx
Heh. If I were you, I'd take up walking. Then again, Under 80 cents a litre is good for us. ONLY in Canada... land of the passive could we spend over three bucks a gallon for gas without really doing anything about it.

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Registered: Apr 2005
Location: heat
Posts: 10750

switch from cocaine to speed.

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Registered: Jul 2005
Location: My side of the eye lids.
Posts: 22

STOP SPENDING MONEY, and clear your debts ASAP. Debts are like throwing money away to pay off the intrest, so clear 'em.

Use multiple bank accounts
I have one A/C for my standing orders/bills etc and one for spending/food/pub/having a life. If you run of of pub money then TOUGH, at least you can still pay the bills without going into debt (see above)

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Registered: Jul 2005
Location: My side of the eye lids.
Posts: 22

for the limeys....try

www.fool.co.uk

for good general money advice

or

www.moneynet.co.uk

to search for best loan / bank rates / overdrafts etc.


P.S. that will be £50.00 financial consultancy. You will £1300 overdrawn now....

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Registered: Nov 2003
Location: .
Posts: 7947

Thank you, kind sir/lady.

The cheque is in the post.

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Registered: Aug 2001
Location: Hilbert Space
Posts: 35658

MS Money or something like that is pretty handy for typing all your expenses into and working out where it's going. But really, any of the advice above will work. Knowing how much you're spending and how much you have left is the main thing, of course.

Or, if you smoke, give up smoking. And stop drinking in pubs.

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Registered: Nov 2003
Location: .
Posts: 7947

And, isn't borrowing from peter to pay paul just a bitter start to a never ending cycle of debt and monetary misery?

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Registered: Nov 2003
Location: .
Posts: 7947

quote:

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Originally posted by Smug Git
Or, if you smoke, give up smoking. And stop drinking in pubs.

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Registered: Aug 2001
Location: Hilbert Space
Posts: 35658

quote:

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Originally posted by Cockney_Rebel
Fuck me, didn't you read my blog? I haven't smoked a cigarette for over six months now and I don't drink in pubs, fuck that.

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Registered: Feb 2003
Location: Oceanside, CA
Posts: 5154

quote:

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Originally posted by Cockney_Rebel
And, isn't borrowing from peter to pay paul just a bitter start to a never ending cycle of debt and monetary misery?

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__________________

[Ignore Sig]

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Registered: Nov 2003
Location: .
Posts: 7947

quote:

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Originally posted by Smug Git
I don't really read the blogs.

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Registered: Mar 2004
Location: USA
Posts: 24755

If you were in America, you could find yourself a slip & fall lawyer and sue the shit out of someone involved (or not involved for that matter) in your recent smash up and retire, CR. But alas, you are in the UK so it's gonna have to be one kidney for you, old chap.

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Registered: Feb 2004
Location: south afrika
Posts: 16803

quote:

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Originally posted by Trenchant_Troll
But alas, you are in the UK so it's gonna have to be one kidney for you, old chap.

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Registered: Nov 2000
Location: UK
Posts: 4776

Hey now, even gays have standards they're not prepared to sink below.

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Registered: Feb 2004
Location: south afrika
Posts: 16803

quote:

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Originally posted by macker
Hey now, even gays have standards they're not prepared to sink below.

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