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  #1  
Old 12-11-2008, 11:14 AM
juanveron45 juanveron45 is offline
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Default need advice in debt very bad with money

Ok Im in my 30s now and I need to cop on and get better with dealing with my money I dont own a car or a house so I have no outlays there I also have no dependants I pay 260 plus bills on rent every month I earn 30k which will go up to 40k withhin the next when I go on shift. I have a 10k student loan I have been paying off at 280 a month since august at 280 a month which also includes 3k interest so 13k in total. I have also maxed out on my credit card of 2500 euro but at least I dont start paying any interest on that till the end of febuary 09. I also have an overdraft of 1000 euro on my current account which has also been used up so basically when I get pisd every 2 weeks this is used about toped up and my current account is beakeven so I am actually living on my overdraft. I am very aflouent with money especially at the weekends I eat out alot and go driniking with my friends alot and basically buy what I want with no budget.My situation is probably very fixable but I am just so bad with my fiances.Any advice?
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  #2  
Old 12-11-2008, 11:21 AM
aristotle25 aristotle25 is offline
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Default Re: need advice in debt very bad with money

Quote:
Originally Posted by juanveron45 View Post
I am very aflouent with money especially at the weekends I eat out alot and go driniking with my friends alot and basically buy what I want with no budget..Any advice?
I think you should pay attention to the above.
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  #3  
Old 12-11-2008, 11:48 AM
juanveron45 juanveron45 is offline
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Default Re: need advice in debt very bad with money

Ok its pretty clear what I should do I get about 2000 euro into my hand every month I should be able to live on 1000 euro a month as I have no mortgage car dependants. I will use the other 1000 euro to pay off my debts
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  #4  
Old 12-11-2008, 12:33 PM
Niallers Niallers is offline
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Default Re: need advice in debt very bad with money

Cut out the pub or at least reduce. Drink pints instead of shots.


Keep a log of every penny spent for a month and you will probaly notice you spend money on "things" you don't need.
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  #5  
Old 12-11-2008, 01:23 PM
bren1916 bren1916 is offline
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Default Re: need advice in debt very bad with money

Get married and then she will take it off you before you have a chance to spend it :-)
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  #6  
Old 12-11-2008, 01:43 PM
MeathCommute MeathCommute is offline
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Default Re: need advice in debt very bad with money

Maybe you should be putting 500 a month aside for a house deposit ? You should put it in a high yield term deposit account that you don't have easy access to.
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  #7  
Old 12-11-2008, 03:04 PM
VOR VOR is offline
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Default Re: need advice in debt very bad with money

Clear the credit card as soon as possible. Don't wait for Feb 2009 to start. Ring the company and set the direct debit at 10-15% per month. That will at least take care of the payment every month and if its gone from your current account you can't spend it in the pub.
Put €200 a month aside in to a savings account and then pay off the overdraft in 5 months. When you have the €1K saved ask the bank to reduce the overdraft to €100 which will mean you have a buffer but not the temptation.
When the overdraft is gone and you are comfortable with the credit card direct debit, redirect the €200 a month toward the loan. Ring the bank and change the term of your loan to €480 a month so you can clear this faster. That should knock years off the loan.
The less you have in your account on a saturday night, the less you have to spend.
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