Life & style
It’s all about you PAGE 50
“I earn £25k
working in
operational
support for
a payroll
company.
I also do
weekend
shifts at a
pub, getting
£100 a month. I never
remember when my car needs
tax, servicing or an MOT, so a
big chunk of money disappears
at short notice, leaving me tight
for the rest of the month.
“I don’t do a weekly shop – I
buy food when I’m hungry,
which I know wastes money.
I go out with friends a lot and
spend a small fortune on
alcohol and junk food. And
perfume is my ‘thing’ so I always
have a bottle of Chanel on the
go. I also splurge on clothes,
telling myself: ‘I work hard.’
“I got a £500 overdraft a few
months ago for holiday
spending money, intending to
pay it back, but I max it out
every month and get charged.
“I have a £17k inheritance that
my parents are keeping for when
I get a mortgage, but I dip into it
for major things, like the deposit
for the house I’m renting. I need
to work out how I can start
saving – but still have fun.”
1)
She should withdraw a set
when it’s gone, it’s gone. Plus she
should stick to using her pub
earnings – no more – to socialise.
She should try to cut down on
cigarettes, and now tax discs
are obsolete Emily can input
her car registration details on
Taxdiscreminder.com. For £4
she’ll get a personalised disc to
stick on her car, reminding her
when tax and MOT are due. For
more budgeting ideas go to
Moneyadviceservice.org.uk.
2) £350 A MONTH ON FOOD IS
MADNESS! With a well-stocked
cupboard of tomato purée,
beans, pesto, olive oil, tinned fish
and vegetables, pasta, rice and
part-baked bread she’ll be able
to create cheap, healthy meals
from scratch. Stock up on frozen
TOTAL:
£1,631
foods like fish fingers, mince and
chicken, too, and buy perfume
half price from affordable beauty
site Fragrancedirect.co.uk.
3) PAY OFF THE OVERDRAFT
WITH SAVINGS, then save 10
per cent of earnings, either in the
Santander 123 account, which
pays 3 per cent on balances up
to £20,000 and gives cashback
on shopping and bills, or a
savings account that locks
money in for a set term and pays
higher interest (over 3 per cent).
All banks have options.