Clearing my overdraft
June 2020 – I’ve now got my monthly overdraft down to only £450 – a marvelous effort from the £15,000 of summer 2018.
June 2018 — read below….
I have a short term ambition – to clear my overdraft which has over the years seen me go £15,000 into the red on a frequent basis.
Now that I’m no longer self employed – there is simply no excuse for hitting the red every couple of months. My income whilst self employed was comprised of infrequent but large pay checks. My bank we’re happy to cover the gaps but charged me for the privilege. Now that line of work has dried up, I ended up maxing my overdraft and credit cards out… Now I have to start paying it all back. (my overdraft as of June 2018 stands at just over £10,000 at an interest rate of 35%)
Last month I managed to scrimp my way to a £500 monthly surplus – as I had some back paid work expenses hit my bank account and I’m expecting a further £300 this coming month to come back my way.
That’s going to leave me another £700 to find to get back to staying in credit/in the black at the end of each month.
Today is the 19th August – my ambition is to raise as much extra money as I can by my next pay day on the 20th September by selling off my unused sporting equipment and other assorted goods and junk. Anything I make that’s in excess of the amount needed to clear my overdraft by the 20th September (payday) is going to be put into a new stock/futures trading account.
Ebay is my preferred way of selling off my unwanted stuff – I’ve tried out a few car boot sales over the years and find them to be very frustrating – people make ridiculously low offers on things that I’m trying to sell, I always drive out feeling as though I’ve given my stuff away.
Even though the fees from Ebay/paypal when combined hit about 20% of the sale price of my stuff – at least I feel as though I will be able to set a fair price.
So lets see how I get on – and I will keep updating this page for the next month showing what I’ve sold and how much I’ve received for it.
(current value of investment account £1600)