The Student Room Group

£500 / month leftover - how to earn more

I have recently graduated out of uni and got a £22,000 job. I have about £500 left over after all bills paid (home, utilities, car finance, car insurance), but excluding petrol, food, nights out etc. with £1,200 credit card limit fully used, and £2,000 graduate overdraft that gets regularly used (usually I use 75% every month, and I aim to reduce the overdraft by tiny increments every forthcoming month).

I aim to save £100 every month and have £400 saved up at the moment for any other unforeseen spending or holidays in a standard savings account. However, I'd like to be able to afford more. Are there ways to afford more with a 9-5 job, with a regular cheeky Nandos habit, and an occassional gig here and there?
Stop eating out and limit your social activities. I know it is often seen as a "need" but really it's just a "want". Say no to going out, and eat food you already have at home to save yourself a lot every month.
Original post by Kamil95
I have recently graduated out of uni and got a £22,000 job. I have about £500 left over after all bills paid (home, utilities, car finance, car insurance), but excluding petrol, food, nights out etc. with £1,200 credit card limit fully used, and £2,000 graduate overdraft that gets regularly used (usually I use 75% every month, and I aim to reduce the overdraft by tiny increments every forthcoming month).

I aim to save £100 every month and have £400 saved up at the moment for any other unforeseen spending or holidays in a standard savings account. However, I'd like to be able to afford more. Are there ways to afford more with a 9-5 job, with a regular cheeky Nandos habit, and an occassional gig here and there?


Is your credit card 0%, I d pay that off if it's not so you aren't making the payments for that worse rather than saving. £500 is a lot to have left really, one area you can find money from is your food bill and are your bills all the lowest option available?
Pay off the credit card so you don't pay interest charges.
Reply 4
Original post by claireestelle
Is your credit card 0%, I d pay that off if it's not so you aren't making the payments for that worse rather than saving. £500 is a lot to have left really, one area you can find money from is your food bill and are your bills all the lowest option available?


It isn't, but payments are fairly affordable so I'm not as worried. I can allocate that, as the other option ... paying off the credit card is a lot harder (£1,000 taken, £1,200 limit, £25 / month). I think £500 is a lot, but I want to be able to save as much as possible to eventually pay off the credit card and a big student overdraft.

Original post by DrawTheLine
Stop eating out and limit your social activities. I know it is often seen as a "need" but really it's just a "want". Say no to going out, and eat food you already have at home to save yourself a lot every month.


That's a very good point, I will definitely try to limit this. I have been recently finding cheaper ways to buy food; i.e. stock up on tins, buy less meat, buy only necessary items, try to find 2 for 1 etc.

But, when you have a girlfriend, you want to make sure you go on a date or two ... or spend a good Sunday out together. That's where a takeaway or a restaurant is unavoidable.
Original post by Kamil95

That's a very good point, I will definitely try to limit this. I have been recently finding cheaper ways to buy food; i.e. stock up on tins, buy less meat, buy only necessary items, try to find 2 for 1 etc.

But, when you have a girlfriend, you want to make sure you go on a date or two ... or spend a good Sunday out together. That's where a takeaway or a restaurant is unavoidable.


You should make a meal plan. I currently make food in batches so one dish lasts at least 2 meals. I made a risotto, lasagna and soup all last for 5 meals each which is so much cheaper.

Also, no, you can still have a good time without spending money. Still have date night every week, but you don't have to spend money. Completely avoidable!
Check the interest rate on your CC - usually it's higher than the overdraft rate at a bank... so whittling the card should probably be a greater priority than the overdraft.
Reply 7
Original post by Joinedup
Check the interest rate on your CC - usually it's higher than the overdraft rate at a bank... so whittling the card should probably be a greater priority than the overdraft.


I pay no interest on my overdraft but in under 2 years they will decrease it to £1,000, so I need that money to be in that account. The account is with Barclays, so I'm not sure if they ask me to pay that grand up, or just charge interest?
Do you know where every single penny goes?
Reply 9
Original post by Tiger Rag
Do you know where every single penny goes?


I know a lot of people who do that, but I'm not stingy so no.
I would like to keep more of a track of my spendings however.

Quick Reply

Latest