How to Easily Repay Overdrafts

Many people have overdrafts that are outstanding and It can be tricky to know how to repay them. Of course, the overdraft will easily be paid back when you have money going into the current account. However, you may find that you keep going overdrawn and this could very frustrating or you may even find that even when you pay goes into the account, it is not enough to repay the overdraft. There are things that you can do though, which should help you to be able to repay your overdraft more easily.

Pay Less for Things

It is a good idea to start by thinking about whether you can pay less for the things that you normally buy. Whenever you buy something, it can be wise to compare the price with other items in order to try to work out whether you are paying more than necessary for it. There will be things that do not give good value for money, but this just a short term idea until you get that overdraft dealt with so it may still be worth paying less for low quality in the short term. It is good to do this for things that you buy without really noticing as well. Things like insurance and utilities, where yo pay for them monthly, you may almost forget about them. However, it is a wise idea to consider those as well as if you change supplier, for example, you could reduce the amount that you are paying out quite significantly. If you can think about every item that you pay for and see if you can reduce the price, then you could end up making significant savings and not spending so much money which will mean that you will have more money available for repaying your overdraft.

Buy Less Things

It could also be a good idea to consider buying less items. It is worth asking yourself whether you really need the items that you are considering buying. It is a wise idea to delay purchases if you can, so that you can use all the money that you can towards repaying the overdraft rather than buying bits and pieces. It is nice to treat ourselves but it can be sensible to try to keep this to a minimum or eliminate it altogether until the overdraft is paid off and you feel in control of your money again.

Earn More

It is also a good idea to think about whether there are any ways that you can earn more. This can be really hard, especially people who already do a full time job and perhaps lots of unpaid overtime as well. However, there may still be some ways to make a bit extra which perhaps are not too tricky. For example, you might have items that you no longer use or need and if you can sell them, this might raise some money that you will be able to use towards repaying what you owe on the overdraft. You may also be able to think of some ways to monetise your hobbies so that you can get some money. You might also be able to find a way to make a bit extra by doing some freelance work which could help you to be able to get a little extra money to help to pay it off.

Hopefully by doing one, two or all of these things, you should be able to get your overdraft paid off pretty easily and hopefully you will be able to prevent yourself by getting overdrawn again, by also using some of these methods.

Article Writter By


I have always enjoyed writing about finance and it is great that I have been able to take it on a career. I love to be able to explain things to people and do what I can to help others with their finances. I know that it is something that everyone will need to know about but lots of us will tend to not really know a lot about it. This is because it is not something that we tend to be taught and learning about it can feel dull. I try to make things relevant, interesting and concise to help people be able to quickly learn what they need to know and hopefully they will be able to then make some changes to be more in control of their money.

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