University Challenge x 2

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  • beanielou
    beanielou Posts: 89,812
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    Maybe time to rethink your contribution to their university accomodation costs?
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  • Reading with interest. I have one DD who is due to start uni in September. She is working over the summer at a local shop and I have encouraged her to put away 50% of her wages so that she has a buffer for uni. She has spent a bit of money last week, but on 2 books from her "essential reading list" and some items from her materials checklist.
    It's a funny time isn't it? So proud of my DD for having worked hard to get onto her course but really not looking forward to her moving, even though I know
    I had a great time during my degree years and I'm sure she will to.

    Are your DTs going far?
    paydbx2024 #2 £480/£5000 . Mortgage £144k start ~ £148k Jun 23 -
    2024 savings challenge £5/£2000
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  • Welcome Jane! If you've managed to rack up 40K in debt in around two or three years, it sounds like there might be more of a shortfall in income than you think? That's a bit more than just buying some new shoes, unless your holidays were very extravagant - it might be that your day to day expenses exceed your income. Certainly, I thought that our household income left us with almost $2000 a month after the necessities, and I used to therefore spend without tracking it - but once I budgeted in all the annual/occasional costs like MOT and school fees and Christmas and house repairs and vet bills (I could go on!) it turns out that we have nowhere near that, and were overspending every single month without feeling like we were being extravagant.

    Start with an SOA (sticky at the top) and get a sense of what your actual real position is. Getting rid of the storage unit is a good plan, but you need a holistic strategy, not just chipping around the edges. Good luck!
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 :eek: aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    January 2019 $211,580 Current MFD 31 June 2036
  • Plain_Jane
    Plain_Jane Posts: 92
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    Thanks Armchairexpert and Honeysucklou2.


    It is a strange time, I am dreading them going - in some ways I wish it was all done and dusted as half our household will be gone in one go and I am dreading 'the day'. One is going to Loughborough only 50 minutes away and the other is going to Bath 2.5 hours away. I am adding something to their uni box every week with the shopping - this week it was a scrubbing brush!! DT1 who is working at the caf! has been doing just that, putting 50% of her earnings away. DT1 is putting a bit away every time she works at an event but there is no day the same.


    As for an SOA - you would all be horrified at such things as our mobile phone bills, car insurance and grocery costs - although I am trying to get them all down. I.e. our gas and electricity is £126 per month - all my friends are shocked at this as we don't seem to use that much. We had a new boiler two weeks ago so I hope that will go down. Next time the mobiles come up for renewal they will not be replaced on contract but sim only. I am learning but I obviously didn't learn in time even though we have been through all this before. I really annoys me that we have nothing major to show for any of this - well I have 6 new crowns, a new boiler, 2 2nd hand cars - but no real fun in that!!


    Tonight I will be getting on with a bit more budgeting and using up little bottles of toiletries that I have been gathering for years (DH travels quite a bit for work).


    Have a lovely evening x
    Just one figure from now on - Total Debt as at 27.8.18 - £44,061.26.

    Target to be under £40k by 31.12.18.
  • Plain_Jane
    Plain_Jane Posts: 92
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    I've not been on my diary since Thursday - how time flies.

    It's been a mixture of spends since then - I went to Wales to visit my sister at the weekend so in some ways cheap as we stay with her but we always treat her to a meal out. Also there was the petrol cost of around £30. So all in all around £100.

    On the plus side I sold two items on Ebay totalling £11 (wow!!!) but very chuffed I have at least made a start on the decluttering. It was great taking them off to be posted and out of the way. I will post two more items tonight but maybe on the local FB sites as clothes tend to sell well on those.

    Nothing new on the PPI front and DD's still going out for credit cards and loans. Will do a tot up on 25th (Pay day) to see if I can break under the 40k mark - fingers crossed.

    Onwards and downwards!!
    Just one figure from now on - Total Debt as at 27.8.18 - £44,061.26.

    Target to be under £40k by 31.12.18.
  • Busy and productive day today!
    Finally moved out of our storage unit and given the weeks' notice. Put all MIL and nephew's stuff into a much smaller unit that they will be paying for. Sold a few items whilst down there, an old bureau and filing cabinet. The tip had a few visits and the charity shops. What is left is in the garage and I am going to put up for sale in the next few week - apart from DH's tat he won't part with but I'm working on it. Need to watch the minimalist documentary again on Netflix to try to make him see sense.

    I listed a table on chairs on fleabay as well.

    Keeping all funds made in a purse at the moment and hope to get enough to pay some towards the girls' uni accommodation deposit. Small steps.

    Looking forward to the end of the month when I can work out if our debts have come down, I really hope so.

    I think our budget is very tight as Armchair Expert thought. Have had to look at groceries big time - this week it was a mixture of Aldi and Tesco - don't laugh but I'm a Waitrose girl at heart so this is very good for me!! Spent £67 on food this week for 4 of us plus 2 dogs so hoping that will see us through till Friday. 2 weeks till payday 😣😣😣
    Just one figure from now on - Total Debt as at 27.8.18 - £44,061.26.

    Target to be under £40k by 31.12.18.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,445
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    There is only 18 months between our daughters so we had two years of them both being at uni at the same time and four years of uni assistance altogether. This was before the fees went up to the extortionate level they stand at now. I went from working part time to full time to help cover costs.

    Presumably your girls qualify for the full maintenance loan? We made a contribution to our girls accommodation costs but did not pay it all. I agree with armchair expert that having built up debt twice you must have a serious overspending issue. Do you and your DH both work full time?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • Scott_Weiland_2
    Scott_Weiland_2 Posts: 799 Forumite
    edited 12 August 2017 at 9:49PM
    Plain_Jane wrote: »
    Thanks Armchairexpert and Honeysucklou2.


    It is a strange time, I am dreading them going - in some ways I wish it was all done and dusted as half our household will be gone in one go and I am dreading 'the day'. One is going to Loughborough only 50 minutes away and the other is going to Bath 2.5 hours away. I am adding something to their uni box every week with the shopping - this week it was a scrubbing brush!! DT1 who is working at the caf! has been doing just that, putting 50% of her earnings away. DT1 is putting a bit away every time she works at an event but there is no day the same.


    As for an SOA - you would all be horrified at such things as our mobile phone bills, car insurance and grocery costs - although I am trying to get them all down. I.e. our gas and electricity is £126 per month - all my friends are shocked at this as we don't seem to use that much. We had a new boiler two weeks ago so I hope that will go down. Next time the mobiles come up for renewal they will not be replaced on contract but sim only. I am learning but I obviously didn't learn in time even though we have been through all this before. I really annoys me that we have nothing major to show for any of this - well I have 6 new crowns, a new boiler, 2 2nd hand cars - but no real fun in that!!


    Tonight I will be getting on with a bit more budgeting and using up little bottles of toiletries that I have been gathering for years (DH travels quite a bit for work).


    Have a lovely evening x

    Have a look at these guys for your gas and electric my aunt and uncle recently swapped to them and there direct debit dropped from 95 per month with eon to 55 pm with these guys.

    http://www.iresa.co.uk

    It does not pay to stay with one supplier and pay over the odds.

    I have just switched to these guys and my direct debit has gone from 28quid down to 17.50 :-)

    Don't forget if your going to do a switch go via quid co or top cashback then through a price comparison site then its a money win win, cashback and a price saving.
    Cashback Earnings YTD £46.04 Survey Earnings YTD £182.66
    "Always always train, be the best version of you that you can physically be"
  • Dorastar
    Dorastar Posts: 2,172
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    Well done for starting the diary and looking at the budget, it's awful when you do it but then when you start making plans and seeing small changes in the numbers it helps. My dd is 16 next month so we need to start thinking ahead a bit but with our current debts it won't be easy.
    Mortgage £131,417going down slowly Brightfuturefund (BFF) £8396
  • Hi both thanks for dropping in.

    In answer to spends we went back to living way beyond our means - I had crowns on my teeth that cost £4K, loans on two cars, a couple of nice holidays. We both work full time and earn well. Our mortgage is high £1170 per month, car insurance is high for 3 cars with Admiral £170, pet insurance £34 but we are in a vet plan at £60. I'm debating whether it's worth it or should I put £40 a month away to cover boosters etc.

    Our gas and leccy is £126 per month !!!! We swapped to bgas via MSE a few months ago. Our boiler was on its last legs so last week we had a new one - I'm hoping this takes the cost down. Had to pay £600 deposit which didn't help but got the rest on interest free credit.

    We were basically spending what we wanted and burying our heads in the sand.

    They are getting the basic maintenance loan - £3k something so we need to find £400 extra a month between the 4 of us. Obviously that depends on what happens next Thursday on results day !!
    Just one figure from now on - Total Debt as at 27.8.18 - £44,061.26.

    Target to be under £40k by 31.12.18.
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