Here goes....

fruitloop04 · 16 August 2017 at 3:15PM

*Deep breath*

I have just joined this forum and think my first post should be about being honest with my situation.

I have 2 credit cards with a total of £3816.82. Both 0% until April 2019.

The first one is a money transfer one with £2050 that we got for house improvements. We pay £175 a month off this so this should be paid off in 12 months.

It is the other card I am worried about! Right now it has £1766.82 on it and rising. We are going away soon and this credit card is going to take most of it.

My spending has gone out of control, I have no self control. I make budgets and don't stick to them.

I would love to be mortgage free (25 years left - just remortgaged to a cheaper rate) and save up to pay some money off this.

Also worry that we have no spare cash if anything goes wrong with the house/car.

I am going to start trawling this forum but any advice would be great!

heartbreak_star · 16 August 2017 at 3:38PM

Look at the sticky post and get an SOA up

GOOD LUCK! There's lots of excellent people on here.

HBS x

fruitloop04 · 16 August 2017 at 3:58PM

Thank you, will have a look at this and post it!

chelseablue · 16 August 2017 at 4:05PM

Welcome! I'm in a similar situation to you.

We have 2 cards both on 0% until 2020. One balance is £3,208 the other is £1,352.
Although I am being super disciplined and don't have the actual cards. I only got them for the long 0% and cut them up as soon as they arrived in the post!

First stop is to do an SOA so we can have a look, there may be areas you can cut down on

fruitloop04 · 16 August 2017 at 4:10PM

Thanks! CC1 was purely for house improvements so this is being paid off monthly. CC2 I got as a reward card and to use it for my every day spending and to pay it off every month...that isn't how it is working in principal!!

fruitloop04 · 16 August 2017 at 4:20PM

OK so hopefully I have done this right...

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 1800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4000

Monthly Expense Details
Mortgage................................ 850
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 110
Gas..................................... 0
Oil..................................... 0
Water rates............................. 22.48
Telephone (land line)................... 23
Mobile phone............................ 8.28
TV Licence.............................. 22
Satellite/Cable TV...................... 0
Internet Services....................... 4.99
Groceries etc. ......................... 280
Clothing................................ 25
Petrol/diesel........................... 160
Road tax................................ 0
Car Insurance........................... 25
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 16
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 25
Entertainment........................... 100
Holiday................................. 180
Emergency fund.......................... 100
Total monthly expenses.................. 2189.75

Assets
Cash.................................... 500
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 178500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 151564...(850)......2.49
Total secured & HP debts...... 151564....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................2050......175.......0
CC2............................1766.82...400.......0
Total unsecured debts..........3816.82...575.......-

Just to add to this: Me and boyfriend do not pool our money. We have a joint account that we both pay money in to (I pay £1000 monthly) for all household bills including food. The CC1 payment comes out of this too. Our joint account literally breaks even each month.

Please be honest, I am a spender and currently frivolous with my money. I need to stop before it spirals!!!

bexster1975 · 16 August 2017 at 5:07PM

Hi fruit loop

Looks to me like a spending diary is in order

If the SOA is household bills per month ( as you've given household income) then you jointly have nearly £2000 per month for debt repayments/saving.

Your initial post makes it clear that is untrue.

Your groceries are quite high for two people. Your electric also seems high but as it appears that's your only fuel that could be the reason.

Your TV license would normally be just over £12 per month so not sure why £22

Bexster

fruitloop04 · 16 August 2017 at 5:25PM

I think I have filled the SOA out wrong...I have put both our salarys in but our 'personal' money is completely separate so this is giving a false reading!

I get paid £2,200 monthly and pay £1000 a month in the joint bank account.

Out of the money I have left, I pay:
£50 per month in to my gifts account (this has nothing in it as all my friends 30th this year)
£180 in to my holiday account (The amount in this account will not be enough for upcoming holiday)
£200 into my car account for fuel, maintenance and mot (although I have had to put some on my credit card as not enough in the account to cover unexpected maintenance)
£100 in to savings account
£400 off CC2 (which isn't really paying it off much extra)
£16 - contact lenses
£27 - gym

The rest goes on beauty products (have a bit of an addiction - need to stop this!), buying luch every day, takeway coffes on the way to work and eating out, clothes etc.

Sorry did get the TV license wrong!
We could definitely get our food bill down - I buy food daily after work so need to start doing a weekly shop.

bexster1975 · 16 August 2017 at 5:31PM

Hi

A meal plan will help cut food spends. Also, if you have a lidl or Aldi near to you, that should save you quite a bit more if you don't already shop there. I'm a bit confused re:cc2. If it's just under £1800 and you are paying off £400 per month at 0% then by Christmas it will be done?:o

Also, you can't afford £180 into a holiday account if this debt is causing you problems. You have pre-empted my question about why holiday spends need to go on cc2 if you have been putting away £180 per month. If you had only done this since January you should have over £1000.

ETA: why not use some of your savings to top up the holiday pot. Again, if you put £100 per month in this, then even since January it should have £700 depending when in the month you are paid.

More info needed I think....

Bexster

bexster1975 · 16 August 2017 at 5:36PM

Also, your " the rest" going on eating out, beauty etc only comes to about £230 per month based on your numbers. Admittedly this could be less, but earning what you do, it doesn't seem unreasonable to have just under £60 per week fun money if that's what you want.

Bexster

chelseablue · 16 August 2017 at 5:40PM

The thing that jumps out at me is the groceries.
I shop in Aldi and for 2 adults and 1 child it costs about £45 a week.

Actually I went on Sunday and only spent £38.

We earn the same as you and all our money goes into one account (mine) could you not put your money together?

Here goes....

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free