Soa And Confusion :s

laulipopsi

Hi Guys
Ok...you have all converted me to MSE and so I am starting my challenge of getting more disciplined with managing our money and debts/bills etc.
I have £80 per week carers allowance
£56 per week child benefit
£265 per week IS

My debts are:
HSBC overdraft - £2041
Lloyds Overdraft - £1465
HSBC credit card - £488
Cap One credit card - £613
Inland Revenue - £856
Kays - £460
Littlewoods - £170

My outgoings are:
Orange broadband and calls - £30 per month
Orange Mobile - £45 per month
Car Insurance with Kwik Fit - £40
Electric - £100 per month (we are on a pre-payment meter)
Diesel - £80 per month
£500 - food and pets etc (6 of us and 3 cats and a dog)

I'm just completely bewildered about it all....I think its cos I stress about everything a lot (my Husband had to give up work 3 years ago. He was diagnosed with Parkinsons (he is 41) and the deterioration has been rapid. The kids are my step-kids 16, 12 and twin boys at 7. Currently in the middle of sorting out a move (council exchange) to a more suitable property for my husband whch wil be a big help and take some weight off.


i have just changed my mobile tariff (I forgot) and so that will be £25 per month
£10 per week for pocket money (only eldest 2 get it atm) and Im not currently saving for christmas but i do pick up bits and pieces when i see them...I get most clothes from Ebay and freecycle etc so that I guess is between £20 and £30 a month.
HSBC I pay £12 per month for overdraft
LLoyds overdraft is same
not sure about hsbc credit card
Cap one credit card is 39.9% apr (ouch :S)
You are all so wonderful....and inspirational and although I have been working a while, you have finally encouraged me to join you all.
Any help and guidance will be gratefully received.
thanks
xx

MissShoes

Hi laulipopsi,

I'm sure lots of lovely people will be along with advice and help but I just wanted to say good luck, welcome etc etc

xx

laulipopsi

Aaaw thanks missshoes
thats really great and very much appreciated
xx

Merlot

welcome to the board.

Could you post the APR's on the debts please, if you have them.

Your food bill is huge, you could at least knock £100 per month off that. take a look at Old Style for meal planning ideas, I appreciate you have alot on your plate with your husbands condition and the fact you have four children, but you could start off with a reduction of say £25 the first month and see how you go.

Your Broadband and home phone is expensive at £30 per month too.

Can the mobile be reduced to a lower tariff. They can usually be lowered 9 months into a contract, phone orange from your mobile and see what they can do and its free too.

Do the children get pocket money, how much do you spend on clothes, christmas etc. We need as much info as possible.

Merlot.x.

laulipopsi

thanks
i have just changed my mobile tariff (I forgot) and so that will be £25 per month
£10 per week for pocket money (only eldest 2 get it atm) and Im not currently saving for christmas but i do pick up bits and pieces when i see them...I get most clothes from Ebay and freecycle etc so that I guess is between £20 and £30 a month.
HSBC I pay £12 per month for overdraft
LLoyds overdraft is same
not sure about hsbc credit card
Cap one credit card is 39.9% apr (ouch :S)
sorry for missing this info out originally

I agree we need to cut down on our food budget so im going to try the £25 less and then go on from there. I am going to shop at LIDL more too
xx

Merlot

Could you edit your first post with the additional info, it makes it easier for the peeps on here to comment, if they have all the info in one post.

How is your credit rating, could you get an lower APR card to balance transfer the cap one card onto? (if you have been declined recently, do not attempt to get another card yet, it will further damage your credit rating).

Merlot.x.

Merlot

Am I assuming correctly, that the rent/mortgage/council tax is paid for by benefits (sorry i don't know what the correct term is)? I'm off to find a calculator to add your SOA up, I'm on the daft laptop and I can't for the life of me get the calculator up on screen......I think a man designed it:D

laulipopsi

hi merlot
yes the rent and c/tax is sorted
i know what u mean about computers lol - having said that i would be lost without mine :S
xx

Sue-UU

Hi and a warm welcome. You have my sympathy with your husband's illness, a really horrible disease indeed.

Am I right in thinking that your penultimate sentence means that you are or have been working? If so, you've not put anything down for that.

Is it at all possible for you to cut down your diesel costs? I think I'd strive to do so. The same applies with your electricity which just may be able to be reduced a little. Be sure no lights or PC are being left on when it's not necessary, you'd be amazed how it all adds up to a lot more than you need to pay, especially over a year.

Why not shop around for the cheapest broadband (only) possible and cut out the extra for the phone calls. Cut right back on phone calls and make the £25 pm mobile costs enough. You need to cut back as much as possible if you're to help relieve that stress.

Just one other point (for now ), you say it's only the eldest youngster that's getting £10 pw pocket money, could I just suggest that the others may grow to resent them not getting anything at all. Even £1 pw for each is far better than only 1 of them getting it.

All for now. Try and relax and get some restful sleep each night as worrying won't help at all and will only bring about more stress. Don't bother worrying about something you can't change... yet! Look ahead to a brighter future - it'll come if you really do cut back.

Sleep well.

Sue

laulipopsi

Ah - oops I meant I had been lurking a while! LOL
thanks for all your support.
xx