That feeling again

andys15

carrottopsuk wrote: »

It all happens at once doesn't it....and it can feel as though it will never stop. ((hugs)))

Have you spoken to your gran about paying it back in instalments rather than as a lump sum or does she need the money back immediately?

If you continue to look after your finances now, hopefully they will get back in order soon.

Work on your finances but remember to enjoy your holiday too.

Thanks

I could put it off in theory, but I wont as I said I would pay it back then. With my pay rises and overtime, I could probably afford to get the loan repaid within a year, so the interest I repay would not be to much.
Oh I cannot wait for the holiday, its been all we have talked about for the last 4 years.

andys15

lynzpower wrote: »

Ok, this is where you can change how you think, and it will save you an utter fortune.

1) you say you had no control over events, as the dryer packing in. No, maybe not, but you could have bought a cheaper dryer? You could have bought a second hand rdryer to tide you over tillyou have more money, You could dry inside and outside for a bit and see how you go on. What im suggesting is you might not have control over the event, BUT YOU DO control how you respond to that event.

With the brakes going, the idea is that if you have cars, you have to work out how mcuh they will cost you- and pout that money aside. My mum always says "what is it with my cars its always needing something!" I agree, shes forever having to pay out for tyres/ MOTs etc. So the best plan is to put away 100 quid or so a month of your wages into a spacial car savings account. Then if and when something happens the money is there, saved AND EARNING YOU MONEY :j while you are waiting to pay the mechanic.

same with Xmas- youll have an idea what you will probably spend, so halves it, then put that money in the bank from Jan onwards. then too if you find a Xmas present in the sales at other times of the year you have the money SET ASIDE for that.

Nothing is a suprise in a budget- or a shock! Having a buget, that is that you have moeny ALLOCATED for all your outgoings, predicted and expected, then nothing will scupper you and you will be stable...:beer:

I should be married to you. My wife takes the mickey out of me because I have an account called andy car(idea was the same as yours). The intentions were there but as yet I have 1 pound in the account.
Our last dryer was 2nd hand, so we have put that idea to practise before. And we have just bought the 2 kids desks for there computers/homework, iniatially was getting from IKEA £200, instead we got from ebay, £18 and £2. Initiall we said they were a stop gap untill we had the money, but now we have them they areboth perfct

lynzpower

andys15 wrote: »

I should be married to you. My wife takes the mickey out of me because I have an account called andy car(idea was the same as yours). The intentions were there but as yet I have 1 pound in the account.
Our last dryer was 2nd hand, so we have put that idea to practise before. And we have just bought the 2 kids desks for there computers/homework, iniatially was getting from IKEA £200, instead we got from ebay, £18 and £2. Initiall we said they were a stop gap untill we had the money, but now we have them they areboth perfct

My Oh thinks Im too tight!! I'll tell you now you couldnt handle it :rotfl:

You gotta put the money in the car account!! Set up another too for Xmas!!

When do you get paid? Do you have any major expenses to come out of next months money?

andys15

lynzpower wrote: »

My Oh thinks Im too tight!! I'll tell you now you couldnt handle it :rotfl:

You gotta put the money in the car account!! Set up another too for Xmas!!

When do you get paid? Do you have any major expenses to come out of next months money?

yes I get paid tomorrow, but I am going to pay for my holidday accomodation tomorrow. Sorry i seem to have loads of excuses at the moment. I am taking all of your ideas on board, and everyone elses.
As soon as I return from holiday in Dec I will really be sorting out a lot of ideas I have been given. Already I will be cutting back next month on groceries etc.

lynzpower

Ok
lets start now!

Have you got an idea of the accomodation? Have you already decided where you are booking? Have you reserved it yet?

andys15

lynzpower wrote: »

Ok
lets start now!

Have you got an idea of the accomodation? Have you already decided where you are booking? Have you reserved it yet?

I have been on alpha room, but not yet booked it, and i will go throuuh quidco and get 4% off i think. We are going to disney world florida

andys15

try the OS board


where is thiis. my wife is home now so we want to go through recipe iideas and cutting back on groceries

carrottopsuk

Here is a link to the Old Style board:

http://forums.moneysavingexpert.com/forumdisplay.html?f=33

There is an index in the resource bar to all the useful posts and recipes. and a welcome thread which points you in the right direction:

http://forums.moneysavingexpert.com/showthread.html?t=235198

gpkwells

Lynzpower, my wife too is an ultimate budgeter! I used to think she was too tight too!

However, now thanks too her control we now have a wonderful life with everything we want out of it!

She has taught me that control is essential and worth it in the long run!

Keep it up!

Dithering_Dad

andys15 wrote: »

hi thanks for your advice but there are some comments i need to put right and you will see none of my debt is because i have been over zealous.
the wage I am on now is only what I have been on for 10 months. 10 months ago I was on about 1600 per month and my wife nothing. Over the last 10 months aswell as paying my loans ((before my dad gave me some help and i bought the house), i was also paying £1500 towards redit cards.
ok so how did i get in debt: I used to earn £29000, and m wife £16000. When I left that job over 4 ears ago, we kept the house incase my new job didn't work out and we didn't want to leave the ladder. Ny wage went down to £13000 for 2 years and my wifes went to nothing, although she managed to get some work whils the kid were at schools. To lose so much money is very hard, and when he tennant didnt pay for 6 months, we had no choice but to sell up, and for 6 months or so we had to pay mortgage and rent. The lady in the house totally messed it up, we ad to claim on the insurance plus take out a loan to make the house sellable. Throw in with this, the car breaking about 2 years into my course times were hard. Not one debt though was out of any recklessness, it was about trying to move on. My wage is now £57000, and OH £25000, and again for the first 8months or so, we paid debts, got a house,, borrowed from family ( they never helped over he 4 years, a we wanted to manage alone), and they only helped this time, as the house we were in was being sold, and they wanted us to be settled, after the uproar of the llst 4 years.

I'm sorry but I think you're in denial if you think your debts are not your fault or were unavoidable. You chose to give up your higher paying job to seek out a new career. Nothing wrong in this, I'm aiming to do the same. The difference between you and I is that I'll use savings in order to make the transition whereas you used credit. You could have worked a year or so longer at the higher paid job, sorted out your finances so that they were uber efficient and salted away a large amount of money, alternatively you could have sold your house and used the equity to fund new career move. Instead you chose to use credit and you ended up in serious debt and put your family at financial risk.

You're doing the same again, you have convinced yourself that your only option was buying a house, and I accept the point from some posters about wanting a home, but you simply could not afford it - if you could then you wouldn't have needed a loan from your family.

You didn't have to spend so much on the furnishings, when I bought my home I bought a really cheap (new) bed and couch and got the rest of my furniture as a job lot from a second hand shop.

When you earn so much money it's easy to think "It's no prob, I'll put it on the card this month and pay if off next when my pay cheque comes in."

With that sort of income you should be building a foundation to make yourself financially independant, not frittering it away on debt repayment and fripparies that can wait until you save it up.

If you take hold of your finances and knuckle down you could get rid of the family debt, get rid of the unsecured debt and then start making in-roads into your mortgage. You should set yourself a budget (that includes some 'fun' money) and stick to it. Make debt repayment the priority. It's hard because you'll think "what's the point of earning all this cash when I can't enjoy it", but the enjoyment will come when you're completely debt free and you know that your family is secure.

By the way, if you think "well, that's easy for you to say, you're not the one doing it...". I actually earned over 100k last year and ran a family budget of £30k. I have paid (so far) £38k off my mortgage since April 07. I've also been investing heavily in my wife and my pensions plans, a savings plan for my kid's university education and I have an emergency fund consisting of 6 month's worth of outgoings.

mrcow mentioned that 'we're all in the same boat and no one's job is 100% safe' and he's right but you can make yourself safer by saving up an emergency pot and by paying down debt. With my finances if I lost my job I could probably survive 6 to 9 months perhaps longer if I could get some bar work etc. which is plenty of time to find another job. With your finances, I think you'd survive about 15 days beyond your missed paycheque before you went under.

I hope you don't dismiss this 'tough love'. It's meant as a wake up call because I was in a bit of debt when I first joined MSE and realised I had to change my ways. You need to sit down and ask yourself what is more important, having "things" or making your family financially secure.

I won't get many "thanks" for my straight talking, especially on the DFW 'huggy' board but that doesn't mean that I'm wrong in what I say.

Good luck anyway