Newbie - what's my next step?

papermoney

I'm not sure where to go from here, It's taken me 3 months to pluck up the courage to register.
I'm in a lot of debt
4 loans = 36,000
2 of which are not in my name but in my parents but i did have the money for the deposit on my last property and this one.
I have C/C but they are only £3000 and are manageable as they are on 0% and i will change them again when that 0% time is up.
loan 1 - 10,000 60 months left
loan 2 - 10,000 57 months left
loan 3 - 8,000 43 months left
loan 4 - 7,900 39 months left

I earn a good wage but my Husband is out of work, I have taken on extra tutoring and this will start in January and will bring in an extra £128 a month

But what should i do with it? I mean how can i use it to get maximum benefit?

I'm trying so hard to sort this out, is there an incoming and outgoings sheet anywhere, I suspect that the outgoings are more than the incomings

Im not sure when i'll see an end to this. im so mad with myself.

skintchick

There's a budget planner under budgeting at the top of the page.

Also look at the snowball calulator at https://www.whatsthecost.com then click snowball. It shows you what to pay off first.

Plus, post your budget here for us to tell you where you can save.

This site has changed my life in four months, so it can do it for you too!!

papermoney

Have found the income / out goings sheet -:)

papermoney

skintchick wrote:

There's a budget planner under budgeting at the top of the page.

Also look at the snowball calulator at https://www.whatsthecost.com then click snowball. It shows you what to pay off first.

Plus, post your budget here for us to tell you where you can save.

This site has changed my life in four months, so it can do it for you too!!

Thanks - I have found the sheet with the budget on - how do i show it here? Do i need to type it out oris there another way? (sorry im new to all this) :santa2:

Kevicho

you should be able to copy and past it in

keyboard shortcuts are

highlight the text you want

hold down ctrl and press C to copy from the sheet
hold down ctrl and press V to paste into here

papermoney

Mortgage £654
Gas £25
Electricity £15
Telephone& internet £40
Sky £49
TV lic £11 monthly
Petrol £100
Council tax £65
Water £31
Food£250
Clothes & other shopping £50
Food at work £20
Credit cards £200
Loans £765
Student loans £105

£2380


incoming
£2000 salary
£130 maintaince

Just starting a new job in the evenings which will give me £128 extra a month but £18 of that will have to pay for child care whilst im at the job.

newmum1

hi ya papermoney, i have just looked at your outgoings and think that you could prob cut back on the following :
sky £49, could you downgrade to the basic £21 package or cancel completely
food £250 per month seems awfully high could you cut back perhaps??
food at work £20 take sandwiches perhaps??
also do you get all the benefits that you are entitled to??

papermoney

Thanks - I am in the process of cancelling the sky, apparently we have to be on that tarriff for 3 months before you can down grade (?) so have another 2 months to go.

I will change to taking sandwiches - I have to make them for my daughter for school so i could do the same. In the £250 for food i should have put shopping as it includes all cleaning products and washing stuff etc

System

papermoney wrote:

I have C/C but they are only £3000 and are manageable as they are on 0% and i will change them again when that 0% time is up.

Hi papermoney

It will help if you can post what the APR’s for those are (ie after the 0% period ends) and also what your minimum repayment %ages are.

loan 1 - 10,000 60 months left
loan 2 - 10,000 57 months left
loan 3 - 8,000 43 months left
loan 4 - 7,900 39 months left

Post the interest rates and who the loans are with. Loans usually have the interest locked in at the start of repayment so changing loan company probably wouldn’t save you that much, but you never know.

I earn a good wage but my Husband is out of work, I have taken on extra tutoring and this will start in January and will bring in an extra £128 a month

Do your expenses include amounts used by hubby? Is he contributing anything to these expenses at the moment from his unemployment benefit? In which case, include that contribution in your "Income" figure to get a true income amount.

Telephone& internet £40 seems a bit high – check the telephones forum to see if you can cut this
Sky £49 Get rid of this! Put £49 towards a Freeview box and look at becoming a “DVD rental tart”
Council tax £65 Can hubby get any Council Tax Benefit at the mo?
Food£250 Seems rather high – you don’t say how many kids you’ve got. Are you including alcohol/tobacco/newspapers etc in the food cost?
Food at work £20 Include as part of your monthly food budget instead and make (or get hubby to make!) your own lunch.
Student loans £105 Not too sure, but can these be deferred if you’re in financial difficulty?

Just starting a new job in the evenings which will give me £128 extra a month but £18 of that will have to pay for child care whilst im at the job. If your husband’s at home, why will you need to pay for child care?

Good luck
Dave

papermoney

Do your expenses include amounts used by hubby? Is he contributing anything to these expenses at the moment from his unemployment benefit? In which case, include that contribution in your "Income" figure to get a true income amount. He is studying at college one day a week and stays with his parents during the week as he is trying to find a job there (We live in a seaside resort and there are no jobs here at all)

Telephone& internet £40 seems a bit high – check the telephones forum to see if you can cut this This is through NTL i have put the maximum down
Sky £49 Get rid of this! Put £49 towards a Freeview box and look at becoming a “DVD rental tart” I will do when the 3 months thingy is upCouncil tax £65 Can hubby get any Council Tax Benefit at the mo? Already as single person
Food£250 Seems rather high – you don’t say how many kids you’ve got. Are you including alcohol/tobacco/newspapers etc in the food cost?
Food at work £20 Include as part of your monthly food budget instead and make (or get hubby to make!) your own lunch.
Student loans £105 Not too sure, but can these be deferred if you’re in financial difficulty?

I have one child and in the food bill part it includes everything - although i dont buy papers or smoke.

Just starting a new job in the evenings which will give me £128 extra a month but £18 of that will have to pay for child care whilst im at the job. If your husband’s at home, why will you need to pay for child care?
As above no Husband around during the week to have her


Thanks Dave for the reply, I will get the APRs and post them, 2 of them are in my parents names although i do pay them.
Good luck

jcr16

what about child benefit for one child is £68 a month i think , also do u claim child tax credit , working tax credit .

i hope this may help but i spend £200 a month on grocery shopping ( this inculde's cleaning , laundry etc etc. and this is for 2 adults and 2 children both in nappies. forward planning may help u to save on shopping budget.


HTH