Help Me....

slig

dal2008 wrote: »

i was thinking about dropping sky but as i don't go to the pub or out I thought i need one luxury.

Get freeview, borrow DVDs from friends, watch things online using iplayer. It doesn't have to be forever, and when you are in a better situation you can get Sky back.

dal2008 wrote: »

i spent 100 a week on shopping/food but I do get junk food and snacks/chocolates so I will look to cut these out. I could also go there before it closes and get the discount stuff.

This is a huge amount! I spent under £20 this week, that is for breakfast, lunch and dinner and that included some toiletries. And that isn't me living on basic rations. You can certainly spend a third of what you're spending now or less, but you will have to cook from scratch and plan meals. But the saving will be huge, and it'll probably be much healthier.

dal2008 wrote: »

For xmas this year I brought it all from littlewoods.

Start thinking now about next Christmas so you don't have to do this again. Perhaps save loyalty card points and vouchers.

dal2008 wrote: »

What debts do you think i should concentrate on getting rid of first long term?.

Have you tried putting them into the snowball calculator? That will tell you the best order.

dal2008 wrote: »

I have a 3 bed house and did think about downsizing but i've invested so much in it and plus it costs alot to move. In June my rate drops from 6.2 to 4.75 so this should give me a extra a month. It also costs so much to move and i probably couldn't sell my place now as it's so hard for new people to get a mortgage. I could rent a room out.

You have to do this really, in fact I think you need to rent both rooms out. This will bring in a good income. Perhaps you could even justify the Sky if you had a couple of lodgers, if it was in a shared area, as you could then split the cost between three.

dal2008 wrote: »

I am determined not to be in debt my whole life.

You don't have to be. It will be a challenge, but you are on a good income and and with a bit of determination and a lot of cutting back you can do it. Good luck .

Head-Out-Of-Sand

Hi again Dal,

Just wanted to post again to agree with what the others have said about lodgers - I've always had one lodger but took on an extra to help me pay off the debts.

It's not ideal, but it's easy money, just make sure you have your legal stuff in place i.e. smoke alarms, gas fittings get yearly safety check etc. Make sure you do tenancy agreements & DEFINITELY set out ground rules & stick to your guns!!

There are loads of housemate websites, most charge a small fee, such as www.easyroommate.com, or you can advertise on Gumtree for free. Just make sure you ask for references from work & previous landlord before agreeing to let a room out to someone. Made that mistake before, ended up with a right loony, ha ha!! References are definitely the way forward

I have a saved copy of the tenancy agreement I use if you would like me to email a copy to you. Also, you will be counted as a "resident landlord" and therefore the lodgers will not be on an assured shorthold tenancy, which shifts the balance of rights to the landlord somewhat - make sure you get to know what your responsibilities & rights are, there are loads of information resources on the internet Happy to answer any questions if I can!

Admittedly it's not ideal as a long term thing, but just think of it as a way to raise a lot of extra cash per month for very little effort. I charge a fixed amount to cover bills, council tax & tv/internet, I find that cuts down on the hassle, but you can always do the bills separately if you prefer.

Good luck...just think how much better things will be when you're on top of your finances!!

dal2008

Hi all,

I am trying to find the snowball calculator but not having much luck. can anyone please point me in the right direction?

Kind regards

TotallyBroke

https://www.whatsthecost.com then look for snowballing.
It's a fun thing but can be disappointing at first until you start playing around with your soa.

shabbychicfan

Just wanted to say that theres been some great advice on here. I am currently advertising for a lodger in order to be able to throw more at my debts.

there is another site spareroom.co.uk which might be of use to you

Good luck

Shabby

dal2008

Thanks all, the SOA and Snowball Calculators are absolutely fantastic and have opened my eyes. Now to raise money, budget, overpay highest debts and never look back. My lights are fully ON.

I've done the following links if anyone else finds it useful.

Thanks again all. I'll let you all know how I get on quarterly.

READ ME http://www.moneysavingexpert.com/protect/make-money

CASHBACK SITES http://www.moneysavingexpert.com/shopping/cashback-websites

CASHBACK CREDIT CARD http://www.moneysavingexpert.com/cards/cashback-credit-cards

GET PAID FOR RESEARCH http://www.moneysavingexpert.com/protect/make-money
Toluna and OnePoll, and also slicethepie

SELL AND DE-CLUTTER Amazon, Ebay, Green Metropolis, musicmagpie.com

Budget speadsheet SOA http://www.makesenseofcards.com/soacalc.html

PAY HIGHEST APR FIRST http://www.whatsthecost.com/snowball.aspx?country=uk

OVERPAY

Shop around and if a luxury don't shop at all

Get paid for old phones http://www.moneysavingexpert.com/phones/mobile-recycling

DON’T EVER CONSOLIDATE or get a loan or borrow to pay a debt *you pay back tripple sometimes

IF ROOM GET A LODGER www.spareroom.co.uk and www.easyroommate.com

redpete

dal2008 wrote: »

I do pay 130 a month into a work share save scheme but believe I am saving money because this comes out before tax.

I don't think you included this in your SOA - you should. If you're paying 40% tax then this is probably costing you £78 per month, if 20% then £104.

It's not a great time to stop investing in shares (ignore this as I'm not a qualified financial advisor ;-)) and the tax relief does increase the return - e.g. if the share price just stayed the same as you buy at it's an equivalent of a minimum of 25% return over a year. BUT - these schemes usually lock you in for a length of time before you can sell them, e.g. 3 years. ALSO - shares can and do go down in value. I would only invest in shares if you can afford to lose the money, especially investing in a single company's shares - if the company goes under you lose your job and any investment you've made in the company.

So - I would cancel subscriptions to the scheme for now.

lilian1977

Brilliant to see you've finally realised your situation - I can guarantee that before long you'll find this website addictive and will revel in even the smallest saving! (I have been known to search for a discount code for an item costing £2.49, found a 5% one, and used it! Only saved 12p but it all adds up!

shabbychicfan

redpete wrote: »

I don't think you included this in your SOA - you should. If you're paying 40% tax then this is probably costing you £78 per month, if 20% then £104.

It's not a great time to stop investing in shares (ignore this as I'm not a qualified financial advisor ;-)) and the tax relief does increase the return - e.g. if the share price just stayed the same as you buy at it's an equivalent of a minimum of 25% return over a year. BUT - these schemes usually lock you i for a length of time before you can sell them, e.g. 3 years. ALSO - shares can and do go down in value. I would only invest in shares if you can afford to lose the money, especially investing in a single company's shares - if the company goes under you lose your job and any investment you've made in the company.

So - I would cancel subscriptions to the scheme for now.

If it is anything like the sharesave scheme I was in it was taken from my wages at source - i.e. before my takehome pay was calculated, so if that is the case you won'tneed to list it on your SOA as it will be included in your take home pay i.e. if you didn't pay it your take home pay would be higher if you know what I mean!

Shabby x

redpete

shabbychicfan wrote: »

If it is anything like the sharesave scheme I was in it was taken from my wages at source - i.e. before my takehome pay was calculated, so if that is the case you won'tneed to list it on your SOA as it will be included in your take home pay i.e. if you didn't pay it your take home pay would be higher if you know what I mean!

Because it's a voluntary scheme I say it should be included as Savings in the SOA - the OP could increase his income by £78-£103 pm by cancelling. Other items such as tax and NI are not included because they cannot be changed.