In with both feet

Blindedbythelight_2

Hi everybody I'm new but have been lurking around reading posts and acting on the advice that you have been giving to other people.
I've known for some time that we have a debt problem. I decided that 2006 is going to be THE year that I take control and budget and generally get sorted out. I'm hoping that by writing this down and letting the MSE'ers see will help me stay on track,so in with both feet I'm going to post SOA

In: Drawings 2500.00
Tax Credits 41.00
Family allowance 114.00

TOTAL 2655.00

Out: tv licence 11.00
mortgage 656.00
insurance 24.00
endowments 192.00
school draw 5.00
life insurance 48.00
childrens mutual 50.00
car insurance 37.00
gas/electric 61.00
telewest 93.00 (tv/broadband/phone)
home insurance 48.00
water 36.00
council tax 109.00
bank loan 192.00 Northern rock 10,000.00 5.7% 84mths
sainsburys cc 250.00 6,000.00 6% LOB
amex 100.00 5,700.00 4.9% LOB
food etc 600.00

TOTAL 2512.00

Sorry this is so long!! I know there's room for improvement look forward to your comments

Almost_there_4

What does the £600 for "food etc" cover?

highguyuk

Some of these seem v.high!

insurance 24.00 - presume this is house insurance?

endowments 192.00 - Can you tell us more information?

school draw 5.00 - Do you really need to stick with this?

life insurance 48.00 - Seems high for life insurance. Use https://www.confused.com and see if you can get a cheaper quote if your sure you want life insurance.

car insurance 37.00 - Again, make sure your with the most competitive. What about Petrol costs?

telewest 93.00 (tv/broadband/phone) - Do you need the TV service? Are you past ur 12month broadband contract and therefore able to move to a cheaper provider if possible?

home insurance 48.00 - https://www.confused.com

water 36.00 - You metered or unmetered?

Regards,

jobbingmusician

Blindedbythelight wrote:

telewest 93.00 (tv/broadband/phone) _pale_

I had NO IDEA people paid so much for packages! I'm sure you can halve this, and probably save even more than that. Do you really need cable now that so many good channels are available on Freeview - or you can become a DVD tart? This will give you £50 or even more each month to throw at debts.

Blindedbythelight_2

I allow myself £150.00 per week broken down as follows:
dinner money £10.00
pocket money 6.00 @ 3.00 each
bus pass 5.00
drum lesson 14.00 (son)
Bass lesson 10.00 (daughter)
just in case 5.00
food 100.00

I'm keeping a daily spending diary but I don't know how but I'm still overspending every week.
I do realise that I'm lucky after reading some posts they're heartbreaking...what can i say.

Blindedbythelight_2

Hi everybody
thanks for your quick replies I don't type that fast.
Yes telewest is high !! I tried ringing up hoping to get on specail deal to keep my custom, no chance !! I will try again
car insurance and house insurance are high and will get quote when they are due which is April and June

highguyuk

You dont have to wait till the renewal - you could save yourself by switching now.

If they dont want your custom - take it elsewhere!

Blindedbythelight_2

petrol costs and mobile phone costs are paid through the business (we are self employed )
I will cancel the school draw. The other insurance 24.00 is something to do with if your injured and work should really look into that one

Blindedbythelight_2

Sorry that should be can't work

Blindedbythelight_2

I didn't realise that you could switch insurances mid contract will look at link for quote

mintymoneysaver

Tell telewest you are thinking of leaving.It worked for me only last week, got savings of £8 a month.
Do you really need the endowments? could you change to a repayment mortgage, the extra would probably be covered by what you payed for the endowments.Then you could cash them in and pay off some debts.
We got £8000 back from £50 a month endowments which had been running 15 years.