finally decided to confront my debt

Markyboy212

Penny2myName wrote: »

I think you could do with using a spending diary, http://www.spendingdiary.com/ this will help you keep track of where the money is going. Put every in it, even that odd bag of crisps/biscuits etc. Also people need to see what you minimum payments are for the loan and CC etc. Does your fiancee know about your debts, and if so would she be willing to help you learn to budget better and be a more suave and informed spender. There is always a number of freebies and offers for baby stuff on the freebie threads.

Yes i only conffessed to her about my debt a few weeks ago as i say i was ashamed to admit the state im in so she is going to try and help me as much as possible and were going to start trying to budget what we spend but i will say the best thing i ever done was buy a standard car since then ive not spent a penny on my car which i found in its self an acheivement as before i met my girlfriend car's were my life it was all my lived for basically looking to see what else extra i could buy for my car or what i could do to make it that bit different but since i will admit i had a honda crx i paid £4000 for i spent almost £6000 and sold it for £5200 at the end of the day i would never do that again and im glad of that in its self

and ill amend my first post with the payments etc i can make

TurnaroundSue

At least you have age on your side. If you really knuckle down and get rid of your debt you will still be very young and hopefully that will set you up for the rest of your life.

Do not go buying anything new for the baby - join your local freecycle group and get loads for free!! Or try e-bay, you can get really good stuff and a fraction of what it would cost new!! Babies grow so very quickly that they are out of the stuff before they have had chance to wear it out, so in my experience alot of baby stuff is like new anyway.

Is there anyway your fiance could move in with you and your dad and then once you have got rid of the debt, you could then concentrate on finding somewhere to live. I know it is not ideal, but there again neither is being in a load of debt, with a new baby and trying to just pay for day to day things.

I wish you luck and well done for posting - you are most definitely in the right place for all the help, support and advice you can get.

Markyboy212

TurnaroundSue wrote: »

At least you have age on your side. If you really knuckle down and get rid of your debt you will still be very young and hopefully that will set you up for the rest of your life.

Do not go buying anything new for the baby - join your local freecycle group and get loads for free!! Or try e-bay, you can get really good stuff and a fraction of what it would cost new!! Babies grow so very quickly that they are out of the stuff before they have had chance to wear it out, so in my experience alot of baby stuff is like new anyway.

Is there anyway your fiance could move in with you and your dad and then once you have got rid of the debt, you could then concentrate on finding somewhere to live. I know it is not ideal, but there again neither is being in a load of debt, with a new baby and trying to just pay for day to day things.

I wish you luck and well done for posting - you are most definitely in the right place for all the help, support and advice you can get.

just now that's what were planning to do is my fiance is planning on moving in with me so that way we can save up more towards a house so hopefully it shout set us in stead for finding a place of our own

tbsouth2004

Just want to say congrats you can sort this out good luck to you both.

Penny2myName

ok looking at your soa with figures, on your minimum income you are roughly £54 short a month, can you get your mobile contract reduced? Shop around more for petrol at lower costs, and valeting supplies. If you could reduce all 3 of those areas by £18 a month, then you would be breaking even at least with costs you have to meet.

Markyboy212

Penny2myName wrote: »

ok looking at your soa with figures, on your minimum income you are roughly £54 short a month, can you get your mobile contract reduced? Shop around more for petrol at lower costs, and valeting supplies. If you could reduce all 3 of those areas by £18 a month, then you would be breaking even at least with costs you have to meet.

my mobile contract i could have reduced as im on a personal contract for business but i could have that cut in half

Valeting supplies i could probably get down to a lot more than £18 a month i would say my valeting supplies i could possibly drop to around £40 a month

my main problem is i over budget myself being honest plus ive always had a habit of throwing away terry cloths after theyre uses when they in theory theyre selfs are £13 a pack for 60 but they run down very quickly

TurnaroundSue

Markyboy212 wrote: »

my mobile contract i could have reduced as im on a personal contract for business but i could have that cut in half

Valeting supplies i could probably get down to a lot more than £18 a month i would say my valeting supplies i could possibly drop to around £40 a month

my main problem is i over budget myself being honest plus ive always had a habit of throwing away terry cloths after theyre uses when they in theory theyre selfs are £13 a pack for 60 but they run down very quickly

Do you have a big stock of your supplies? Could it be that you do not really need to buy anything for a while and therefore free up some much needed cash to put towards your debts? I own my own business and only keep a very limited stock as I believe it is better being in my account than being tied up in stock that will just be sitting in my garage until I need it!

Markyboy212

TurnaroundSue wrote: »

Do you have a big stock of your supplies? Could it be that you do not really need to buy anything for a while and therefore free up some much needed cash to put towards your debts? I own my own business and only keep a very limited stock as I believe it is better being in my account than being tied up in stock that will just be sitting in my garage until I need it!

as it stands i have a lot of stock in van i have very rarely touched for month's as ive now found products i like to use and work for me so i think it could be a clearout in the van get rid of some stuff that i dont need no more! as theyres a damn lot in theyre :rotfl:

posted_2

Find out the apr's of the overdraft and credit card from website/statement, so you know the order to deal with them. Paying a pound off them will save you interest, so saving to pay them off in one go, will cost you more money.

Penny2myName

Sounds like that could be a good start, and a good exercise in learning what your essentials are, and not being cluttered up with 'stuff'. Once you are fully organised in that area, you may feel better about becoming organised in other areas such as finances.