The DFW Diary of a Mogchops!!

mogchops

Oh my goodness, this is a big step to post on this board!!

I am a regular poster on MSE in other areas, but under another name. I am too embarassed to use the same name, as I post on PTS under it as well, so to "preserve my anonymity" I've set up a new name to try & sort out my debt.

I do read this board quite often, but have now got to the stage I need to do something, and I cant do it on my own.

I am married, 2 school age children. DH works full time, I work part time. Between us we have 3 loans and 2 credit cards, and a mortgage.

I know I need to do a SOA thing, & will try & sort that later, I need to find all the paperwork etc for everything to look at the interest rates.

I already try & do some things - I am a die-hard Tesco points collector and MOC user, so I save on my shopping and holidays etc. I use Quidco, have just redone my car & home insurance thru them for cashback.

Sorry to ramble, but I think even if no-one reads or comments on this, it doesnt matter because just writing this down & putting it in black and white will help. Will come back later after children in bed & try & sort a SOA.

Thanks for listening

leo1976

Hello you!!! Just wanted to welcome you and well done on taking the first steps!!!!

Have a cup of tea and a biscuit and start that SOA. All those lovely little tips come flooding in!!!!

churchrat

what's pts??

WelshSaver

Welcome mogchops, good luck on your debt free journey. You will get lots more tips once you post your SOA. I find writing it all down does help for me anyway.

Smamfer

Welcome and *huggles* This is the biggest step you have made everything else will follow naturally and you will soon be saving/budgeting/grabbing a bargain like you have been doing it all your life.

I have a diary. i dont know if anyone reads it,,, and you know what... It doesnt matter as as long as you get something from it thats all that matters xx

TurnaroundSue

churchrat wrote: »

what's pts??

I wondered that also, come on Mogchops - put us out of our misery:rotfl: :rotfl: :rotfl:

O and welcome to the dfw board :hello: - really great bunch of people on here, who will give you loads of help, advice and support and there's no need to be embarrassed - we have all been (and still are in alot of cases) in your position, so please don't worry. Pull up a chair, post your SOA and look forward to seeing where things can be trimmed back.

mogchops

PTS is www.paidtoshop.co.uk

Sorry!!

Its the mainly Tescos dedicated site.

Am just sorting my paperwork, will be getting a SOA of sorts up shortly..

mogchops

OK, here we go. All figures monthly.

Incoming

DH Salary £1900
My salary £800
Child benefit £130

Total Incoming £2830

Outgoing

Mortgage £512
Council Tax (last yr was £98, not got this yr yet, will estimate) £108
Gas & Elec £129
Water £21
Virgin Media (Broadband & TV) £31.87
TV Licence £11.95
Life insurance £25.74
Buildings/Contents ins £16
Car insurance £19.75
Car Tax £15
Phone (landline) £20
Phone (mobile) £25
Sickness/redundancy ins £37.41
Pet insurance £4
Vet (monthly to cover annual jabs, worming/fleas etc) £10
Child trust fund £10
Childrens savings acc £20
Grocery shopping £250
Petrol £60
Beer £120
Tobacco £25
Brownies £10
Ballet £20

Total: £1501.72

Loans & Credit Cards

Nat West loan, £25,000, taken out Nov 08, over 7 years 10.4 % APR: £414.00
AA loan, £10,000 taken out August 06, over 7 years (cant find paperwork to check APR) : £150
GMAC (car loan) £5,000 taken out Jan 08, over 3 years 12.7% APR, £159.72.

MBNA credit card, £1900 owing (£2000 limit) 1.8% monthly APR - currently paying £40
Tesco credit card, £5200 owing (£5250 limit) (cant find APR) currently paying £150

(Also have a Nat West credit card which is clear, with £3000 credit limit)

Total loans & cards £913.72

Incoming £2830 less outgoing £2415.44 =£414.56??!!!!

Wow, that was an eye opener!!!

According to that I have over £400 left over - where the flippety flippin heck is that going then??!!!

Before anyone states the obvious about a couple of things on my list: Beer. I dont drink much at all, but DH drinks 4 cans of stella every day, which adds up. He knows he has a problem, and is trying to deal with it, but these things take time. He is NOT an alcoholic, just likes a few cans to wind down of an evening. He works very long unsocial hours. Please dont anyone have a go about this, as we know its a problem and are trying to work through it, but I wanted to be honest on my outgoings.

Tobacco - again, I dont smoke, DH does, but only roll ups, hence £25 is pretty low, as a small packet of baccy @ £2.50 odd lasts him a couple of days.

Phew, need to stop and gather my thoughts now I think!!

Smamfer

Your gas and electric seem very high are you making sure everything ie heating is on low rather than blasting it here and there and rads in rooms you are not using are turned off?

Get energy light bulbs and close doors and turn everything off when not needed DOES make a difference. Also make sure you are giving readings and not paying by estimated readings

Your insurances seem a little high too have you been able to compare these on money saving sites and gain cashback?

Do virgin not do a 3 in one package to save a few quid on your broadband and tv as having your phoen separately is probably costing you more?

The kids savings accounts isnt really a necessity these days. You will be gaining minimal interest on this and yet paying max interest out on some of your debts, Maybe halt the kids savings for 6 months and clear some other bits up?

Hope this helps but i do feel by cutting back and looking at what you really need at this moment in time you could make a big difference in your spending, Like others will suggest get a spending diary and then see where exactly that £400 a month it says you have spare is going xx


Also noticed there is nothing in there for clothing/hair cuts and general entertainment or birthdays or xmas so this is probably where that spare amount is going to

mogchops

Smamfer wrote: »

Your gas and electric seem very high are you making sure everything ie heating is on low rather than blasting it here and there and rads in rooms you are not using are turned off? We are trying hard, low energy lightbulbs everywhere, & we have one of those energy monitors that shows how much is being used. DD just gone down from 144 to 129 - after they whacked it up before xmas!

Get energy light bulbs and close doors and turn everything off when not needed DOES make a difference. Also make sure you are giving readings and not paying by estimated readings yep, all actual reads.

Your insurances seem a little high too have you been able to compare these on money saving sites and gain cashback? car and buildings/contents done thru Quidco in Jan, so taking cashback into account, was cheapest possible at the time.

Do virgin not do a 3 in one package to save a few quid on your broadband and tv as having your phoen separately is probably costing you more? Yes, that is something I've been meaning to look at, we got Talk Talk coz my mum is on it (therefore free calls between us) but I need to look at what Virgin can offer to combine for the 3. Thanks.

The kids savings accounts isnt really a necessity these days. You will be gaining minimal interest on this and yet paying max interest out on some of your debts, Maybe halt the kids savings for 6 months and clear some other bits up? I could stop the trust fund one for a bit, but the money that goes in their building society accs I save for school shoes/school uniforms etc, so will prob keep that going.

Hope this helps but i do feel by cutting back and looking at what you really need at this moment in time you could make a big difference in your spending, Like others will suggest get a spending diary and then see where exactly that £400 a month it says you have spare is going xx Oh yes do I ever need a spending diary!! I have prob underestimated my grocery shopping amount as well, I need to monitor my receipts more closely!


Also noticed there is nothing in there for clothing/hair cuts and general entertainment or birthdays or xmas so this is probably where that spare amount is going to Yep, right again, I need to add those on, so that prob takes up quite a chunk. But its difficult to work out how much - as when it comes to birthdays/christmas we just spend whatever!! Do other people try & keep birthday/xmas money separate somewhere?

Thanks so much - this is really helping!!

Smamfer

No problem.... just promise to come back and keep updating as so many start and then go off the rails but the support you will get in here will be masses i promise you x