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In a hole - Can't see a way out - Help!

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Comments

  • skintchick
    skintchick Posts: 15,114 Forumite
    Debt-free and Proud!
    Glad to have been of help.

    Cat is fine - needed expensive boosters at £44!! She hates going though and I have to empty the glory hole under the stairs to get her basket out, causing huge mess.

    You are doing so well!! Yay for you!!!
    :cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool:
    :heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
  • dinkylou
    dinkylou Posts: 727 Forumite
    It might be a bit late to post this but you should get rid of the savings account rather than the ISA. (Maybe save some in the ISA for emergencies)

    An ISA is a savings account for up to 3k and its tax free whereas your savings are taxed. (see Martin's article)
    Your access to this account should be the same as any other savings account.
    I'm not suggesting you save much at this point but thought that info would be useful to you.

    How much do you spend on food shopping per month? Could this be cut down as this is normally one of the areas where people overspend?

    Post all your 'house expenses' and we should be able to help you cut down further.
  • Verbatim
    Verbatim Posts: 4,831 Forumite
    Part of the Furniture 1,000 Posts
    I was wondering if you need the critical insurance cover? Quite often there are so many exclusions that it doesn't pay out when you need it. I think one of the weekend papers said only 25% ever claim and 25 % of these are turned down! But don't quote me on that. Similarly if you have PPI on any of the debt it's worth cancelling. Nice little earner for the banks , not so good for you.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • kevinabland
    kevinabland Posts: 14 Forumite
    Thanks for the advice with the ISA - I have a high interest savings account for my emergencies. Perhaps I should start an ISA for my emergencies. Here are my house expenses:

    Mortgage - £868.73
    Gas - £18.00
    Electric - £18.00
    Water - £20.00
    Income Protection (Me) - £18.95
    Income Protection (Partner) - £22.35
    Sky TV - £42.50
    TV License - £10.99
    Council Tax - £103.00
    Building and Contents Insurance - £40.25
    Total - £1,162.77

    In total, we jointly put £1700 into out joint account. The remainder of the money (i.e. 1700 – 1162 = £538) is used for food shopping. As posted before, we like to leave some money in this account for house emergencies. For example, last week we needed a new microwave so we used the cash in the joint account.
  • Hi kevin,

    Welcome to MSE!

    £538 is a crazy amount for 2 people for food shopping - it is possible to live and eat comfortably on something between £100-£200 for food shopping. So if you take that at the maximum and add on the £75 max per month for emergencies then you've got another £263. Which approx half of would be yours - giving you another significant amount to chuck at your debts.

    You should check out the old style board for hints on how to make your food shopping last longer. It does take a bit of discipline - i.e. batch cooking or being frugal at the supermarket - but it is worth it.

    If you really want to cut down your debts, then could you consider reducing/cancelling your Sky package?

    So with all the advice you've been given in this thread and with some willpower and a change in lifestyle, you should be able to throw LOADS of money every month towards your debts. Just think how good that would feel!

    scottishspendaholic x
    MBNA = £4,000 / Next = £925 (approx. tbc on 19/8)
    Tesco = £2,910.11 / Smile overdraft = £500
    Bank of Scotland = £2,782.83
  • kevinabland
    kevinabland Posts: 14 Forumite
    Thanks for the advice scottishspendaholic.

    Can someone point me in the right direction for the 'old style board' - can't seem to find it????
  • skintchick
    skintchick Posts: 15,114 Forumite
    Debt-free and Proud!
    Thanks for the advice scottishspendaholic.

    Can someone point me in the right direction for the 'old style board' - can't seem to find it????


    HERE you go:

    http://forums.moneysavingexpert.com/forumdisplay.html?f=33
    :cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool:
    :heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
  • agree with scottishspendaholic - call sky and see if they offer ypou a deal or cut the package in half with one there retention deals.
    lildl food shoping - fill up on tins - coleslaw - doing 30% off all bacon - that save you a fortune and the quality is really good. ( i can fill the boot my ford focus for 40.00 and nearly get 70/80 items were by you go tesco and its nearly a £1 an item
    Whats your call profile on the mobile - how many minutes and texts?? pherhaps an mse could source a really good package.
    Household insurnce can be anonother massiveing saving - check the other forum for this.

    And good luck ;-))
    Tell it as it should be....
  • kevinabland
    kevinabland Posts: 14 Forumite
    To: scottishspendaholic, skintchick and scooby_saver:

    just spend the last ten minutes having a look on the old style forums (should of been working really but don't tell my boss!!) - amazing information. I am feeling inspired and can't wait to get home and tell my other half how much we are wasting money on food shopping!!!!

    I truly appreciate all your advice!

    I will look through my mobile bills tonight and work out what calls/texts i make every month.

    Sky will also be receiving a call from me!

    Thanks again!!!! :)
  • sorry for the bad spelling in work and trying not to get noticed - good luck ;-)
    Tell it as it should be....
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