Can anyone give some advice?

jonnydeppiwish!

Lightbulb today!

Owe

Sainsburys 14400 6.3% 334pm (30/48 payments left)
Barclaycard 9900 13.9% 250pm (12000 limit)
Marbles 680 13.9% 35pm (6000)
HFC 580 29.9% 20.50pm
HFC 178 29.9% 8.76pm
DELL 320 0% till aug 10pm
Barclays O/D 1450
Barclays O/D 800
LXDirect 250 25.9% 10pm
HFC 20 20pm last payment 0%

Total Debt 28,578 :eek:

3G 23.50
Sky 18.00
oh Life Ins 9.25
Home Ins 10.00
TV License 11.00
O2 14.00

my Life Ins 24.00
Car Ins 31.00
BT 50.00
Gas/Elec 77.70
Food 320.00
Petrol 50.00
Kids Pressies 20.00


Rent 194.28
C Tax 87.45
Charity 4.00
Adiitional Life ins 28.00

Income 1500
outgoings 1380 i think

can any one see how i can save more to pay off more please! :eek:

Boro_cass

have you tried calling sky to cancel, they will reduce your bill for a few months to keep you. . . i know its not much but every penny helps.

shazzer22

hi, your amount of life ins seems quite high to me, i dont really know much about it but it seems you're forking out alot each month for it!

How many people are you feeding, check out the OS Board for ways to save money on food bills, its amazing how much you can save if you just be a little bit careful.

hope that helps a bit but i'm sure others will be along soon

Callisto

Hi, welcome to the DFW board. Enjoy your stay!

How many people in the family? £320 a month on food is a lot, check out the Old Style board for tips on cutting this down.

Why do you need additional life insurance if you already have one policy? Could you cancel this?

Is the charity donation essential? It may only be £4 a month, but charity begins at home... when you are debt free, you could pledge to give more.

Have you shopped around for the best deals on your insurance and phone tariff(s)?

Consider cancelling Sky and get a freeview box instead (you can get them for about £30 with no monthly subscription for the basic channels.) We used to have Sky, but I only really miss the Discovery channel and MTV!

Hope that helps!

RVK2

I agree with Shazzer, food seems extremely high that would be one place to cut back. BT also seems very high (someone will be along shortly with more advice on that one!) and also if money is so tight perhaps consider dropping the Charity donation for a while?

CLAPTON

replace 3G by PAYG and use very sparingly (or asap if on contract)
BT just pay for basic line rental (£11 pm) and use https://www.call1899.com and/or https://www.call18185.co.uk) for all calls (e.g. landline call costs 3p per call(not per minute))
cancel SKY
you could reduce food but (how many is the family)?
however your budget seems if anything too thin for more than a short time.

but really you should consider if you cn increase your family income...does your OH work, could you get a part time job or is overtime available?

roswell

£87.50 a month on phones ..... this is for BT , 02 and 3 g ... you can make massive savings here, for a start it will be cheaper if your on the same network as most of the people you call especialy calling each other.

Kevicho

CONGRATULATIONS

You have started on the path to a better life, wont be easy, but doable

As to your expenses the first thing to go (if poss) is sky, its a luxury, besides its full of repeats and there are still a decent amount of channels you can see without having a package

Life insurance? Do you need this, to be honest ive never had it, may be better using that money to clear debt rather than pay into this, id go though this thoroughly first to check all the terms etc before making a decision

Can you live without the car for a while? Would save lots on petrol, insurance etc and you could get some money again to pay debts off.

As for the debts themselves pay them off in interest rate order, it doesnt matter that the HFC ones are smaller, you will save more by paying them off then you can move onto the next one

so pay off all the minimum payments on the second debt and the rest to debt one (thisis called snowballing)

HFC 580 29.9% 20.50pm
HFC 178 29.9% 8.76pm
LXDirect 250 25.9% 10pm
Barclaycard 9900 13.9% 250pm (12000 limit)
Marbles 680 13.9% 35pm (6000)
Sainsburys 14400 6.3% 334pm (30/48 payments left)
DELL 320 0% till aug 10pm
Barclays O/D 1450
Barclays O/D 800
HFC 20 20pm last payment 0% (pay this off)

With regards the dell debt, what does that turn into after august?

this should be a start, i used a spreadsheet to work out a debt free date, you should do the same so then you will have a clearer picture of the task ahead

good luck!

Kevicho

just noticed, it may be worth moving the top 3 debts to the barclaycard (that would basically halve the interest on that section of debt), or if possible into one of the overdrafts (unless they are up to the limits)

Then CLOSE the accounts

roswell

your outgoings on debts are £688.26 a month this doesnt count your overdrafts and is 46% of your wages.

you have 3 life insurance policies can i ask why ?

as you have loans and CC`s is it safe to assume you have consolidated in the past ?

Kevicho

Bored so had a quick go through and split up following into sections

Phones - this is high, can these be cut back, does BT include broadband? Have you looked for a cheaper provider?
3G 23.50 23.5
O2 14.00 14
BT 50.00 50
87.5
Insurance - are these necesarry? Would this money be better paying off debts at the moment?
my Life Ins 24.00 24
Adiitional Life ins 28.00 28
oh Life Ins 9.25 9.25
Home Ins 10.00 10
71.25

Essentials - that may be cut backable - Have you ckecked into a cheaper provider of gas? Can you be more efficient with your shopping (this forum is a killer for making the most out of a small food budget)
Gas/Elec 77.70 77
Food 320.00 320
397
Essentials - non changeable - these should always be paid first
Rent 194.28 194.28
C Tax 87.45 87.45
TV License 11.00 11
292.73

Car - related-this is at least how much the car is costing a month
Car Ins 31.00 31
Petrol 50.00 50
81

Luxuries - harsh but these could go, although the pressie fund is a good idea, is this in a high interest savings account? It may as well make some money for you
Sky 18.00 18
Charity 4.00 4
Kids Pressies 20.00 20
42
Grand total 971.48

So currently this is your (non debt repayment) monthly outgoings

Hopefully you can trim a lot off this and then have more spare to pay debts off, which will take months off the debt free date

Hope some of this helps