Need some advice

Red_Est

Hi

I have had some advice from another kind member to post on this board and you guys might be able to help me. My outgoings each month are massive and I need to cut them down. Im my house hold there is myself, my partner and 2 children - he also has 4 children from a previous relationship who we have every weekend. We want to save for a wedding but every month our money just goes and it's not like we earn bad money. My ex left me with lots of debts 4 years ago which i am still paying off and tax credits calculated my benefits wrong at the time we split up so i am having to pay them back too. I also have a miassive solicitors bill as my ex has been taking me to court to gain custody of my daughter. I have just been given residency for her but the case is ongoing and we are back in court on the 14th September to discuss access.

This is my outgoings:

Rent 500
Council Tax 140
Solicitor 150
My Car Ins 66.42
His Car Ins 32
House Ins 20.19
Pet Ins 29.66
Gas 40
Electric 42
Water 21.59
Sky 60
Wash Mach Cover Plan 11.99
Bcard (Debt) 50
Kays (Debt) 105
J D Williams (Debt) 50
BT 10
EHDC (Debt) 30
Tax Credits (Debt) 30
My work mobile 40
His mobile 35
Time Out Club 250
Lens16
Maintainance 200
Milk 50
Gym 45
Loan from parent 100
Spectrum (Debt) 23

Total: 2149.85 without shopping and petrol

My income:

His Wages 1275
My Wages 1350
Tax Credits 42.11
Maintenance 157
Refund Gym Membership 45

Total: 2869.11

We have nothing left each month and our food bills are really high as i have so many mouths to feed each weekend.

Please can you help and give me some ideas where i can cut corners!!!!!!

Thanks

halight

Hi,
Take a look at the old style money saving bord on here. Very good.
Post about your food problems and tell them what you have in already and thay will come up with some ideas that will tied you over a couple of days while you sort other things out.
Thay have loads of ideas on how to cut down on spending
good luck

BeautyandtheBeast_3

Hi getr rid of the gym and your pet insurance - what pet do you have? I have a medium sied dog and she costs £6.90 per month with Tesco Pet insurance - Who is your insurance with (i assume you dont have 10 sheep, 6 goats etc!)

earplugs

Hi Red Est

My advice would be to go to a company who will provide you with a free payment plan and they will take so much per month from you to pay off your creditors - but they don't charge you a fee for doing this. A company called Payplan do this - I'm a debt/wb adviser for a charity and i use Payplan a lot. So just google payplan and go through your income and expenditure form with them.

Good luck.

tesuhoha

What is the Time Out Club?

Jedilibrarian

Hi Red Est
If you fill in a Statement of Affairs here http://www.makesenseofcards.com/soacalc.html and post back here using the MSE button it will help people advise you on were to cut back.
JL

RAS

Red_Est wrote: »

This is my outgoings:

Essentials
Rent 500
Council Tax 140
Gas 40
Electric 42
Water 21.59
House Ins 20.19 does this include contents?
BT 10 - should be £11.50
Food?
Milk 50
Clothing?
Maintainance 200

Cars
My Car Ins 66.42 - this is massive do you have points? Do a comparison and swap via a cash-back site like www.quidco.com
His Car Ins 32 - ditto
Car tax?
MOT and maintenance?
Petrol?

Extras
Pet Ins 29.66 - this is expensive
Wash Mach Cover Plan 11.99 - get rid
Sky 60 - this has to go. Reduce the package now and go freeview.
Holidays?
Presents?
His mobile 35
Time Out Club 250 - what is this?
Lens16
Gym 45 - get rid ASPA - you cannot afford it

My work mobile 40 - this is not a household expense it should be paid for by work


Bcard (Debt) 50
Kays (Debt) 105
J D Williams (Debt) 50
EHDC (Debt) 30
Tax Credits (Debt) 30
Loan from parent 100
Solicitor 150
Spectrum (Debt) 23
Total: 2149.85 without shopping and petrol


My income:

His Wages 1275
My Wages 1350
Tax Credits 42.11
Maintenance 157
Refund Gym Membership 45

Total: 2869.11


Thanks

You need to start by actually understanding what you are spending and rather than cutting corners to start by paying the essentials, reducing costs of everything and cutting out the inessentials.

Do you need, really need two cars?

Red_Est

Hi everone.

thanks for answering.

In answer to the questions people have asked:

Time Out Club - my daughters breakfast and after school club
Gym membership - i pay and work give it back to me within 10 days
Work mobile - in my contract i have to pay
2 cars - this is necessary i work far from home and public transport doesnt connect - his car is for work and when he needs to travel
dont go on holiday - pay for mot and car tax somehow when its needed - dont really buy clothes unless it necessary
have 2 dogs and 3 cats so have to pay that amount pet insurance
house insurance is contents only as dont have to insure the building.

Feel like im really stuck!!!

RAS

Hi

Can you put up a proper SOA as per Jedilibrarian's link as your current budget does not address the full issues? You need to add the cost of groceries, petrol, clothing (even the bit you buy) and then cost up the MOT and car tax costs over the last year and divide by 12 and add that.

Until you understand what you are spending on you cannot cut back.

You may need a debt managment arrangment but until you have the full picture it is impossible to say.

All your insurance payments are very high - is there a reason for this?

gfplux

Hello Red Est,

Start a spending diary TODAY to find out exactly where your money goes. That knowledge will give you power.

Make out your SOA (link - http://www.makesenseofcards.com/soacalc.html ) Try not to guess at the figures, dig out the paperwork! However remember a partial completed one is better than none. It is in fact one of the most important things you will do to start on the road to recovery. If you want a lot of help on this forum, posting your SOA is the first and most important step. After it is done it is very easy to keep it up to date.


Good Luck

BeautyandtheBeast_3

hi, who is insuring your pets??