Hello, New Here!

lynzpower

Ok, let me see
Monthly Incomings:

Approximately £3000pcm - we're self employed so it varies from month to month, but usually around this month after tax.

Total - £3000

Monthly Outgoings:

Rent - £500
Contents Insurance £25.16 ( have you checked this is the cheapest)
Council Tax - £111
Gas & Electric £80 ( combined? Are you sure you have the cheapest suppliers? ANd checked out energy saving measure s like lagging, insulation, energy efficient lightbulbs, heating off, extra jumpers etc, this seems quite high)
Water £40
TV License - £10.99
Sky £20 ( do you need this? Can you cancel it, seems silly to be paying for sometihng like this, get a digibox fro 25 quid or less, then you get all the digital channels for a one off charge)
Phone - £25 (you can get a line rental only then something like primus 2 or talk talk packages for free calls?)
Internet £30 ( this is high. you can get unlimited downloand packages for 17.99 tescos, but there are cheaper still too, like madasafash, or others)
Ben's Mobile phone bill -£100, mostly business use ( can he claim these calls back from the vat man? )
Food shopping - £280 ( :eek: this is HIGH, me & POH are down to 100 a month with all cleaning stuff, you can easily halve what you are spending)
Car Insurance £48 ( you checked this is the cheapest too)
Car tax £10
Petrol £80 - again mostly business ( claimable?)
Car loan 1 - £40
Car loan 2 - £112
Cash loan £76
Sofa loan £67
Credit card repayment £25
Next repayment £20
National Insurance £19.05
Barclaycard Repayment £50
British Gas Repayment £16

What are the APRS on these debts?

Good luck
Lynz
x

fivemice

The internet is 8meg, I will try and talk my husband into dropping that down, but I think he will be reluctant. We used to be on 8meg and TBH I can't tell the difference, so it is probably worth dropping back down to 2meg. We rent from my stepdad, and we definitely wouldn't get as much for our money by moving anywhere else.

Lynz - Home content insurance - no, is there a quicker way of doing this than ringing round everywhere?
Electric& gas is high because we owe them a bit from the winter I think. Heating is currently completely off unless I need it on to dry clothes, insulation is fine, having the oven on for half an hour for the tea makes upstairs boiling for the rest of the night! Use energy efficient lightbulbs.
Sky - will look into freeview or whatever its called, i use it for the childrens channels mostly and discovery home and health
Phone - I have no idea why we are paying for phone and internet as I thought the phone was free with the internet, will check this with hubbie when he gets home.
Mobile - Not sure, we aren't VAT registered as we don't earn enough for that, but he will claim tax back on it.
Food - Will get myself over to Old Style quick sharp
Car insurance - nope, although I'm reluctant to change until October when I get an extra years no-claims bonus
Petrol - yep.

The APRs are in my first post

fivemice

As for the useless treats, I couldn't even tell you what they are - mostly takeaways, hubbies lunch-on-the-go (usually sandwiches from a garage), bits and bobs from tescos etc.

tyllwyd

Are you getting your child benefit and child tax credit?

Pobby

I phoned O2 regarding my mobile bill.Got a different tarrif now and I am about £50 a month better off!

fivemice

Yep, child benefit goes into a savings account for my son, otherwise we'd never save anything for him.
I haven't included child tax credit as we shouldn't be receiving it at the moment, or if we should then not nearly as much as we are doing, but until DH does his tax return they won't let us drop the payments, ridiculous I know.

Little_Miss_Winner

Hi Nicola,

To see things a little clearer you need to break up into two;-

MONTHLY OUTGOINGS:-
Rent - £500
Contents Insurance £25.16
Council Tax - £111
Gas & Electric £80
Water £40
TV License - £10.99
Sky £20
Phone - £25
Internet £30
Ben's Mobile phone bill -£100, mostly business use
Food shopping - £280
Car Insurance £48
Car tax £10
Petrol £80 - again mostly business
TOTAL ;- £1360.15

DEBT;-
Ben's Barclaycard Remaining debt approx £800 £0% interest
Black Horse loan (DFS) approx £1000 0% interest
Black Horse cash loan debt approx £1000 29.9%APR
Car Loan through Employer Remaining debt £1800 approx 12%APR
Capital One Credit Card Remaining debt £175.00 29.9%APR
Next Account Remaining debt £99.61 26.49%APR
British Gas bill Remaining debt approx £48 0% interest
Southern Electric bill Remaining debt approx £400 0% interest
Loan from Mum for Punto Remaining debt approx £600 0% interest
Loan from Mum for wedding & rent Remaining debt £2500
Loan from Ben's Dad Remaining debt approx £200
TOTAL; £8,622.00

You have £1640.00 per month to pay of your debt. (in 5 and a quarter months it could all be gone!!!!!!) maybe unrealistic as you will have added expenditures along the way.....but not far off!

These 2 should be the first 2 go, next time you are paid; They are VERY high in interest and you can be 2 debts fully paid off straight away!

Capital One Credit Card Remaining debt £175.00 29.9%APR
Next Account Remaining debt £99.61 26.49%APR


The next 2 you need to concentrate on are;-
Black Horse cash loan debt approx £1000 29.9%APR
Car Loan through Employer Remaining debt £1800 approx 12%APR

Is the black horse the one you pay £76 per month for? if so it will cost you £192 in interest b4 you have paid it off fully.

Have a look at this http://www.whatsthecost.com/snowball.aspx and have a play around.
You have done well so far in that most of your debt is 0%.

Just a few ideas but you really need to be throwing most o that £1600 at your debt, it could be clear in 7 months!!!!!

what do you think?
pot

fivemice

Hiya Pot,
Fantastic, thanks for making it clearer
It's even better than that, as the £2500 I owe to my mum for the wedding & rent will be paid off when we sell our car worth £3K.
I will definitely have a look at that website and get it all paid off in the right order.

Thanks

earwig

hi just wanted to say hi i have the same problem as you regarding the milk thing what helps me now is that i dont go to suppermarket for milk i go to the garge instead it is dearer than the suppermarket but i only spend 150 on milk instead of twenty pounds on stuff i didnt realy need so it works out cheeper if that makes any sence

BobProperty

fivemice wrote:

....After Ben became self-employed last year, our finances have gone down the pan....... we're also rubbish with paperwork.....Approximately £3000pcm - we're self employed so it varies from month to month, but usually around this month after tax.....

Have you spoken to anyone (business advisors, chamber of commerce, tax man) about being self-employed and record keeping? Do you have an accountant? What sort of work does your OH do, because that could be where some of the money is going, i.e. expenses related to his business. I am also curious about the income being "after tax" when OH is self employed. Do you need to be putting aside money for the taxman?