Big Debts Help!

Mansun

Thanks ZarZar. There is a lot of agreement on here that I should a) review all of my insurance/assurance policies b) seriously cut down on the groceries c) stop paying into a CTF and d) try to cut down on fuel useage.

All of the above are being actively looked at and changes WILL happen...for the better.

First thing I have done is a daily diary. This week I am meeting with the bank to discuss and review my insurance policies.

Wifey and I are also going to do an internet shop...together :eek:

Oh yeah, and I'm trying to talk the missus into a Freeview box but she loves SkyOne and watches lots of the programs on there...!

RAS

Mansun wrote: »

Wifey and I are also going to do an internet shop...together :eek:

Before you even start shopping, make a list of what is in the fridge, freezer and cupboards and work out what meals you can get out of those, prioritising enything close to its use by date. The list theb items needed for that meal that are not available.

if you want to see this at the sharp end, have a read of the Storecupboard challenges on the oldstyle moneysaving forum.

Go over to the freebies board and you may well get a free delivery code.

By the way, ITV player may still be showing Martin's programme when he helped a couple where he had been made redundant and they cut the household grocery expenditure by about £6000 per year.

Mansun

Thanks RAS. Yes. The internet shop will be preceded with a 'stock take' in the kitchen cupboards and freezer and a meal plan.

Then we will do a shop together (but I still think there will be shouting :eek: )

RAS

Ultimately your wife has to understand that unless your reduce your spends by £250 per month you are scuppered, even if she does not like it.

Are these account in your name, her name or joint?

Mansun

These accounts are mostly in my name. I've been responsible for our finances for as long as I can remember.

One thing I haven't mentioned is that I pay 4% of my salary to a pension that my company matches. Should I consider stopping these pension contributions for now? For info, I'm many many many years away from retirement age...

RAS

Mansun wrote: »

These accounts are mostly in my name. I've been responsible for our finances for as long as I can remember.

So your wife is going to have to start learning to take joint responsibility rather than assuming you are a cash cow. Sorry if that sounds harsh but very often someone comes here in debt and we discover it is their partner who spends freely because the OP handles all the money.

Mansun wrote: »

One thing I haven't mentioned is that I pay 4% of my salary to a pension that my company matches. Should I consider stopping these pension contributions for now? For info, I'm many many many years away from retirement age...

That is one of your last options. Firstly you get a good deal with your employer funding half. Secondly, if you halt the contributions at your age, you will have to pay a much higher amount in later to make up. And in the current situation, they may not let you back on such a good deal.

Mansun

Maybe I've made my wife sound like a money grabbing/spending evil person...oops. She certainly isn't. If anything its my own fault as I always tell her that 'everything's fine'.

I will not be telling her that again...at least not until its true!

elfen

Could you try terry nappies for the littlest if wife doesn't mind the extra work of soaking them a little? Costs more for initial outlay but are cheaper, envirnomentally friendly and can be used again if another one pops out - mum used terries on 4 of us I think, 5th was a beast and had both.

Also look at cashback sites when buying online. I'm on Quidco, as a few people are, and if you only use it once in a while, it's definitely worth it. I've reduced my Xmas bill a little by going through there. Also useful for any big purchases as you save more.

For the little two, Xmas pressies don't mean much, they DO prefer the boxes anyway! Could you get a few smaller presents instead of big ones, cutting down on cost (and giving them a variety of boxes to play with) I spend £250 on I think 15 people for presents this year, could you look for any offers online on little kiddies pressies (maybe ebay - and when they come, get 'em out of the box and give them a going over with a baby wipe to clean them up?)

Mansun

Not sure about the terry nappies, good advice all the same, but I think if our other efforts to trim down the spend don't work, we'll consider this. Rightly or wrongly, I consider this to be a drastic approach!!:eek:

Regarding cashback sites, I already actively use TopCashBack and have over £100 to come back (which will now be used to pay debts rather than on treating the family) when it becomes 'payable'.

We've already done a big chunk of Christmas shopping for the kids as we bought pressies on top of grocery shopping a little every week for the last few weeks. We need to review what we've bought and see if we really need to get anything else...I suspect not when we factor in gifts from grandparents, aunties, uncles, etc...

Norfolk_Jim

Make sure you find out how long those insurances cover you for, especially MPI. If its only 12 months (lots are) and theres a 1,2 even 3 month waiting time before it starts to pay out then its probably very bad value indeed if it turns out your work covers you for 26 weeks anyway. You can almost certainly get the basic cover you need against calamity for a lot less than you are paying now. I've found that when I checked my contract of employment and then my cover, I didn't get much value from my policies.