Help, Advice, SOA included!!

MellyB_2

The advice given is what I would agree with but please, please get some life insurance, especially as you have got a 6 month old baby.

I know some people might complain about the monthly premium but for peace of mind in case god forbid anything should happen to either of you, it is definitely worth having.

Good luck with everything!

x

Prudent

I cannot see how your wife can afford not to go back to work. It looks like she will need to go out to work when you are at home. I am very careful with money, but that budget looks far too tight to me. You will all need clothes eventually and will need a budget for activties like baby groups.

On a postive note, minus the huge debt repayment it looks like you could both live well enough of your salary. Maybe you should think about a DMP?

If you have a company pension scheme, this may have a death in service benefit of 2 or 4 times your salary.

iamana1ias

MellyB wrote: »

The advice given is what I would agree with but please, please get some life insurance, especially as you have got a 6 month old baby.

I know some people might complain about the monthly premium but for peace of mind in case god forbid anything should happen to either of you, it is definitely worth having.

Good luck with everything!

x

I wouldn't agree with this. It's not necessary/suitable for everybody. The OP should get independent advice regarding their options on this.

DVardysShadow

Apart from the credit, you seem to be running a tight ship, Do you have an overdraft or are you managing without? and does the minimum balance [or largest overdraft] remain steady from month to month? If it doesn't then may be a spending diary to find out what money you are not accounting for.

The payment on the £6800 card appears high. I would suggest reducing it if you can and throwing the money at killing of the £1500 credit card which will cut you £35 more slack - then kill off the £9600 card - this will be a long haul

DVardysShadow

[Re life insurance]

iamana1ias wrote: »

I wouldn't agree with this. It's not necessary/suitable for everybody. The OP should get independent advice regarding their options on this.

While I agree it is not for everyone [eg no point for singles], the baby makes a difference here.

MellyB_2

DVardysShadow wrote: »

[Re life insurance]

While I agree it is not for everyone [eg no point for singles], the baby makes a difference here.

I agree, there isn't much point for single people to have this but for a couple where 1 works and having a 6 month old baby I would have thought it was essential.

I work for an IFA and don't think I know of any of them that wouldn't recommend some sort of life cover in case anything should happen, especially as there is only 1 wage in the family.

This is just me, I'm not trying to force anyone to have it so apologies if people don't agree! That's the good thing about this forum, everyone (well most people) have valid opinions!

iamana1ias

MellyB wrote: »

I agree, there isn't much point for single people to have this but for a couple where 1 works and having a 6 month old baby I would have thought it was essential.

I work for an IFA and don't think I know of any of them that wouldn't recommend some sort of life cover in case anything should happen, especially as there is only 1 wage in the family.

This is just me, I'm not trying to force anyone to have it so apologies if people don't agree! That's the good thing about this forum, everyone (well most people) have valid opinions!

I know several. Funny what they'll recommend when there's commission involved

katsu

Prudent has raised a good point. If you are in employment your employer may provide a death in service payment (poss linked to your co. pension scheme), so reducing or removing the need for additional insurance (dependant on your circumstances, clearly).

When unable to clear debts I would not focus on additional insurance.

iamana1ias

katsu wrote: »

Prudent has raised a good point. If you are in employment your employer may provide a death in service payment (poss linked to your co. pension scheme), so reducing or removing the need for additional insurance (dependant on your circumstances, clearly).

When unable to clear debts I would not focus on additional insurance.

Absolutely :T

Miss_Marple_2

I would have a look at the CCCS website and fill in their advice form, what this does is get you to put in your incomings & outgoings & provides a recommendation of the next step. I think it will also show that values you have in your budget, especially for food, are way under the recommended level.

If you are needing to budget this tightly to pay your debts, then maybe look into a DMP. But definitly try & get advice from CCCS or Payplan etc.