I think I've had a 'lightbulb' moment!

Mrs_Arkwright

Hello

I've been lurking here over the last few days, which has brought on my lightbulb moment!

I sat down last night and worked out everything we owe, and to who, and had a bit of a shock to say the least. Not counting the mortgage, we owe £13861.42. I'm pretty ashamed of myself. But I'm pulling my socks up today and doing something about it. I've read some threads, and got a few ideas, and have put the debts in order so as to pay off the highest interest rate ones first. I've also made a Budget Planner to start on Saturday to account for every penny for the next few months, so I can get an idea of where the money is going and where we can cut down. I've also signed on with some temping agencies to see if I can get an extra evening job to help out for a bit.

I'm feeling a bit better about it all already!

Mrs_Sparkle

Welcome Mrs Arkwright! Don't feel ashamed- there are plenty of us here in the same boat and no one here will judge you or make you feel bad. You might find it helpful to post an SOA so people can have a look and try to point out ways of cutting down.

Well done for making the first, brave step.

spud30

Hi Mrs Arkwright & welcome to DFW :T

Stick around and you'll get loads of help and advice :beer:

Sea78

Welcome!

Do have a go at an SOA and we'll do what we can

Sea xx

Mrs_Arkwright

Hello and thanks everyone :-)

Right, I'll have a go at an SOA - I'll be right back!

gallygirl

:hello: hello and welcome!!!! As has been said, if you post your SOA you'll get some great help. x

Mrs_Arkwright

Ok


Monthly Income - 1704

Mortage - 400 differs monthly but 400 max
Shopping - 400
Petrol - 40
House insurance - 20.55
Egg loan - 155.05 Int rate 10.4%
Council tax - 92.00
MBNA card - 5.00 Balance 141 Int rate 13.9%
Mobile phone - 5.00 Max - I hardly use my mobile, it's on PAYG
Catalogue - 35 Balance 87 so that will be paid off in a couple of months
Car insurance - 24.14
Savings plan - 40.00
Telewest bundle - 50.00
MBNA loan - 140.96 Int rate 6.9%
Burtons storecard - 6 Balance 103
Electric - 57.00
Gas - 14.00
Additions store account - 100.00 Balance 190 so will be paid off soon
Egg card - 50.00 Int rate 15.9%
Life insurance - 31.79
Water - 18.78
TV licence - 11.07
Amex card - 95 Balance 3155 Int rate 0.40%
Abbey card - 7 Balance 283.03 Int rate 0%

I hope this is enough information!

CosmoCat

hi there

welcome to MSE

your electric seems quite high, are you sure you're on the best plan. try https://www.uswitch.com they might be able to get you a better rate.

what's the shopping at £400? is that for food? how many people are you shopping for?

all in all, you've got a good plan going so i'm sure you'll be debt free in no time.

all the best.

Mrs_Arkwright

Hello Melabarrie

My electric is high as I'm paying off arrears - our gas central heating broke so we were heating the house with electric - for four years! That inevitably sent the bill sky high, but they (and I) didn't do anything about upping the monthly payment until my arrears had got massive, hence why I'm paying now.

Shopping is food/groceries for four people. I usually shop in Tesco's, however my local is undergoing refurbishment at the mo and I'm peed off with never being able to find the eggs, so I'm defecting to Asda - this will probably save a few pennies.

CosmoCat

i'm sure it will.

why not visit the old style board for a few tips on how to bring that food bill down even lower. i'm sure you can. i'm currently feeding 2 on about £140 a month, so you could probably feed four for twice that.

have you budgeted for one time expenses like christmas, birthdays, holidays etc.?

gallygirl

Mrs_Arkwright wrote:

Ok


Monthly Income - 1704

Mortage - 400 differs monthly but 400 max Why???? Weekly payments?????
Shopping - 400 How many is this for, check out money saving old style, unless you are the old woman who lives in a shoe this si way too high!!!
Petrol - 40
House insurance - 20.55
Egg loan - 155.05 Int rate 10.4%
Council tax - 92.00
MBNA card - 5.00 Balance 141 Int rate 13.9%
Mobile phone - 5.00 Max - I hardly use my mobile, it's on PAYG
Catalogue - 35 Balance 87 so that will be paid off in a couple of months
Car insurance - 24.14
Savings plan - 40.00Shouldn't you cancel this at the moment? Have you money in it you can access? If so, withdraw it & use to pay off store account etc.
Telewest bundle - 50.00 this is high - does it include sky package, if so it has to go!
MBNA loan - 140.96 Int rate 6.9%
Burtons storecard - 6 Balance 103 Interest rate? Expect it's extortianate so needs more than £6 paid
Electric - 57.00 This is v high - arrears? try uswitch etc, package with gas may be better.
Gas - 14.00
Additions store account - 100.00 Balance 190 so will be paid off soon APR? As above, expect v high, good it's nearly gone.
Egg card - 50.00 Int rate 15.9%
Life insurance - 31.79 V high - who for, shop around, prices have come down a lot.
Water - 18.78
TV licence - 11.07
Amex card - 95 Balance 3155 Int rate 0.40% Is this annual or monthly???
Abbey card - 7 Balance 283.03 Int rate 0% When does this run out? What is limit? 1st thing to do, if a reasonable period, is transfer Egg and MBNA to this.

I hope this is enough information!

try this link: http://www.whatsthecost.com/snowball.aspx, if you put in your balances and APR's it will prioritise and give you a v scary debt free date. We'll then work to get it down!!!

Good luck, you can it!!!