Need help And advice,

Antz096

Hi All, Im new here and looking for a bit of advice,
Ok so ill start by saying im only 21 years old and in a sticky situation.
My fiancee Recently Lost her job and now were living on one wage alone,
My Weekly outgoings are £202.89 and i only earn £220 a week,
(out goings do not include Petrol to work or Food)

I have a bank loan for £98 a month
car insurance £202 a month
2 contract phones £75 a month (ashuming i dont go over :S)
As you can see with two wages we would be ok but with one were Not,
my bank is a state £-150 And i have to transfer all my wages every week into another account or i wouldnt be able to pay my bills,

Anyone got any advice for me to get out this situation?
Thanks in Advance

ElkyElky

£202 a month for car insurance? That is incredibly expensive.

Can you get rid of the car until you are in a better situation?

Antz096

I could but a heafty Fee of cancellation of insurance, Bleghh...(little boy Big toy) Should have listened to fiancee in the 1st place

ElkyElky

Post an SOA and we'll take it from there.

http://www.makesenseofcards.com/soacalc.html

The car insurance is obviously the biggest problem in your situation. If you can't get rid of it then you'll have to try and make savings elsewhere. Perhaps the mobile phones (if they'll let you cancel it).

dib-dab

Antz096 wrote: »

I could but a heafty Fee of cancellation of insurance, Bleghh...(little boy Big toy) Should have listened to fiancee in the 1st place

So are you saying that you have an expensive car and that is why the insurance is so expensive?
If so then have you thought about getting a car that would be in a cheaper insurance bracket? Then you wouldn't have to actually cancel the policy and therefore pay the fee- you could just change the policy when you got the new car.
And the 2 phones - is that just for you or one each for you and your fiancee? If both for you then I don't know why you would need 2 phones. And you can get cheaper contracts I am sure. You can get cheap deals now with loads of minutes and texts included so you shouldn't need to go over.
Post the rest of your spending and income info and I'm sure that people can suggest ways to cut your spending.
Good luck!

savingmummy

This is a sticky situation that can be sorted out if you got the car sorted and the mobiles!!!!
That would save you alot of money each month.

Your still young, single and probably not thinking this is reasonable BUT in a few yrs time you will know why we have suggested this.

quote - And i have to transfer all my wages every week into another account or i wouldnt be able to pay my bills,
:TThat is great you do this!!!


Do a SOA and see where else your money goes each month.
You living with parents or got your own place?x

Antz096

Ok so heres my SOA,

Income A month (After Tax) £880

Outgoings (per month)-
Car Insurance-£202
Bank Loan-£98
Contract phones-£75
Rent-£200
personal Loan (Boss)-£100
Bike Finance-£50
Tool Man(work)-£100
Petrol-£160
food-As Little or as much as i could afford

Yes i agree but to cancel eaither Car Insurance or Phones Come with a fee as i have enquired, My insurance is Due for renewal End of march or april so if i could keep going until then i will sell the car and get a 1.1!!

Antz096

Forgot to add...Me and my partner live with my parents but we pay them £200 Pm, And buy our own food (when we can)
There are fairly versatile with us when it comes to money but to be honest there beging to strugle as well....I need to get myself sorted!

Thanks for the help so far

savingmummy

Antz096 wrote: »

Ok so heres my SOA,

Income A month (After Tax) £880

Outgoings (per month)-
Car Insurance-£202
Bank Loan-£98
Contract phones-£75 - this is too high!! when contract is over STOP!
Rent-£200
personal Loan (Boss)-£100
Bike Finance-£50 A BIKE AND CAR?? DO YOU NEED THE BIKE
Tool Man(work)-£100 ??A MTH
Petrol-£160 - THIS IS SERIOUSLY HIGH
food-As Little or as much as i could afford

Yes i agree but to cancel eaither Car Insurance or Phones Come with a fee as i have enquired, My insurance is Due for renewal End of march or april so if i could keep going until then i will sell the car and get a 1.1!!

You need to do a full SOA. It will help alot.

Antz096

Sorry im new, A bit more info about a SOA and ill Post it Thanks

postingalwaysposting

Hi Ant and welcome to MSE :j

Antz096 wrote: »

Ok so heres my SOA,

Income A month (After Tax) £880

Outgoings (per month)-
Car Insurance-£202 ~ So if you can't cancel when does this end?
Bank Loan-£98
Contract phones-£75 ~ When do these end if you are locked into a contract? If the phones have any value can you sell them and buy some cheap £15 handsets?
Rent-£200
personal Loan (Boss)-£100
Bike Finance-£50 ~ What is this for a moterbike? If so could you sell the car and just use this. I know you may get charged for canceling your insurance but surely the reduced petrol and the £200 savings on the insurance each month will make it easier.
Tool Man(work)-£100 ~ What is this for? Its a huge outgoing..
Petrol-£160 ~ Can you reduce your journeys?
food-As Little or as much as i could afford ~ You need an amount to work with, if you are spending a huge amount a month savings can be made. Also if you are buying lunches at £5 a pop etc that could go and you can take sandwiches.

Yes i agree but to cancel eaither Car Insurance or Phones Come with a fee as i have enquired, My insurance is Due for renewal End of march or april so if i could keep going until then i will sell the car and get a 1.1!!

I am guessing you dont budget for mot, tax, repairs to your cars. Or clothes/dentists/gifts? Could you OH not get a part-time job anywhere? has she tried agencys?

Edit ~ Its free listing tomorrow on ebay, do you or/and you OH have things you can sell?

Good luck