Gulp! Just done SOA

saxysarah

the mantra is you can't save while in debt because the money isnt working for u - ie u pay more interest in debt than u earn so i'd be tempted to throw every last penny you can at the high interest cards..........thats the theory - however i have CC debt and cash in the bank and although i'm chipping away at the cards i'm too scared to throw every penny i have at them cos with 5 kids+mortgage u never know what might come up so i think if its extra money u are making then yes 50/50 sounds like a good start

MyopicMoo

Put your debts into the 'snowball' calculator - it will show you the difference in interest payments overpaying the more expensive apr debts would make. That could be a good incentive - just think what you could do with all the money you currently pay on debts - it may make cutting back in the short term easier to take.

savingmummy

scotdebs wrote: »

thanks for the replies there are 2 adults 2 children and a dog in the house - i know my grocery spending is out of control and have started on the grocery challenge thread to try and get this under control as for where the balance goes who knows hubby and i are going to keep track of every penny this month so we can work out where we have been going so wrong (apart from the obvious of never wanting to wait for anything and sticking it on a card!)
council tax is high because we are in a new build therefore recently valued and at the top of the band; we have 2 cars one is an old banger that we own outright - the other child care cost is for when i am at work

We have 2 children and spend 150 a month on food! We stick to a very strict list each week of what we need!
I have dropped brands, i now meal plan which helps, i have started smaller portions and have soup prior to main meals!
Bulk food out with veg.

Do you need 2 cars?

I would stop the card using as this is a big spiral, pay using cash.

sparkleisshopping

Just a little one but I'd say the sky box cover is definately not worth the money. Our sky+ hd box went pop on friday, after refusing thier inital offer of a refurbished box for £65 they gave us a new one for £30 and fitted it today. We'd had our box 3 years. So, for £8 a month you'd need your box to break 4 or more times a year for the cover to become economical. (hope that makes sense!)

Good luck with sorting out your finances

saxysarah

meal planning etc is the key to takeaways - i find that often after getting home from work etc and doing the million and one other things the thought of dinner makes me want to cry so we have far too many takeaways - hopefully if i'm realistic about the meal planning eg am not asking myself to create amazing homemade dishes every night of the week etc and only on the days when it is feasible then its cheaper to buy freezer meals than takeaways and ur more likely to use them if u can cook them from frozen if in the morning mania u forgot to take stuff out the freezer etc i managed to cut my food budget to £60 this week for me and 5 kids when in the past i've spent well over £100 and had takeaways as well! def the way forward i hope to get more organised with the slow cooker etc as i go along but am pacing myself so its not an impossible mountain - hope this helps xx

mum2one

Just to agree with what the others have suggested
Snowball - for the cards
£455 - that sounds like its coffee here, magazine there, keep a spending diary

Noticed that you have not put anything in for haircuts, entertainment, and life assuurance.

When I renewed my car ins - went theough Quidco, they do all typesof cash back, another good site is topcashback, but always bear in mind that the cashback is offered by the initial company and not quidco, touch wood, I've never had a problem, but there have been some who have.

Just remeber that every £1 paid is a contribution off the debt xx

scotdebs

well pity party is over and time for affimative action - today I got cheaper pet insurance £4.50 per month cheaper PLUS £10 cash back and cheaper mortgage protection insurace with far superior cover but only £42 a saving of £35 a month - so total annual saving that can go to the dastardly credit cards £474 -Tommorrow home and contects insurance is next on the hit list.....I will do this!

Tixy

Good progress scotdebs. Glad you are also looking at the cashback as well.

scotdebs

thanks tixy have started posted diary on the other thread to keep myself in check

scotdebs

just arranged new B&C insurance - again far superior cover £16.80 cheaper per month = £200 per year and £65 cashback - I have had these old policies for years why oh why didnt I get my act together sooner a small bit of effort over the last couple of days and I am already approx £700 better of for this yr!

Next stop utilities!