Please Help!

lucy_w86

Hi All,

As a basic overview, I am pregnant, due in 6 months time and completely freaking about my finances and coping.

I earn £1473.00 per month after tax and owe £3400.00 on a Barclaycard credit card and £2300.00 on a Nationwide credit card. Every month I max out my overdraft of £1450.00 and I also owe £400.00 on a Next account.

I pay:

£200.00 p/m Rent
£150.00 p/m Travel
£45.00 p/m Phone (reduced to £30.00 as of next month)
35.00 p/m Contact Lenses
£25.00 p/w lunch / food
Plus whatever I can afford on the cards and Next account....

I am so worried as my pay will go down to £123.06 a week when on maternity leave and I also need to move out of family home before I have my child. I just dont know what to do and where to start and I also have to buy baby things.

Advice welcome ... please!

psychopathbabble

Hi Lucy
If you fill out a Statement of Affairs (soa, ill find the link in a sec) this will give others a good look at your finances and they can advise you better.
Try not to worry, there will be people to help and offer ways of cutting back soon.
psycho x

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

lucy_w86

Monthly Income Details
Monthly income after tax................ 1473
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1473

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 610


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................2300......65........22
credit card....................3300......75........22
overdraft......................1450......0.........0
Total unsecured debts..........7050......140.......-


Monthly Budget Summary
Total monthly income.................... 1,473
Expenses (including HP & secured debts). 610
Available for debt repayments........... 863
Monthly UNsecured debt repayments....... 140
Amount left after debt repayments....... 723

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,050
Net Assets.............................. -7,050
[/B]

lucy_w86

Anyone?????

Nottoobadyet

lucy_w86 wrote: »

Monthly Income Details
Monthly income after tax................ 1473 - will you be getting any support from the father?
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1473

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200 - is this what you pay now or what you hope to pay after you leave home?
Management charge (leasehold property).. 0
Council tax............................. 0 - bear in mind that you will need to pay these once you leave home
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45 - this is super high! go PayG or downgrade to a cheaper plan
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100 - this is very great if its right, you'll be able to save even more if you cook from scratch etc once on mat leave.
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150 - what is this? if its commuting then will it go away once you go on leave?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 610


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................2300......65........22
credit card....................3300......75........22
overdraft......................1450......0.........0
Total unsecured debts..........7050......140.......-


Monthly Budget Summary
Total monthly income.................... 1,473
Expenses (including HP & secured debts). 610
Available for debt repayments........... 863
Monthly UNsecured debt repayments....... 140
Amount left after debt repayments....... 723 - do you actually have this at the end of the month? if so, great, you should have some savings or be able to build some up between now and baby time . If not, figure out where it is going!

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,050
Net Assets.............................. -7,050
[/B]

Congrats, by the way! I think your situation isnt as bad as it seems, best of luck with everything.

lucy_w86

Nottoobadyet wrote: »

Congrats, by the way! I think your situation isnt as bad as it seems, best of luck with everything.

I have around £700.00 left over if I am very tight with money but I dont know whether to direct toward debt, clear overdraft or put towards things for baby??

Travel will disappear when on leave. I should get full housing benefit and council tax when I leave home but its finding a place and being able to get benefit in time and before baby comes. Bill for phone will be reduced to £30.00 as of next month.

littlesheepy

Can i ask if there's a reason you pay £35 a month for contact lenses? It seems quite high. Mine only cost £12/£13 a month with all the solutions and aftercare and i have to have special ones to correct an astigmatism too??

planning_ahead_2

Hi Lucy

Welcome to the DFW forum.

Don't panic about buying baby things....they do not have to cost lots of money. Buy most things secondhand....babies are in things for such a short amount of time that buying new is a huge waste of money. Use the local bargain finder link to find ebay bargains local to you that you can collect - click here

This goes for baby clothes, moses basket, pram/pushchair etc. The only things I would recommend buying new are car seat and mattresses to be honest. Everything else can be considered buying secondhand and saving practically 60 - 90% of the cost new.

Are you currently living with your parents and hoping to find a place before the baby is born? If so, would they let you stay on for a while? I hope you have put your name down for council/housing association accommodation. Not sure what your chances are, but they are the best bet for long term housing for your and your child.

Other, more experienced members, will be along soon to offer guidance and support.

All the best with the baby and housing search.

squeezymeplease

Maybe put £350 each month towards debt and £350 for baby stuff? As long as you are clever about it, you needn't spend too much money on baby stuff. If you breastfeed, you won't need to spend any money on feeding the baby for the first 6 months. Own brand nappies are just as good and cheaper than the big brands. Cloth nappies are even more cost effective in the long run (not to mention much cuter!) Your main big essentials will be a pram, cot, and clothing. Primark, Asda and Matalan etc all do some gorgeous baby clothes and bedding.

Do you have any savings? What have you done with the £700 every month until now? Have you got stuff for the baby already?

slummymummyof3

Start a spending diary to keep a check on where your money is going.

Don't buy lunches for work but make your sandwiches at home to take with you, this will knock down the food expenditure considerably.

Consider opening another bank account which is not connected to your current bank to get your salary paid in so that it is not constantly swallowed up by your overdraft (if your current bank allows this as some insist you must have your salary paid in for an overdraft) you could then set up a regular monthly payment into the account with the overdrafdt to try and get rid of it.

lucy_w86

Thanks All.

Firstly, I can not stay at home as my parents have asked me to leave.

Secondly, before I fell pregnant, I had a car and thats where most of the £700 went. Now I got myself sorted, set out a debt plan and fell pregnant!

I had problem with contact lenses drying my eyes so the best and cheapest are £35.00 per month.

I dont know where to direct my money? Should I get out of my overdraft first or reduce it as much as possible as soon my income wont even cover it?

x