Ok, I'm ready to step it up a gear - help needed!

wanna-be-mortgage-free_2

Morning folks

After another restless night with hundreds of ideas roaming round my head I've decided I need to step up a gear in terms of getting out of debt. Your help and advice would be so much appreciated.

Basically, I work four full days a week but this will be reducing to 2 full days and 3 half days from September when my son starts school. I'll still have a two year old to look after but was thinking when they go to bed I could be out earning more money to get rid of these debts. What do you think? I already sell stuff on ebay and believe I'm doing all I can on that front. I also do mystery shopping and during August will make an additional £240 from the mystery shops lined up. But surely I could get a job that would offer me a few extra hours each week, in the evenings? Even if it's stacking shelves I really don't care cos getting rid of these debts is the main priority so I can then work on getting the mortgage down.

What do you think?

james32_uk

Have you posted an SOA before? More money coming in is only half the battle, is there anyway you can cut outgoings?

wanna-be-mortgage-free_2

Yeah I posted them last week and got some good suggestions but I'll post again to see what you think - give me a minute to get them...

wanna-be-mortgage-free_2

Income:
Salary: £1464.72
Child benefit: £116.60
Tax credits: £272.44
Total income: £1853.76

Outgoings per month:
Mortgage 664.64
Mortgage cover 20.72
Ground rent 2.00
Council Tax 59.73
Electricity 38.00
Oil 28.40
Buildings/contents 22.75
Telephone/Internet 30.00
TV Licence 10.99
Medical insurance 31.43 (for my children)
Petrol 80.00 (will be reduced to £50 next mth)
Food 120.00 (includes nappies for baby)
Clothing/footwear 10.00 (if even that as I try to sell on ebay and buy when there's a surplus)
Sports 14.95 (contract with gym)
Car tax 12.50
Accident/sickness cover 38.29 (concerned about cancelling this as couldn't afford to pay mortgage if I became ill)
Car Insurance 33.07 (tried to get another insurer but not many offer great rates in NI some don't even cover NI!)

Debts
Tesco loan £13,000 204.00 (got this down after cancelling PPI)
Credit card £8692.03 120.00 (0% b/transfer )
Overdraft £2234.82 120.00 (0% interest at moment)

Total outgoings: 1701.47
Surplus end of each month: 152.29 which I have been putting in my children's savings account which is at 10% interest for the next 12 months.

Is there anywhere else I can cut back? I've looked at the moneysaving oldstyle and cut my groceries from £90 per week to £30, this is sometimes less the weeks I don't have nappies to purchase. I don't drink nor smoke and haven't been out for meals etc for years, who has time with kids As for clothes for me and the kids I normally purchase from ebay only after I've sold some items that are too small or we never wear.

Thanks
wbmf

gallygirl

:eek: Crikey - doesn't sound as if you have any time to do anything else, apart from gym & kids insrance (which I'm sure others have already advised you to cancel so if you haven't there is a good reason) there is no more scope for cuts.

I assume you'll be trying for another 0% card at end of this one and savings will be used to reduce debt when appropriate?

Yes, you COULD get a shelf stacking job - but who would look after kids (assuming you are single parent??????). If you have to pay would wipe out earnings, and may stretch family loyalty a bit to ask for evenings on a regular basis. Also, you have a busy life & don't want to wear yourself out. My only suggestion would be to enrol for AQA - you could do this from home so no hassle and childcare costs - don't know too much about it but plenty of references to it on other threads.

Good luck, you've made GREAT progress, especially with shopping:eek: :eek:

james32_uk

Yeah, I was going to ask about the kids insurance. Is it really necessary? Also, you say youre in a contract with the gym, but I've advised people before to try saying you're moving to the Outer Hebridies of something and I know it's sometimes been successful in getting out of contracts.

I'm learnging there's money to be had on the net. Quidco is a good start although this requires some outlay to earn any decent cash. I'm also just learning about dooyoo that pays small amounts of cash for reviews of all things from electrical items to holiday destinations. Could be worth a look!

Ordinary_Joe

I've put it in another post that you won't have the physical energy and time to get another "job". There are other ways on the internet to make money if you apply yourself that isn't quidco etc.

That's what I'm trying to get started in right now. It does take some time to get going but I'm hopeful it will be worth it. Trouble is because I can make money at it I don't want to break forum rules and "advertise" it on here by putting a link into the thread.

wanna-be-mortgage-free_2

ali007 wrote:

:eek: Crikey - doesn't sound as if you have any time to do anything else, apart from gym & kids insrance (which I'm sure others have already advised you to cancel so if you haven't there is a good reason) there is no more scope for cuts.

I assume you'll be trying for another 0% card at end of this one and savings will be used to reduce debt when appropriate?

Yes, just got accepted for a 12 month 0% b/t from this site :j And as soon as the savings 10% is up I'll be using that to clear the debt too.

Yes, you COULD get a shelf stacking job - but who would look after kids (assuming you are single parent??????). If you have to pay would wipe out earnings, and may stretch family loyalty a bit to ask for evenings on a regular basis. Also, you have a busy life & don't want to wear yourself out. My only suggestion would be to enrol for AQA - you could do this from home so no hassle and childcare costs - don't know too much about it but plenty of references to it on other threads.

What is AQA? Maybe I just need to try and locate some internet based work that would mean not having to rely on family and friends to look after the boys.

Good luck, you've made GREAT progress, especially with shopping:eek: :eek:

Thank you. I've worked really hard at this, some weeks are better than others but this board keeps me on together when I feel like falling off the wagon :rotfl:

wanna-be-mortgage-free_2

Ordinary_Joe wrote:

I've put it in another post that you won't have the physical energy and time to get another "job". There are other ways on the internet to make money if you apply yourself that isn't quidco etc.

That's what I'm trying to get started in right now. It does take some time to get going but I'm hopeful it will be worth it. Trouble is because I can make money at it I don't want to break forum rules and "advertise" it on here by putting a link into the thread.

Hi Ordinary Joe, I've just pm'd you for the info, I hope you respond.

Many, many thanks.

wbmf

LookingAhead

Is your ground rent really only £2? Mine used to be £20 when I had a lease hold flat.......

Is that a typ-o of is it really that cheap for you...?

LA x

wanna-be-mortgage-free_2

LookingAhead wrote:

Is your ground rent really only £2? Mine used to be £20 when I had a lease hold flat.......

Is that a typ-o of is it really that cheap for you...?

LA x

It's £24 per year but I put £2 a month away for when the bill comes in. So yes it's cheap here but and it's a big but, the rates here have just come in for a large scale review and it is now going to be based on the value of your house so from the stories I have heard in the media mine could rise to well over £1500 pa :eek: Not looking forward to that bill when it arrives!