Lightbulb Moment

EagerLearner

Hi John - re your 'miscellaneous' and 'personal treats' spending - try using my spreadsheet (link below) to look at this really coldly - it will show up on a chart. Just type in last months and it will give you an idea, maybe then it will inspire you to backtrack and enter more info.

You can also use the savings pots section for your debts to track the amount you have paid off etc.

Hope it helps - and (nag, nag, nag) - join Quidco.com and Pigsback.co.uk!

coxj2901

EagerLearner wrote:

Hi John - re your 'miscellaneous' and 'personal treats' spending - try using my spreadsheet (link below) to look at this really coldly - it will show up on a chart. Just type in last months and it will give you an idea, maybe then it will inspire you to backtrack and enter more info.

You can also use the savings pots section for your debts to track the amount you have paid off etc.

Hope it helps - and (nag, nag, nag) - join Quidco.com and Pigsback.co.uk!

Hi EagerLearner,

Thanx for the spreadsheet. This will prove useful.

Rgds, John

coxj2901

We've decided to sell the car and buy a cheaper model. We should be able to bank about £5k which will pay off the TSB loan.

I've also done another mystery shopping excercise at the wacky warehouse which will earn me another £8.

Ebay is going well - we have made over £150 from selling clothes that were not worn. Plenty more to sell too.

coxj2901

I've had a letter from Barclays offering me £555 as a gesture of goodwill regarding the bank charges. I'm tempted to take it because I'm not sure if I would win or not if I followed it through.

Has there been a precedent set yet or have the banks settled in full every time?

coxj2901

I paid off a further £200 from my overdraft yesterday :j

I have also had an offer on my car of £12,500 :j

coxj2901

I have sold my car today for £12,500. I will use this money to clear my TSB loan. I am also selling my house house so will need to hold some funds back as I am in negative equity.

We will then rent for a while and I now hope to be debt free in 15 months time.

I will then start saving to put down a deposit on a new house.

Rgds, John

Verbatim

Wow, what a turnaround. Well down

Little_Miss_Winner

Hi John.

Well done you! Not got much advice to offer you only thought i came accross while reading about your tesco shopping online is that i hope you are using the codes, to claim various amount of your shop?
Or extra points.
If you havent got a clubcard get one NOW!!!
The clubcard deals are worth 4xtimes the points.
ie-; if you have say £25 from tesco and use it for deals they are then worth £100.

Every little helps.:T

See the tesco threads for the lastest codes. I usually shop for about £50, plus del. But they throw a code in say -£5 off a £50 shop. Or sometimes you can get -£10 off a £75 shop.

coxj2901

Thanks for the advice pot 'o' gold I will make sure I get a clubcard ASAP. I've also just found out that ASDA will be launching a new internet based shopping service within the next couple of months.

I've just paid a further £300 from my overdraft today and I also banked the cheque from the sale of the car so hopefully that will clear by early next week.

Rgds, John

david_hellier

Far be it for me to advise an accountant on how to manage his money, but I'll give it a try. Often those skilled in money reply in rather snotty terms, telling me where I'm wrong.

However you have accepted responsibility in identifying the problem; you have asked us all to identify the solution. It is now your turn to apply the solution to the problem.

According to my calcs you have £135.78 per week to spend on food, clothes, nappies, booze, etc. This assumes you get rid of gym, stop saving (the last thing you need to do is save, even for the kids), sky (go digital). Sticking to this figure will ensure you no longer overspend. I suggest you write this amount in a book on a Monday and keep tabs of what you spend by subtraction. If you have any over each week, carry it forward to the next week. I have included a figure of £50 to clear the OD. Ignore your bank balance.

I note there is no amount for council tax or other car costs eg tax, MOT etc. Also there is no mention of CCs. Why?

If you do not stop overspend you are heading for bankruptcy, which is major problem when you have a house and family. So you need to get a grip, now.

Also I suggest you do not borrow any more money, ever from anyone until your debts are clear.

The figures are as follows:


income weekly monthly
self 2640.00
partner
tax cred 40.00
FA 60.00





total 0.00 2740.00
632.31 divided by 4.33

632.31 total weekly income

spend weekly monthly
rent/mortgage 875.00
council tax 0.00
elec 50.00
gas 50.00
water 22.91
secured loans 219.68
TV licence 10.99
fines 0.00
NR loan 75.00
MBNA loan 337.00
TSB loan 150.00
car ins 1 27.00
car ins 2 30.00
bt bb 27.00
nursery fees 80.00
petrol 100.00
bt phone 25.00
od payoff 50.00
life 12.08
0.00
bank fees 10.00









total 0.00 2151.66
496.54 divided by 4.33

496.54 total weekly spend

Start= income - spend = 135.78 per week