I'm CARP with money and need help to stop

djtonyb

My name is DJTonyb and I'm CARP with money.

I am the main wage earner in my house, DH is a emergency cover Mid day supervisor and DJ (yup I stole his user name lol) . His wages pay for the food, diesel and general upkeep of the house (I also give him £250 pm and the CB and £40/month tax credits)). Everything else bill wise comes from my wages.


My Wages 2166.00

Heating Insurance 13.00

Mortgage 373.10

Life Assurance(DH) 31.04

Electric 51.00

TV License 11.95

Endowment 15.00

Mortgage Protection 11.36

DD Trust Fund 15.00

Buildings & Contents 24.60

Sofa 59.91

Council Tax 128.00

Car Loan 227.57

Pension/ISA 100.00

Life Assurance(me) 11.56

Gas 20.00

Garage 27.60

Credit Card (Capital one) 200.00

Credit Card (RBS) 50.00

Virgin Media 55.00

Water 28.00

Car Insurance 32.00

Phones (DH& ME) 60.00







The Mortgage was changed last year to a 10 year fixed rate (I have a great mortgage advisor and change mortgages every few years).

Capital One Credit card is £9485 @ 6.73% until 2012.

RBS is approx £3000 @ 14.8 % (just changed)

Sofa payments finish in January 2011.

I have over drafts of 3500 in 2 current accounts:eek::eek::eek::eek:

Where do I start – please help me

gonzo127

Hi now althought you have put up a lot of you expenses the best place to start would be to get it all put together in a SOA - Statement of Affairs http://www.makesenseofcards.com/soacalc.html

this will help you look at everything you have going out a month and allow you to budget for known lump sum expenses such as MOT's, birthdays, christmas etc once you have filled it in format it for MSE and post it back up here and we will be happy to go through it with you

djtonyb

birthdays, christmas MOTs etc all come out of DHs house keeping money. I will try the SOA widget (but I tried before and it didn't make sense)

podperson

Is your £2166 after giving hubby the £250 a month and the tax credits? If so then I make it you have about £600 a month spare so if you aren't seeing this then need to be making a spending diary to see what it is going on. Is amazing how much little things can add up, for example I used to buy a drink, a snack and a magazine most mornings then I worked out was costing me about a fiver a day which over a month really stacks up!

Electric seems a little high if you have gas as well, check comparison sites. Are the phones on contract? If not try and at least go down to a lower tariff if not just go onto PAYG. Is council tax over 10 months, if so try spreading out over 12. Can you cut down Virgin media at least to the basic package? Do you have to pay garage fees, is there anywhere else you might be able to park?

Once you have checked these would advise looking at using a snowball effect. Throw the spare money you have each month at the RBS with the high interest. Once this is paid then move to the Capital One. Am assuming the overdrafts are low interest?

djtonyb

no the 2166 is my wages. this does not include CB or tax credits, These go directly to DH. so I have 1916 to pay the bills.

Phones are on contract til end of next year.

Garage is where DH stores his Disco trailer and equipment, so its a necessity.

The rest of the money evaporates into the overdrafts. I but drinks/magazines etc.

Tied in with Gas and Electric for another year