Please can anybody help me with my budget

Suziebear_3

i everyone,

I've been in tears this morning whilst doing the budget, our money just doesn't seem to be stretching anywhere, all the money that comes out is sucked away by bills and i'm also just about to go onto maternity leave which means our income will drop a little especially in the last 3 months when my income will drop to £0.

Can anyone give me any ideas as of how to make things cheaper or of anything i can do.


Outgoings

Mortgage - £534.02 ( I am unable to switch mortgage providers as im locked into a 5 year deal and i doubt i will be able to get another mortgage for a few years as we got 100% mortgage with Northern Rock).

United Utilities/Water - £18.05
TV Licence - £12.00
Eon/Gas - £61
British Gas Cover - £20 (we are tied in with this until January)
Debenhams Card - £14 (currently owe £200 which i am unable to pay off so must pay monthly)
Council Tax - £103.50
Nursery Fees - £240
BT - £33.50 (they keep charging us 3 months line rental in advance pushing up my monthly price?)
Loan - £122.88 (finishes September 2011)
Home Insurance - £26.21
Scottish Power/Electricity - £31
Very - £17 (again currently owe £300 i am unable to pay off so must pay monthly)
Driving Lessons - £110 (Have already identified these will have to go)
Food Shopping - £200
Wedding Fund - £100
Broadband - £7.50
Monthly bus pass for husband to get to work - £70.00
Husband's mobile phone (i dont even have one!) - £45
Husbands back account - £15 ( he has to pay to have one as he has a bad credit rating)
Contact lenses - £30
Life Insurance - £12.00

Also there is 3 of us, (soon to be 4) and the £200 food bill is the same whether its a 4 or a 5 week month it has to last us, i shop at aldi and iceland and spend about £40 and its so hard getting just the basics we all need on that.

The only way i can think of making it cheaper is if i bought unhealthy food, as you can get a family sized pizza for £1 but i want my son to be able to eat healthily and unfortunately veg and fruit and meat are expensive even in aldi/iceland and even when you get them frozen!

Thanks in advance!

What we have coming in is just enough to cover what is going out and we are struggling with nothing left over. Im aware that the few elements of debt we have do not help but because i have nothing spare i cant pay them off and to be fair (apart from the debenhams card) i havent got in debt frivoulosly, i got a washing machine from very because ours broke and we couldnt afford a new one and the loan was for a new boiler and radiators that were needed.

Please help me as i know there must be a key to living a cheaper life and the stress is awful especially when we are just about to have another baby (which was planned when we had more money!). The only thing i dont want to compromise on is my home as i cant move and i dont want to give up on my mortgage as i know ill never get another.

KingElvis

The thing that stands out is your "wedding fund"

Sorry to say this but that money would be far far better used to pay off one of those store cards which will be charging astronomical interest no doubt.

Also your partners mobile phone is £45 a month? blimey that's high so get it chopped.

All the best

Elvis

Arabella_CD

Won't you be able to cut out the nursery fees while you're on maternity leave? That should leave a bit more spare when your income drops...?

RAS

Suzie

Can you put that inforation into here

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

as it tots up the money and makes it easier to see what is going on.

Also there are about 70 basic bank accounts for people with impaired credit, all free, so that is money you can use.

twinkle_star_2

If you're about to go on maternity leave could you take the little one out of nursery and just take him to free/cheap mother & toddler groups? Not sure if this is feasible as I don't have kids of my own and you may want some one on one time with the new baby.

Also, have you tried giving up the tv license and just watching stuff online?

Mobile phone - is he locked into a contract or can he get a chaper contract? £45 pounds sound like a lot of money.

HTH

Tixy

Hi suzie

Suziebear wrote: »

Outgoings

Mortgage - £534.02 ( I am unable to switch mortgage providers as im locked into a 5 year deal and i doubt i will be able to get another mortgage for a few years as we got 100% mortgage with Northern Rock).

United Utilities/Water - £18.05
TV Licence - £12.00
Eon/Gas - £61 check if you can find a cheaper supplier and cheaper tariff. usually if you get gas& elec from the same co this will be cheaper as you get a discount. If you have the no bills internet tariff and pay by DD this might make it cheaper still. Plus try to reduce your usage
British Gas Cover - £20 (we are tied in with this until January) cancel as soon as you can, even if you need cover it can be got cheaper
Council Tax - £103.50
Nursery Fees - £240 is this the best deal? can OH get vouchers from work to help save tax at least. Could they go for less hours whilst you are on maternity?
BT - £33.50 (they keep charging us 3 months line rental in advance pushing up my monthly price?) Find a cheaper provider, and pay by DD so you only pay 1month at a time.
Home Insurance - £26.21 shop around to check its competative
Scottish Power/Electricity - £31 as gas above
Driving Lessons - £110 (Have already identified these will have to go) yep for now cancel
Food Shopping - £200 Not bad for 4. For tips on cheap healthy eating there is a wealth of info on the old style board, should be cheaper than fast food providing you are willing to prep meals from scratch, eat seasonal foods etc. Try meal planning before you go to do your weekly shop.
Wedding Fund - £100 Reduce? stop?
Broadband - £7.50 Probably can get combined with landline for around £20 for both - look on 'utilities & phone' tab at the top of the page
Monthly bus pass for husband to get to work - £70.00
Husband's mobile phone (i dont even have one!) - £45 if not in contract shop around, if in contract ask to drop to a lower tariff
Husbands back account - £15 ( he has to pay to have one as he has a bad credit rating) Get a basic bank account, no fee and no credit check.
Contact lenses - £30 Look for a cheaper deal (eg mine were £30 with D&A, same lenses £18 with asda)
Life Insurance - £12.00

Debts
Debenhams Card - £14 (currently owe £200 which i am unable to pay off so must pay monthly)
Loan - £122.88 (finishes September 2011)
Very - £17 (again currently owe £300 i am unable to pay off so must pay monthly)
If you cannot balance before the debt repayments (and its difficult to say without knowing your income/benefits etc) then you may need to think about how these can be reduced. Eg possibly a debt management or a repayment holiday whilst on maternity.

Could you consider a shorter maternity period? Going back for the last 3months?

Also there is 3 of us, (soon to be 4) and the £200 food bill is the same whether its a 4 or a 5 week month it has to last us, i shop at aldi and iceland and spend about £40 and its so hard getting just the basics we all need on that.

The only way i can think of making it cheaper is if i bought unhealthy food, as you can get a family sized pizza for £1 but i want my son to be able to eat healthily and unfortunately veg and fruit and meat are expensive even in aldi/iceland and even when you get them frozen!

Thanks in advance!

What we have coming in is just enough to cover what is going out and we are struggling with nothing left over. Im aware that the few elements of debt we have do not help but because i have nothing spare i cant pay them off and to be fair (apart from the debenhams card) i havent got in debt frivoulosly, i got a washing machine from very because ours broke and we couldnt afford a new one and the loan was for a new boiler and radiators that were needed.
In future for things like the wash machine try freecyle/freegle

Please help me as i know there must be a key to living a cheaper life and the stress is awful especially when we are just about to have another baby (which was planned when we had more money!). The only thing i dont want to compromise on is my home as i cant move and i dont want to give up on my mortgage as i know ill never get another.

Hope some of these may help.

Also look here for cheaper lenses - http://www.moneysavingexpert.com/family/Cheap-Contact-Lenses
And here for basic bank accounts for OH http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf

Marisco

Hi Suzi, the first thing that struck me was how much you are paying for gas/leccie, £92!!!!!!! Have you had a look at dual fuel with E.on? They have discounts for online billing and paying by DD. I'm with them and I pay £70 (through choice) they wanted to cut it down to £55, but I'd rather keep it and work up some surplus. Also what could go is the nursery fees, as you will be home on maternity leave, you could save a few months fees and put it towards your debts - 1 mth fees will pay off Debenhams;) Could your oh go down a tariff with his mobile?

Suziebear_3

Thanks everyone, some really helpful replies and i will look into all the things you have told me about.

Unfortunately there is nothing i can do about "the wedding fund" we booked to get married in May next year when we had more money and even if we cancel we will still have to pay the full amount:(

I am very happy to stop the nursery whilst im on maternity but if i stop the nursery my tax credits will go down so much it wouldnt be worth it. At the moment we get £70 per week child tax credits and £50 of that is the childcare element and it costs us just over £50 per week to send him so he might as well still go:(

postingalwaysposting

Suziebear wrote: »

Nursery Fees - £240
Driving Lessons - £110 (Have already identified these will have to go)
Food Shopping - £200
Wedding Fund - £100
Husbands back account - £15 ( he has to pay to have one as he has a bad credit rating)

Hello, here are some pointers from me, hope they are of some use.

Will the little one still be attending nursery while you are on maternity leave? It would make sense if s/he stayed at home and you saved that money. I guess this was nursery costs while you were working?

Yes driving lessons will have to go. It's a luxury you can ill afford, especially as with your budget just now you would never be able to run a car anyway.

Food shopping can but cut yet still be healthy. If you go over to the old style boards there are familys of 4/5 living on a £1 a day for food. It can be done and not all of it is junk.

Wedding fund is also a big luxury. Have you booked it? If not then put it on the back burner until your debts are repayed. If its already booked pop over to the wedding forum and see if you can do things cheaper etc.

With reagards to the bank account, no one should have to pay to use a bank no matter what your credit rating is. There are tons of basic bank acounts out there, many aimed at bankrupties with no credit ratings, you will find one that won't charge.

Good luck :A

Suziebear_3

Oh and i will definitely be talking to OH about his mobile phone, he doesnt even pay a lot because he uses it a lot he always just wants to have the fanciest phone which means a really high tarriff. Like i said i dont even have one and i do ok!

Suziebear_3

and if i went back to work for the last 3 months i would have a HUGE bill with 2 lots of childcare to pay for and wouldnt be able to go back to work, if i can make it till september then my oldest child will be going to school and i only work 4 hours a day so can pick him up and drop him off with no after school fees although would still have to pay for babies childcare.

Its such a mess:(

Seems like the best idea is to shop around for the cheapest deals i can get on things i cant get rid of such as gas/electric and see if i can push the food bill down even more.