Dimmer switched light bulb moment

illmonkey

I've posted here before, but i just dont seem to want to save as much as possible.

I currently have just under £20k in a range of debt. Earn good money, but have a mortagage to pay etc.

I think instead of having my lightbulb moment, i have a dimmer switch. Sometimes i think SAVE SAVE SAVE, others i think, this is silly, i just cant do anything.

How do you "hardcore" savers cope? I have tried to cut down on more expensive things (food & drink wise), doing fairly well. Also got rid of sky, moved CC's about etc. But im still loosing money every month.

It doesnt help with the management company where i live "fogetting" to claim £280 of maintainance money! and have asked for it all asap.

I dont want to stop seeing friends, but when im out with them (sometimes), eating out will crop up, and i dont want to turn it down as i hardly do it.

It just seems nothing is moving. No matter how i do things.

Things just seem never ending, last month it was a new hoover (£150), this month its car tax and new tyres and passports and next month i can see the heating going on, making gas a huge expense too!

all_hours

You could put up an SOA to see if there are any savings others can spot.

See southernscousers sticky at the top of this forum for a template.

Include everything - all income and outgoings. For debts include the balance, APR, credit limit and minimum payment.

nidje

Hi Samgoffe
I apologise if I'm teaching you to "suck eggs" but do you keep a diary of everything you spend? When I first started writing down everything I spend money on and I was horrified at how a paper here and a glossy mag there soon mounted up during the month. I now read the papers and magazines on line and I've saved a fortune.
Sometimes just cutting back on the small things helps.
N x

Numpty_2

I'm the same as you - find it hard to turn down evenings out with friends, and even harder trying to explain why. I've started doing a few things - taking out spending money for the week/month (I'm doing it 2 weekly) and these are my extra spends for the week - that way I can still go out if I want, but have to be extra carefull with other things, or I reduce the amount I go out/spend. I have a realistic amount so I dont feel I'm depriving myself - and leave all my cards at home when I do go out. Also since I live in the sticks I normally have to drive, so it means I normally spend less on drinks out and also a good excuse for leaving a little earlier.

Snaggles

The way I tackled it was to start small. I picked my small but expensive credit card debt, and then went all out for a couple of months to repay it.

Somehow, thinking it was only for a couple of months got me through the early 'feeling deprived' stage. Then, by the time I cleared it, I was hooked, ready for the next challenge, and dying to find those little areas where I could save a few quid. It's not easy, because there are always those little things that 'crop up', and you are basically re-educating yourself into a whole new mind-set, but with a bit of perseverance, you will get there, and it feels like such an achievement to pay something off.

Good luck with it xxx

dudleyboy

I think the problem is probably spending £150 on things like a vacuum cleaner, when you can get a decent one for about a third of the price, getting a passport when you can't really afford to take a holiday overseas, and using more heating just because it's October when really sticking a jumper on will probably do the trick.

You may think my suggestions are being a bit tight but i'm not the one £20k in debt.

Well done on making the changes you've already acheived but i suspect you have a while to go yet before feeling the benefits of your efforts. Keep up the good work, apply what you know to all areas of your expenditure, and you really will notice the difference. Good luck.

illmonkey

Income: £1400
partners income: £550 (into joint acc)
Outgoings:

Mortage: £585
loan: £187.75 (£10k, 7.7%, 6yrs left)
CC: £180 (moving to M&S, 3.9% life APR, £6k balance)
C Tax: £121 (going to look into, parents flat bigger and pay the same)
Car: £250
TV Licence: £10
Sky: £10 (only paying for sky+)
Gas: £25/quater
BT: £15 (phone, internet is stolen from parents who live upstairs!)
Water: £30/quater
O2 (phone): £25 down from £50 - got half price line rental for 18 months
Contents insurance: £15
Car insurance: £66
Sofa: £22
Electric: £70/quater
Train for my work: £100

Variants:

Petrol: £130+ (partner has to drive to work, but does lift share, they take it in turns)

I make £1761.75 (i divided the quatly things)

That leaves £188.25 for food and everything else (tyres, tax etc!!)

illmonkey

thought i would seperate my posts.

If we sell the car, we need to make up £2500 to settle finance. £250 is minimum payment! we'd also still NEED a car.

I also have £3k in over drafts. So getting intrest on those too.

all_hours

Does you partner earn more than the £550 and pay for other household bills? Can you clarify how the joint finances work?

Numpty_2

We normally spend less than £100 on food - get a veg box delivered every two weeks from rivernene - costs £11.50 each delivery and that lasts us for two weeks. Then we go to the butchers and get our meat - normally about £50 every two months - and fill the freezer. Then use the supermarket for pasta and washing up liquid as and when needed. Washing powder - my mum decided to buy us a huge box from Makro (instead of flowers!) when we moved in here over a year ago and we still have loads left.

The rest I'm bad at - tax, depending on the car try and save up £10 a month so it's not such a shock at the end. Tyres try the same as well.

illmonkey

i did summerise it a bit.

basically, we both have seprate accounts.

i pay £1000 (but usally top it up with an other £200) every month, out of my £1400. The loan comes from my bank

Partners salery is £950 after tax. she puts in £550. But she also pays for petrol (when she gets it) on her own account, same with food etc.