First post from a frightened and worried newbie!

rchddap1

One thing to add. You want to go to University for 3 years. At the moment your childcare is costing £52 per month. What happens to the kids when you're supposed to be in lectures / studying and your partner is at work? Right now you don't have the extra financial capacity to leave them with a childminder / nursery.

Whatever the current state of your relationship remember that your child's early years only comes once. And University is a lot of hard work.

Kevicho

Can university wait a couple of years until the children are a little older?

Why not do an OU course or something part time that you can do from home?

adypem

If you are tied into a contract with Sky, how about checking if you can get the free sky broadband offer.
The 2MB base package is free, so you could cut out £20 for internet. There is an installation charge, but this will all get paid for with the savings.

Also have you considered using an overrider for your home phone ? I use 18185, and I'm saving loads off my BT line.

MemmaJ

Hi again

Thanks everyone for your replies.
I'll now try and answer all the points that have been made so far.

I'll start with the Univeristy issue - I wont actually be paying any tuition fee's or anything, because they're all paid for by the NHS (it's a Midwifery Degree).
They don't do this course through the Open University, because it's a very practical 'hands on' course.
I will also be getting a Bursary from the NHS while I study, which is Means Tested - but at least it's something.
I will also get most of my childcare paid for through a Childcare Allowance that I'll get whilst studying.

The things like takeaways, DVD rental, eating/lunches out, shopping etc.
We have had a good talk about what we can do to cut back, and we already agreed thaat these things need to stop. So if we stop doing those things, that should help us along the way a bit.

Things like mobile phone costs, and Sky subscription - we have tried phoning the companies and saying we're going to go to another provider, hoping that they'd ofer us a better deal.
They didn't - they were happy to let us go elsewhere! So that one didn't work as well as we'd hoped! :rotfl:

I have sat and thought about things today, and I thought maybe when my other half gets home from work tonight, we could sit down and look at the things that we may be able to get better deals on (e.g mobile phone tariffs etc), and try again to get a cheaper deal out of the companies.
But as I said, that didn't work last time :undecided

We have also thought about applying for a Payment Holiday on the mortgage - to try and get ourselves sorted a bit more in those few months.
Not sure if that's a good idea - I'm sure you'll be able to tell me
1

Dolly_Smith

all I can say about a payment holiday is that it's respite for one month but they have to make up the money somehow....

calleyw

Is there any reason why you are on a pre-paid card for leccy and gas you will pay more per month.

Ebico don't charge extra you will pay the same as me and I pay when the bill comes.

Best thing is to make a budget showing all the basics that you need to pay mortgage/council tax/food etc.

It seems you are aware that takeouts/smoking and shopping for fun has to stop.

You have no petrol costs down.

I sorry to say that I think Uni is going to have wait either do OU or put it on hold for a few years.

You have nothing down for clothes/Birthdays/Christmas.

If your husband uses his phone for work then they must pay.

All the best.


Yours


Calley

Debt_Free_Chick

MemmaJ wrote:

I have sat and thought about things today, and I thought maybe when my other half gets home from work tonight, we could sit down and look at the things that we may be able to get better deals on (e.g mobile phone tariffs etc), and try again to get a cheaper deal out of the companies.
But as I said, that didn't work last time :undecided

We have also thought about applying for a Payment Holiday on the mortgage - to try and get ourselves sorted a bit more in those few months.
Not sure if that's a good idea - I'm sure you'll be able to tell me
1

You need a more permanent fix. You are spending £420 more than you receive - every single month. Over three months, that's more than £1200 :eek: And that only covers what's in your budget. If you take cash from the ATM and fritter that away, that's more overspend.

I'm sorry, but your situation is serious. You either need to spend less or earn more. It's difficult to find £420 a month to cut back on in your budget

calleyw

MemmaJ wrote:

Hi again

Thanks everyone for your replies.
I'll now try and answer all the points that have been made so far.

I'll start with the Univeristy issue - I wont actually be paying any tuition fee's or anything, because they're all paid for by the NHS (it's a Midwifery Degree).
They don't do this course through the Open University, because it's a very practical 'hands on' course.
I will also be getting a Bursary from the NHS while I study, which is Means Tested - but at least it's something.
I will also get most of my childcare paid for through a Childcare Allowance that I'll get whilst studying.

1

Even if it is all paid for you are going to be studying in your own free time and that will eat in to your time with your children and being able to have time to do simple things such as shopping and looking for the best buys.

Which could more pressure on a relationship that seem to have a few issues at the moment.

All the best.


Yours


Calley

dancingfairy

Still concerned that you don't seem to have a plan to pay off the capital and 1 month's mortgage doesn't seem to be like it would help very much. You need to save more than £400 every month - to break even. I think it probably could be done but it will take a lot of effort - stick around on here and I'm sure you could at least get a lot closer to at least not overspending.

*zippy*

Memmaj

Do list your debts, if you can, it will help us give you advice.

I think it depends on your mortgage company, but after a payment holiday some do put up your future payments to get you up to date, they don't just add it on the end. You would have to check with your lender.

Could you get a part-time job, I know it must be exhausting with twins, but some evening work around your husband would help you get straight. My SIL has just qualified as a nurse and has managed to work part-time all the way through, care homes snapped her hand off when she enquired and they were happy to work around her

all the best
zippy x