Newbie - spending too much!

Penny_Saved

Hi

I've been lurking for a long time but have finally decided to post now I feel more in control of my money - thanks in no small part to this board! I have also learnt the delights of Quidco (£126.00 to date) through this board, and hopefully will be able to get my head round match betting some time soon (maths never was my strong point).

Anyway I've done my SOA below -

Per month
INCOMING
Tax Credit £207.46
Salary £1,450.00
Child Benefit £69.50
£1726.96

OUTGOINGS
Car (Insurance, Tax, RAC) £40.00
Charity £20.00
Childminding £217.00
Council Tax £65.56
Dentists £99.83*
Electric £85.00
Groceries £200.00 !!!
House insurance £25.00
TV license £10.08
Mobile £25.98
Mortgage £313.52
Savings for Son £50.00
Savings for me £100.00 (to pay off credit card)

Bank of Mum £400.00 (balance remaining £10,786.00)
Barclay Card £0.00 (0% BT - balance is £2597.00)
Overdraft £0.00 (seems to be stuck at £750.00)
£1651.97

*The dentists is so high because where I live there are no NHS dentists and I had to get a lot of work done earlier in the year


I have stopped playing the lottery (mostly, I'll admit to an occasional scratchcard :rolleyes: ) and have cancelled my Union memebership. I will also be cancelling my mobile in two months as I never use it, I'm ashamed to admit it was an impulse buy because the phone was so pretty :rolleyes: I can't cancel my charity donation as it's a child sponsorship and I'd feel awful.

My groceries (including clothes etc) is way too high for two of us (specially since the other is 2 years old), I honeslty don't know where all that goes, I didn't realise it was that bad until I did this! Even so in theory I should be managing, but I still seem to be struggling every month which means I must be spending too much, and I have nowhere near enough saved to pay off my CC in December- I think I need virtual slapped wrists

CoD_2

your groceries are £50 a month including clothes? I'm impressed )

Penny_Saved

Oops, make that £50 a week - I'd be thrilled if I could get it to £50 a month - perhaps I should challenge myself

CoD_2

Penny_Saved wrote:

Oops, make that £50 a week - I'd be thrilled if I could get it to £50 a month - perhaps I should challenge myself

the money saving old style board is great, i think an important thing is to decrease it by small amounts, don't decide to instantly halve the amount.

Red_Fraggle_3

I know savings for your son is a good thing but that £50 a month could go to the overdraft - it will make a difference - I stopped saving for my daughter while I had the debts now it's cleared I pay in again -

Could you use half of his savings to pay something off as well ?

Penny_Saved

I know exactly what you mean Red Fraggle and I have thought about stopping it, the problem is that half of it goes towards a baby bond and I can't find anything on what happens if you stop (I have a nasty feeling I might forfeit all interest).

The other £25 goes into a regular saver, so I might cut that down to the minimum... somethimes I am really tempted to borrow his money especially with this credit card bill looming (I think he has over £1500 in svings which is more than I have)... I have applied for another 0% with the Post Office, but I've had this debt for over three years now and really want to pay it off.

Red_Fraggle_3

Pay it off - it really feels better :-) - or at least pay off the overdraft and stay out of it - lucky for me my bank when things were really bad - canceled my overdraft and made it go down £80 per month - after that knew I couldbn't use it never went back (also think getting rid of the ex helped lol)

When will the dentist be paid off?

lynzpower

Hi there

Personally, I would strongly consider your charity payment... surely thats 20 pcm you cant afford ( unless its sponsorship, in awhich case thats more up to you ? )

Penny_Saved

Hi Lynz - I can't cancel my charity thing as it's Child Sponsorship and wouldn't be worth how bad I would feel IYSWIM. If I was destitute I'd do it, but not while I'm still spending more than I need on food and clothes. I do try and go to Lidls as much as possible, but I have to admit Coop is closer and sometimes I do get lazy :rolleyes:

RF - I will definately consider it, especially if I don't get another 0% card because the thought of paying interest on that is scary.

Are you allowed to close an account if you used a Child Trust Fund Voucher to open it, because that's the one that pays the least interest.

ladysparklexx

hi

have you looked into switching your electricity it seems pretty high, its double what i use with four people in a house and no gas everything is electric

also is there anyway you can cut down your childminding fees by budding up with a friend (if you look after theirs for a couple of hours then they look after yours etc) even if you can have a friends child for a few hours at the weekend

Kevicho

I agree with all who say cancel the charity.

Charity does begin at home, once you have sorted your finances out you will be able to start it up again, also you can put what interest you are paying towards this to do even more good.

Also I agree with stopping the sons savings and using that to help clear debt.

Just to point out 0% interest balance cards will have a minimum monthly fee on them, if you dont pay that it is likely you will lose the interest free period