Work full time, but cant keep money. want to save n make my gf and baby proud :(

DaddyWhitts

I really want to save money for my girlfriend and child and say i am going to yet month after month i feel like the worst father and boyfriend in the world because im the only one with a full time job gettin about £1000 a month yet 10 days after payday im in the say place i am every month, skint.

I have started getting £80 put in a savings account every month, i have 3 overdrafts i cant get out of so next month ive decided to get a loan to pay them off so i can get rid of them with one monthly payment. We spent too much on food shopping so we have worked out a cheaper diet for us. i need to cut things down by way more of this but just dont know how.

I really want my family to be proud of me and I want to feel like a good provider instead of being disapointed with myself month after month for letting everyone including myself down.

Any tips from anyone who has been in the same situation or anyone who knows anyways i can save money, get help or anything i would be really really gratefull.

Thanks in advance.

Percy1983

I would recommed you get a SOA up so we can see you outgoings and really dig into them.

Now one thing that concerns me is you say you are in overdrafts which means at some point you have been living beyond you means. Now to roll them up into a loan will probably mean they will build up again unless you address why they happened the first time.

It sounds like you have the right thinking so with some advice I am sure we can all get you on the right track.

RAS

What benefits are you getting? Check www.entitledto.com

DaddyWhitts

Yes i did spend more than i earnt, I have really always been bad with money as there was only me but now the baby is here I know i need to get my act together and I keep saying ill do it this month, then the month after and so on but it needs to be done NOW.

I did an SOA and have pasted it below.

Thanks.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1000

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 250
Clothing................................ 150
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 110
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 825


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................600.......20........10
Overdraft 2....................400.......20........10
Overdraft 3....................400.......20........9
Total unsecured debts..........1400......60........-


Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 825
Available for debt repayments........... 175
Monthly UNsecured debt repayments....... 60
Amount left after debt repayments....... 115

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,400
Net Assets.............................. -1,400


Reproduced on Moneysavingexpert with permission, using Firefox browser.


P.S although it says i have cash left over, that is not the case, i think alot gets spent on rubbish (e.g buying easy meals on my lunch break instead of making it and taking it in and buying treats which i know needs to stop) i often end up lending off parents as you can imagine is very embaresing every month and unfair!

RAS

Hi

You should be claiming Child benefit, possibly WTC and CTC.

You have nothing for rent, Council tax or TV licence. You need to pay all three.

foxgloves

Try writing down absolutely everything you spend for a month. That should show you where your surplus money is disappearing to. Start taking packed lunches. It's just a habit you need to get into. Before we discovered budgetting & spending within our means, my husband & I always used to nip out to buy lunch on workdays then one day we added it all up & it was a couple of thousand quid a year!!! Even though we continued being bad with money for quite a while after that, the packed lunches started the very next day. Wanting to get your finances in order to be a supportive Dad is great motivation. Cooking meals from scratch can save lots of money as can making extra and freezing it for meals later in the month.

bambo

Good for you DaddyWhitts. You've done the hard part - decided to spend less. We're all behind you. Other will know the answer to this, but where's the best place to get advice on what to claim?

Percy1983

As mentioned it might be worth starting a spending diary to see exactly where your money is going. I must say I got my other half to do this and it really hit home how much all those "its only £1.50"s really added up.

By definition you could clear you overdrafts in a year so really try and set that as a target and then that money you have been paying off use to then put into a savings account.

I am not expert on this but you could cut a few costs down, but right now you don't need to as you have the power to clear debts anyway, it comes down to how fast you want to clear them and ultimately save.

I will say try not to be so hard on yourself, you have faced up to this way before its got out of control, with a bit more self control you will soon be debt free.

As mentioned see if there is any benefits you can claim as anything would be a help, and if you are earning £1000 a month get a halifax reward account for a an extra £5 a month for nothing (not the ultimate reward).

Nixxx

DaddyWhitts wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 0 - There should be something here, i.e child benefit, working tax credit etc
Other income............................ 0
Total monthly income.................... 1000

Monthly Expense Details
Mortgage................................ 0 - There should be something here or in rent
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 - there should be something here?
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55 - how many phones is this for? If one, reduce your tariff or go to pay as you go
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 250 - Are you able to cut this down to 150-200?
Clothing................................ 150 - Get rid of this if possible
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 110 Childcare/nursery....................... 0
Other child related expenses............ 100 - what is this for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 825


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................600.......20........10
Overdraft 2....................400.......20........10
Overdraft 3....................400.......20........9
Total unsecured debts..........1400......60........-


Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 825
Available for debt repayments........... 175
Monthly UNsecured debt repayments....... 60
Amount left after debt repayments....... 115

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,400
Net Assets.............................. -1,400

Make sure you have a look at the entitled to website already mentioned to claim all benefits you can as you don't seem to be claiming any at present.

Your mobile is very high, are you still in contract? If not shop around for a pay as you go phone as there are a lot of good deals around. If you are still in contract, call up your network provider and ask to reduce your tariff.

There are some savings to be had in your food budget. Try meal planning and have a look on the old style board for some ideas and help. The ladies on there are amazing and you'd be surprised how much you can stretch your budget with just a little thought.

Get rid of the clothing budget if at all possible. If its for the baby consider buying in bulk on ebay or perhaps ask for clothes as presents. Don't bother getting lots of fancy clothing for the baby as they grow out of it really quickly.

Try not to beat yourself up too much, your situation isn't at all bad and can be resolved quite painlessly if you put some thought into it. The main idea is to budget for everything even treats and entertainment. Join some of the challenges on this board like the work lunches challenge. Definitely start a spending diary as it helps to see where all your money is going.

DaddyWhitts

Nixxx wrote: »

Make sure you have a look at the entitled to website already mentioned to claim all benefits you can as you don't seem to be claiming any at present.

Your mobile is very high, are you still in contract? If not shop around for a pay as you go phone as there are a lot of good deals around. If you are still in contract, call up your network provider and ask to reduce your tariff.

There are some savings to be had in your food budget. Try meal planning and have a look on the old style board for some ideas and help. The ladies on there are amazing and you'd be surprised how much you can stretch your budget with just a little thought.

Get rid of the clothing budget if at all possible. If its for the baby consider buying in bulk on ebay or perhaps ask for clothes as presents. Don't bother getting lots of fancy clothing for the baby as they grow out of it really quickly.

Try not to beat yourself up too much, your situation isn't at all bad and can be resolved quite painlessly if you put some thought into it. The main idea is to budget for everything even treats and entertainment. Join some of the challenges on this board like the work lunches challenge. Definitely start a spending diary as it helps to see where all your money is going.

I will definetly start a spending diary starting next payday.
Ill stop spending on clothes.
Ill redo my food shopping as i know it needs to be cut back by alot so ill buy more frozen products instead of fresh as they get wasted and cost more.
And by the way i dont pay any rent council tax or anything because i live with my parents at the moment while me and my girlfriend look for our own place, so really i should have money, better late than never!

Thanks for your comments im feeling much better now and ready to do this, cant let this be another month where i fail, ill have to write a post for if i succseed. Thanks everyone.

Percy1983

Good look, lets us know how the spending diary goes, you will be amazed how much all those little things add up to.