Here goes: Statement of Affairs

davidm_3

car 60
car insurance 37.5
food 400
sky 46
contact lenses 24
life assurance 61.46
house insurance 30.77
electricity gas 51.66
mortgage 516.24
council tax 103
phone 30.99
sewage 10
tv licence 10.08
water 27.44
credit cards 580
mobile 25
pet insurance 17
cricket 10
cash 250
childcare@ 2 days 303.34

total 2594.48



the credit cards are well managed by shifting over from 0% to low long term rates. These are as follows:

amex 3900 4.9%
m & s 5900 3.9%
egg 8243 5.0%
lloyds 1974 4.9%
sains. 2386 5.94%

total credit card debt = £22403.00

My wife is self employed and works approx 4 days a month which involves being away from home. she earns approx £1000.00 pcm before tax.

I am due to start a new job in November basic take home is approx £1300.00 pcm but I can earn good commission so aim to bite off large chunks of the debt with that.

Before the end of the year I need to purchase a car, my job gives me £4800 car allowance before tax. Plus we have xmas and a number of other costs to include which add up to (including my car budget) around £3500.00

So we need to make not including this month around £8688.00 before the end of the year.

Wonder_Girl

Hiya Davidm and Welcome to MSE,

Firstly may I ask how many children you have as you haven’t included Child benefit in your income, are you eligible for any child tax credits or childcare vouchers?

car 60 – What is this for?
car insurance 37.5
food 400 – This is really high, pop over to Old Style board for some great tips on saving food wise
sky 46 – can this be stopped or reduced for the short term?
contact lenses 24 – can you get these cheaper somewhere else?
life assurance 61.46 – can this be frozen or reduced for a while?
house insurance 30.77 – can you get a better deal?
electricity gas 51.66
mortgage 516.24
council tax 103
phone 30.99 – Just for a landline? Seems very high
sewage 10
tv licence 10.08
water 27.44
credit cards 580
mobile 25
pet insurance 17 – can you reduce this with a better deal maybe?
cricket 10
cash 250 – what is this????
childcare@ 2 days 303.34

total 2594.48

This means you are currently minus about £200 a month (I have added £76 for child benefit for 1 child to your income of £2300 pcm)

How much commission are you likely to be getting a month?

WG xx

JillD_2

yeah I am on OS and have reined in my monthly food shopping by £100 a month.

Can you reduce your phone bill? We have BT Option1 at £11 or so a month and Talk Talk talk only plan , that costs us about £5 per month in calls.
Or if you have or can get a headset for your phone you can use Skype (or other VOIP) and if the recipient has it as well you can call for free (assuming you have broadband - which now I think about it isnt listed. Is this part of the phone bill amount ?)

£24 for contacts seems a lot, I was with Specsavers for £15 a month.

I know saving a tenner here and there seems not much but it all adds up.

You dont say what your £250 cash goes on. Could you reduce that down a bit ?

Definitely apply for child tax credits and working tax credits , phone number is 0845 300 3900
Website is:http://www.direct.gov.uk/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/TaxCredits/fs/en?cids=Google_PPC&cre=Money&gclid=CP3H0qPQ9IcCFRuIQgod52EubA

We got an excellent reward and they backdate it 3 months (thought it does take 2 weeks for them to send the form and then a month for them to process it._. You can be getting all the info together while waiting for the pack to arrive.

This calculator will tell you how much you are eligible for and for us was pretty accurate (I was sure it overestimated but it didn't).
http://www.taxcredits.inlandrevenue.gov.uk/Qualify/DIQHousehold.aspx

You need details of money earnt Apr05-Apr06, childcare costs averaged per week, any taxable benefits you may get (car alowance ?) You apply as a couple.

Also def stop the Sky, its hard byt you get used to it, we stopped movies ages ago and it doesnt bother us so much now. We used loads of the free trials of online dvd rentals to basically rent free dvds for months!

Good luck, it will seem hard at first but the challenge of saving money and reducing debt is very addictive!!

CLAPTON

what is your after tax income?
(itemised )