Can't see an end - but is it that bad?

Wolverine_11

Hey all, first post so be gentle.

Just thot I'd share my problems. I'm in a bit of debt but I can't really see a way out for the foreseeable future....

I have an overdraft of £1300 which I'm maxed out on, i.e. everytime I get paid it brings me up to around £0 and then drifts down to 1300 odd again. I get paid approx £1200 and my main outgoings (bills, insurance, dd's, mortgage,etc) totals around 800. The remainder is spent on petrol, food, kids, wife. My wife incidently gave up her job 3 years ago to look after kids. The job paid well but it was a decision we both agreed on.

I have 2 credit cards one at around 800 the other 300 and i think the 0% period has ended on both of them. I only pay the minimums on these.

I have tried on a number of occasions to budget but theres always something that comes up which messes it up...oil bill, coal, christmas, birthdays, etc.

I also get paid every 4 weeks which makes it hard to time some DD's every now and again. But the plus factor here is that I get paid twice in December (13 pay cycles).

At the start of next year I would like a plan in place, which will be relatively easy to stick too and I would like to be debt free within a year!

Is this possible?, Am I really in a bad situation, I would love some ideas/tips.

Thanks for reading!

nidje

Hi and welcome to DFW
You really need to start by posting a full SOA so all those in the know can tell you where any savings can be made. There are some great people on this site who will be along soon enough to help you.
N x

yung

welcome to the forum, everything is possible if you believe in yourself try and post an S.O.A (statement of affair income and expenditure)so the good folks here can help you.

Mics_chick

I know that you both agreed for your wife to stay at home to look after your kids but is she aware of the current situation because you shouldn't be dealing with it all on your own...

Also a wildcard suggestion! Could your wife get an evening or weekend job to help out? Then from the start whatever she earns could go towards the debt. You would need an extra £200 (net) a month to clear your debts I think.

Hope this helps some, MC