New To Forum-would Appreciate Any Help

chevalier

Hi there
I would echo what others have said. If you are saving £120 a month (and how long has it been for?), when you have debt then unless you are getting a REALLY good rate of interest say 8% or 9% then this money would be better spent on paying off the debts you have. If you have more than say 3 months worth of salary in there, then perhaps you could stop paying into this at the moment and also use any above 3 months worth of salary as a lump sum repayment.

However well done on saving for the inland revenue, so that at least you do not have that to worry about.

Have you thought about joining the various survey sites, and cash back sites?
They pay you in either vouchers or cash, and can be done from home, so no extra childcare involved.

I don't know if you can do this but if you OH is self employed then can he give child care vouchers to himself? The bonus is that you don't pay national insurance on money that is diverted into the vouchers. Like I said I don't know if you can do this if you are self employed, but it may be worth asking your accountant?

As far as the food budget is concerned, the trick here is to do several things.
First take the store cupboard/freezer challenge. This is where you look at what is in your cupboard/freezer already and try and make as many meals from their contents before you do a big shop again. It can make for some interesting meals, but would decrease your food bill this month.

Next really meal plan. I try (not always successful) to plan the weeks meals in advance and then only buy what ingredients I need for that week (unless there is any thing on buy one get one free, or reduced that I can freeze:D ). This saves you from impulse buying as you stick to the shopping list.

Then you can batch cook, I do a big (pressure cooker size) pan of bolognese sauce using 1lb of mince and lots of onions, mushroorms, peppers etc, and make enought to feed 2 adults and 2 children, and then have to portions left over to freeze. Makes the whole meal cheaper (only using cooker once), and you have some back up meals in the freezer for when cooking is just too much (saves us a fortune in take aways)!:D :j

Sorry if this is your this is teaching you grandmother to cook eggs an that, but I spend about £850 a quarter to feed us, and pay for look roll etc, so you can see that you could make a saving.

Lastly where do you shop? Aldi and Lidl really are a LOT cheaper than Tesco, Asda etc, but you do have to have room on your debit card as they don't take credit cards!

And of course make sure that all of your utilities are being provided by the cheapest provider, and use quidco to switch if they aren't (get cash back that way)

I hope that this helps.
chev

gallygirl

SHEARERBOBS wrote:

HERE IT IS.............
Monthly Incomings:

My salary - £769.00
Partners salary - £1410.00
Benefits - £687.00

Total - £2866.00

Monthly Outgoings:

Mortgage/Rent - £360 (£50,000 mortgage, 23 years)
Council Tax - £80
Gas - £21
Electric - £40.00
TV License - £10.99
Sky £45.99 THIS MUST GO, SWITCH TO FREEVIEW. YOU ARE IN SERIOUS DOODOO - NO POINT HAVING SKY IF YOU'RE LIVING IN THE GUTTER
Phone - £70.00 (partner's inc)
Food - £300 AS OTHERS SAID, OLD STYLE BOARD
Car Insurance - £68.00
Petrol - £40.00
Nursery Fees - £550.00
Inland rev - £50.00
Pet Insurance - £20.00
Water - £21.00

Total excluding debts = £1680

debt repayments:

Ocean finance - 168.00
HSBC loan - 134
HSBC card - 80.00
Virgin - 35.00
Mint - 45.00
Sainsburys - 30.00
Car - 185.00
Debt management (husbands) - £100

total = £777.00

Extras:

Car tax - 15.00
caravan - 15.00 WHAT IS THIS? HOW MUCH DO YOU HAVE? TAKE IT OUT & PAY OFF HIGHEST % CARD/LOAN
Savings - 120.00 AS ABOVE
entertainment - 170.00 YOU CANNOT AFFORD THIS. IT MUST STOP.

Grand total going out = £2777

Think that's everything??? But never ever have any money!!!!!!!!!!!!!!!!!!1

Why oh why???

Can anyone help, any suggestions?:rolleyes:

Sorry to be harsh, but you must take real steps now to halt the rot.

Spending diary immediately. Cut spending immediately.

Sign up to quidco, pigsback, mystery shopping etc.

You have a really good income and there are lots of cuts to be made - if you take all the advice on board you'll be amazed at how quickly you can regain control.

Welcome by the way :hello:, you've come to the right place.

Maximillion

I was exactly the same, paying with cards to keep up, you are right to stop it now as it only gets worse.

I'm assuming you might be struggling with your credit history (home owner loan 12%) and the amount of unsecured debt will hinder your access to cheap consolidation. Check out the MSE articles on shuffling your credit card balances - don't be afraid to negotiate with them for better rates. I have been able to significantly reduce the cost of my debt by shuffling between cards and that is with an extremely poor credit history.

If you have had a lot of direct debits etc not go through - consider claiming back your bank charges.

All of these actions only seek to delay the inevitable if the cards don't get cut up asap! ASAP

Bestthingsinlifearefree

SHEARERBOBS wrote:

HI

Sky we have for the football, if we didn't have it hubby would go out and watch it. Any more ideas?

There is football on BBC1 (match of the day all the goals / high lights of all the premiership games) plus Champions league on ITV.

If it is a really big game could he not watch it at a mates houses.

Your husband need to think whats more important his family financial security or watching football.

Clearly he has not had his lightbulb moment yet.

CLAPTON

just a few thing

income..you say if you're off work you dont get paid so are the figures quoted your average incomes over the last year or the 'best' month you receive, if incomes are variable its important to budget to the average and not the max.

there are things left out of your budget...clothes, car tax, MOT, RAC/AA, servicing , allowance for repairs...you have a caravan but no holiday costs, no presents, no xmas costs, do either or you spend anything on work lunches/coffees, haircuts, dental/medical/optical, magazines/newspapers,hobbies


obviously start the spending diary

stop spending on CC at all, use only cash for a month or so and see whether you can live on that. if you cant then your debts will be spiralling upwards

you dont actually add up your debts but a quick calculation says there about 53400..thats an awful lot of money

Miss_Moneypenny_6

Hi there,

What about your mortgage - are you tied in? I've just transferred to Nationwide £53k over 20 years £361.37 a month (fixed rate for 2yrs) - there might be better deals (£99 fee nothing else) now but that alone would cut your mortgage buy 3 years or reduce your payments.

Good luck

SHEARERBOBS

HI

Thanks for all your comments and advice. I have today started the spending diary and am making my hubby do this too as he is a swine for drawing out £20 here and there and frittering it away.

Had a really horrible time at home last night though when told my hubby about all this, he went mad and said oh just leave it it’ll be right – but it won’t!!!!!!!!!!!!! he also doesn’t see point of NOT saving for holiday. So come to a compromise of saving enough just to pay his wages while we’re off, what do people think?

I just cried all night last night because can’t ever see an end to al lthis……anyway…

But what I really want to know is the following, sorry if I sound thick;

1. Which debt to tackle first
2. Can I set up standing orders to a credit card as we both get paid weekly
3. What shall we do about saving for our holiday in june if everyone is saying not to save!!!!!!!!!

Thanks!!!!!!!!!!

deliciosa

:hello: no need to cry, you have already made the first (and hardest) step. Where did you post your SOA?

SHEARERBOBS

Somewhere on here yesterday!!!!!!!

BG Note

I have merged the two threads together to keep all the advice in one place.

Vickicb

It's here:

http://forums.moneysavingexpert.com/showthread.html?t=344246