Getting There, Slowly, But More Ideas Please!!!!

SHEARERBOBS

HI GUYS

Feeling a bit bit better about things today….my hubby is coming a little bit closer to his lightbulb moment so here’s hoping.

I have cancelled my standing order to my savings. I have upped my payment to Virgin to £50 a month from £35 min payment.

I will pay off an extra £20 - £25 a month off my HSBC card. I did the snowball calculator – OH MY GOD!!!!!!!!!!!

I am at the minute concentrating on my credit cards as I know there’s not a lot I can do re the home owner loan now. It was a big mistake – we’ve to learn from it now.
I’m also not panicking about my car HP and my HSBC loan, as I know they’ll be paid off in 4 and 3 years respectively. I know there’s a definite end to that.

So hey-ho, here I go. We’ve had a compromise with the SKY. We’re downgrading and getting shut of the channels we never watch – which is a lot (except sport).

I raided the freezer last night and wrote down everything that’s in it and pinned it on the fridge in order to stop the “we’ve nowt to eat – lets ring a takeaway” habit. Seriously, we were spending £60 a month on takeaways – mad!!!!!!!!!!!!!!

The one thing we are struggling with is we are both paid weekly. This creates a problem as the mortgage and nursery both come out within days of each other meaning rougly a grand in one fell swoop which means I always hit the OD limit and that’s why I’ve been putting cash in off my credit card YIKES!!!!!!! I’m worried I can’t work round this.

Any ideas?

melaniec_2

Well done with your achievements.

Can you speak to the nursery and ask if you can pay them weekly by cash?

stebiz

SHEARERBOBS wrote:

HI GUYS

Feeling a bit bit better about things today….my hubby is coming a little bit closer to his lightbulb moment so here’s hoping.

I have cancelled my standing order to my savings. I have upped my payment to Virgin to £50 a month from £35 min payment.

I will pay off an extra £20 - £25 a month off my HSBC card. I did the snowball calculator – OH MY GOD!!!!!!!!!!!

I am at the minute concentrating on my credit cards as I know there’s not a lot I can do re the home owner loan now. It was a big mistake – we’ve to learn from it now.
I’m also not panicking about my car HP and my HSBC loan, as I know they’ll be paid off in 4 and 3 years respectively. I know there’s a definite end to that.

So hey-ho, here I go. We’ve had a compromise with the SKY. We’re downgrading and getting shut of the channels we never watch – which is a lot (except sport).

I raided the freezer last night and wrote down everything that’s in it and pinned it on the fridge in order to stop the “we’ve nowt to eat – lets ring a takeaway” habit. Seriously, we were spending £60 a month on takeaways – mad!!!!!!!!!!!!!!

The one thing we are struggling with is we are both paid weekly. This creates a problem as the mortgage and nursery both come out within days of each other meaning rougly a grand in one fell swoop which means I always hit the OD limit and that’s why I’ve been putting cash in off my credit card YIKES!!!!!!! I’m worried I can’t work round this.

Any ideas?

Do you live near your bank/bsociety?? Why not get a paying in book and pay your mortgage every week or a couple of times a month?? I pay DD on most things but not my mortgage because I don't get a discount for doing so and I'm always popping in and out paying other cheques in etc.

Stebiz

Storm

As you get paid weekly I would recommend a separate account into which you transfer a quarter of the monthly bills straight away (and have them paid out from here too). If you set it at a quarter, you'll also get 4 weeks in the year when you won't need to pay it - giving a nice size lump sum to through at a credit card.

How much was your SO to your savings? Have you put the whole amount towards increased payments? Have you got much in the savings at the moment that could pay off a lump sum?

icklejulez

Most nurseries should be able to accomodate you if you have a quiet word with the manager and also does your OH need to watch the sport? Mine is footy mad and was a little upset but he still gets sky sports news and has learnt to live with it till we can afford it. I made him see his kids came first. I tallied up with his smoking and occasional magazines how much cash per month he had to himself and he felt really guilty.

Can you buy the 8.99 slowcooker in argos at mo, makes good cheap filling meals. Mines helped a lot. Id never buy cheap meat like braising steak till i got mine. can drop anything out of the cupboards in and it all tastes nice. Can even freeze portions so you have micro meals instead of a takeaway!

SHEARERBOBS

nursery are real sticklers about paying monthly which is a pain. I get tax credits every 4 weeks which is £640, but they just sort of sit in the bank and get nibbled away at buying bits and bobs

CLAPTON

a couple of points

the best, quickest and the way of paying least interest on your debts is to pay the minimum on all debts except the one with the highest APR . on that one, pay the maximum you can.
so there is no logical reason to pay extra on the HSBC card.. pay only the minimum on that and put everything spare on the Virgin card (the one with the highest APR)...as i'm sure the snowball calculator told you to do this too.

secondly : there is only really one effective method of dealing with weekly pay, or varible income or variable outgoings (which absolutely everyone has) and that is building up a money (savings ) buffer. in the same way that you need to save up for yearly spends you need to save up sufficient to tide you over if you are weekly paid. So, there's no magic, it just means you need to work out how much float you need to get through the month given your income is weekly but the expenses are monthly and save that up. Maybe you should do this now and delay paying any extra on the cards for a month and maybe try to minimise food spending by living out the fridge/freezer until the float is built up.

SHEARERBOBS

my problem this week (fri 12th to thurs 18th) is that we have £294.00 coming in because I won’t get paid BUT we have £280 going out!!!!! Leaving us with £14.00 to buy foodM, nappies and petrol etc…!!!!!

I have £100 “spare” room on my overdraft. So technically have £114 spare, but don’t want to really use that. Can anyone suggest anything? Interest on my overdraft is 14% pa.

Little_Miss_Winner

I get tax credits every 4 weeks which is £640,

How come you get so much on your incomings? If you don't mind me asking..

lynzpower

SHEARERBOBS wrote:

my problem this week (fri 12th to thurs 18th) is that we have £294.00 coming in because I won’t get paid BUT we have £280 going out!!!!! Leaving us with £14.00 to buy foodM, nappies and petrol etc…!!!!!

I have £100 “spare” room on my overdraft. So technically have £114 spare, but don’t want to really use that. Can anyone suggest anything? Interest on my overdraft is 14% pa.

Is this 294 with slice-backs on your outgoings?

14 for the week isnt ideal

In terms of nappies can you start using modern reusables? You can get them off ebay, and sell them on when youve finisshed theres a lively market. otherwise green-baby and nappylady do them. Also check with your local council incase there are any freebies or special offers going about.

this, over time, will save you an absolute fortune

chivers1977

Not really much point now having reusables I would say due to DS being 2 but make sure you buy supermarket own. Also nappies are cheaper than easy up pants.

Also someone up the top mentioned benefits. I am not having a go in any way but are you sure that is right. Did you tell them that you were working again after having your son? DH and I earn £41k between us and only get £100 per month, you are not earning too much less. It would be awful if in April, they decide that you have been paid too much. This is assuming that there is no DLA etc included.