More out than in - SOA

MartialArtMan

As accurate as I can be:

Me, the missus and two kids 6 & 9.

INCOMING

Wages - [STRIKE]£1380[/STRIKE] (flat rate) [STRIKE]£1410[/STRIKE]£1465
Child benefit - £113
Tax credit - £45

O/h not working. Overtime is not very regular at the moment, but pays well when I do get it.

Total: £1573

OUTGOINGS

Credit Card - £100
House Ins - [STRIKE]£38[/STRIKE] £16
Phone line rental (BT) - £11
Phone Calls - £3
Life Ins - £19
Account Fee - [STRIKE]£11[/STRIKE] £6
Council Tax - £115
Water - £33
TV licence - £11
Gas/ Elec - £85
Loan - £122
Car Ins - [STRIKE]£34[/STRIKE] Paid in full
[STRIKE]Computer finance - £32[/STRIKE]
Broad Band - £26 (! Thought it was less than this, I’ll have to check details)
Petrol - £50
Food - £350
Mobile - £20 (Redeemable contract)
Kids savings - £30
Mortgage - £390
Pet insurance - £12 (1 dog)
Works Lottery syndicate - £7.50

Fags (o/h) - £80

Total - [STRIKE]£1567[/STRIKE] [STRIKE]£1535[/STRIKE] [STRIKE]£1513[/STRIKE] [STRIKE]£1487[/STRIKE] £1482

Shocker is the food! We know we spend a lot, I didn’t realise it was as much as this. Although this was over the Xmas period so may be a little higher, although we didn’t buy much special food and I did leave those out to the best of my knowledge.

Credit card is at 4.9% for life with a balance of approximately £4000. Loan was originally for £5000, I think, and I’ll have to check the interest rate, think it’s about 8% or 9%

Gas and Electric is the cheapest in the area according to links on Martins article.

Just changed to a tracker mortgage.

This year I am paying for my car insurance in a lump sum as I have had some overtime and checked confused.com and found it for about £110 less than what I pay now.

The computer is due to be paid up in September or October. I only owed about £350 when I checked late last year, so I may be able to pay this up soon with my £2 savings. Although I’d rather not…

Anyway if I clear them that’d make me about £65 a month better of. I’m also due a pay rise in April, which will give me another £100 extra a month.

I’m thinking about claiming back my bank charges – that should be worth a grand or two!

So what can you guys suggest???

Mrs_A.

Ok im not an expert and im sure the experts will be along shortly but i can see some savings to be made

MartialArtMan wrote:

As accurate as I can be:

INCOMING

Wages - £1380 (flat rate)
Child benefit - £113
Tax credit - £45

O/h not working. Overtime is not very regular at the moment, but pays well when I do get it.

Total: £1538

OUTGOINGS

Credit Card - £100
House Ins - £38
Phone line rental (BT) - £11
Phone Calls - £3
Life Ins - £19
Account Fee - £11 IS THIS A FEE FOR HAVING YOUR BANK ACCOUNT? IF SO SIMPLY DOWNGRADE TO A STANDARD INTEREST PAYING DURRENT ACCOUNT
Council Tax - £110
Water - £33
TV licence - £11
Gas/ Elec - £85
Loan - £122
Car Ins - £34
Computer finance - £32
Broad Band - £26 (! Thought it was less than this, I’ll have to check details) YOU COULD DEFINATELY GET A CHEAPER ONE THAN THIS
Petrol - £50
Food - £350
Mobile (PAYG) - £20
Kids savings - £30 USE THESE FOR PAYING DEBTS
Mortgage - £390
Pet insurance - £12 (1 dog)

Fags (o/h) - £80 CHANGE HER TO ROLL UPS

Total - £1567

Shocker is the food! We know we spend a lot, I didn’t realise it was as much as this. Although this was over the Xmas period so may be a little higher, although we didn’t buy much special food and I did leave those out to the best of my knowledge. HEAD OVER TO THE OS BOARD YOU COULD SHAVE A BIT OFF THIS

Credit card is at 4.9% for life with a balance of approximately £4000. Loan was originally for £5000, I think, and I’ll have to check the interest rate, think it’s about 8% or 9%

Gas and Electric is the cheapest in the area according to links on Martins article.

Just changed to a tracker mortgage.

This year I am paying for my car insurance in a lump sum as I have had some overtime and checked confused.com and found it for about £110 less than what I pay now.

The computer is due to be paid up in September or October. I only owed about £350 when I checked late last year, so I may be able to pay this up soon with my £2 savings. Although I’d rather not… YOU SHOULD AS IT NOT WORTH HAVING SAVINGS WHEN YOUR PAYING INTEREST ON DEBTS

Anyway if I clear them that’d make me about £65 a month better of. I’m also due a pay rise in April, which will give me another £100 extra a month.

I’m thinking about claiming back my bank charges – that should be worth a grand or two!

So what can you guys suggest???

thats my tuppence worth j hope it helps
regards
mrs a

MartialArtMan

Thanks Mrs A

I guess it does make sense to use my savings to pay of the computer debt

magentadreamer

Is your child tax credit correct I get the basic child tax credit, no childcare costs added on etc and I get roughly £46 a month for one child.

MartialArtMan

Just added £7.50 pm for the works lottery syndicate. I'd like to give it up but just say they won!? I know what's the chances of that happening eh?

robnye

MartialArtMan wrote:

Just added £7.50 pm for the works lottery syndicate. I'd like to give it up but just say they won!? I know what's the chances of that happening eh?

if they win they win........ if you are trying to rain in your expenses then the lotery has to go,

if you follow the same logic, then you will never stop........... £7.50 per month is £90 per year.......

Oldernotwiser

As your children are both of school age, can't your wife get a part time job? She could at least pay for her own cigarettes then!

CLAPTON

a. can ypou add the details of your debt i.e.
debt amount, min monthly payment, APR
and how long for the loan to be paid off.

b. stop using the CCs if you can't afford, dont have it.

c. start spending diaries and write down everything that is spent

d. (OH) to start a meal plan for the week, based on what you have alreadly, then write out a shopping list and only buy from the list.
Visit the old style board for cooking hints and ideas
think 200 rather than 350

e. review your budget for all the missing items..2+2 people must buy clothes sometime, kids must do some activities/school things etc., the odd present/xmas expenses, what abotu car tyax, servicing, MOT , repairs, RAC/AA etc?

f. broadband..tiscali are doing a £9.99 for six months then 12.99..a useful saving.

g. kids saving... how much is there can you use it to pay off a debts.

but mainly your income is low..

can you increase income..can OH get a parttime job as the kids are at school all day or an evening job or at weekends.

medman

Hi Kung Fu:wave:

Good start by Mrs A, and this doesn't sound like a mission impossible. So here's my tuppence, which added to Mrs A makes 4p already!!

Savings for the kids is hard to resist but providing a debt free house is more important now so cancel it and throw it at your most expensive debt. You can always start it up again when you're DF, if you feel bad about it work out what you owe them once DF and pay it in.

Rollies for OH is a good idea, cuts the cost in half generally. Of course giving up is obvious but with the weight of the world on your shoulders it isn't easy. So cut down and save.

Mrs A is right about the £2 pot.....throw it at debt and then start again..it doesn't earn interest sat in the pot!!

Definitely downgrade your bank account monthly fees are a rip off, get a standard account and save.

You absolutely must claim back your bank charges. This is your money and you are entitled to it. Open an alternative account first just in case they close yours.

After that cut back your spending as far as you can and maximise your earnings as far as you can. This will be over soon and the money you are paying to your banks and cards will be yours.

Personally I'd lose the lottery too, the chances of winning are remote and right now you could do with the money. tell your mates your saving for a dream holiday or house purchase or something.

OK good luck, I'm sure more advice will be on it's way soon.

So far so good and best wishes

MM :beer:

gallygirl

Is computer loan interest free? If so don't pay off - use your £2 savings to pay part of CCard or loan - loan has higher rate but you need to check how flexible it is.

How much savings do you have for your kids? Stop paying in, borrow what you have and chuck at debt. Keep a note of it and pay them back in the future.

If OH can't work at the moment get her to sign up for mystery shopping sites, survey sites etc, a few £ here and there but all welcome.

Ebay everything that doesn't move!!! Should have lots of stuff if you have young kids! Car boot sale bigger items (or at least organise them now to sell when warmer!).

Other than that I agree with all other posters. Welcome & good luck!!!

MartialArtMan

To address some of your suggestions:

CLAPTON wrote:

a. can ypou add the details of your debt i.e.
debt amount, min monthly payment, APR
and how long for the loan to be paid off.

I've been looking through records this is the best I can do:

Loan:
Original amount borrowed £5775.05, interest rate 10.1 APR! Taken out in Sept 06. I'm quite sure that I can make overpayments.

CC:
Currently owe £4091.69. Interest rate 3.9% APR fixed. Minimum payment £82

b. stop using the CCs if you can't afford, dont have it.

I don't have any credit cards anymore

c. start spending diaries and write down everything that is spent

ok

d. (OH) to start a meal plan for the week, based on what you have alreadly, then write out a shopping list and only buy from the list.
Visit the old style board for cooking hints and ideas
think 200 rather than 350

Will give it a go. £200 is what we have in mind.

e. review your budget for all the missing items..2+2 people must buy clothes sometime, kids must do some activities/school things etc., the odd present/xmas expenses, what abotu car tyax, servicing, MOT , repairs, RAC/AA etc?

I need to do this

f. broadband..tiscali are doing a £9.99 for six months then 12.99..a useful saving.

I used to be with Ticali but had probs. Bulldog offered a good deal which I thought was less. They may have hiked it up due to usage.

g. kids saving... how much is there can you use it to pay off a debts.

Gotta think on this one.

but mainly your income is low..

can you increase income..can OH get a parttime job as the kids are at school all day or an evening job or at weekends.

As I mentioned O/T when it comes up pays well. OH keeps her and my open for a job