Had that light bulb moment!!!!

messiah001

Hi

Just descovered this site but have known about it for ages how daft could i have been not to have visited sooner!

The big problem i have is that money just slips through my fingers, always has, and i have never been able to stop it!

My wife has no problems with her money and everything that is joint is split down the middle. Gas, eletric, mortage ect.

So my problem is with bank accounts and credit cards and loans!

Which are:

Lloyds TSB Bank account £490 OD
Lloyds TSB Bank Gold Card £8392
Lloyds TSB Bank Plaituim Card £2003
Lloyds TSB Bank Loan £7744 (1 month behind)

Abbey Bank Account £740 OD
Abbey Credit Card £2985

Monthly Incomings:

My salary - £2640 (but i am self employed so tax and NI off that) this amount can also vary quite alot!




Monthly Outgoings:

Mortgage/Rent - 600 My half of the mortage, council tax, gas, eletric, sky ect
Phone - £40
Food - £400 per month
Car Insurance - £60
Petrol - £250
Mobile £100
smokes £40
Credit card payments £300 min but i try to pay more.
Loan payment £318

I think that is about it.

Have started the process of claiming back my bank charges.

tyllwyd

I don't quite understand your figures - you say that you are earning £2640 per month before tax, but you've put your monthly income down as £2305. Surely you are paying more than £335 per month in tax/NI?

Little_Miss_Winner

Hi and welcome to mse.

So if you clear £2,304 and have £1,150 to pay out that leaves £1,154 to pay off debt.
You owe £22,354.
So by my reckoning thats only about 19-20 months, then you are debt free.

But..................do you really have £1,154.00 at the end of the month?

Nope i thought not, you must have left loads off you monthly outgoings?

What about

Mot?
Tax?
Servicing?
Birthdays?
christmas?
holidays?
Socialising?
Drinking/smoking?
Sky, broadband, insurances, pensions etc........

You really need to look at where £1k ++ goes each month?

messiah001

Sorry dont know where that figure came from. Got excited with copy and paste!

Little_Miss_Winner

Sorry dont know where that figure came from. Got excited with copy and paste!

:rotfl: :rotfl:

messiah001

I have edited my original post and i think it is about right now.

Thanks to those that are trying to help. Had my head in the sand for so long it hard to remember.

angelavdavis

M, I think the first thing you need to do is start a spending diary to see where your money is really going. For example, do you take sandwiches into work or go the local cafe? This is a good place to start.

How much do you put into the household bills account? (you say you split expenses down the middle - you need to detail your half of everything in this listing).

That gives everyone on here a clearer picture of what you have to pay off your debts with.

AMILLIONDOLLARS

Messiah001

Your food bill seems very very high for £400 per month for two people or is it £800:eek: if you split everything down the middle, have you got children? Also £40 per month Cigs, any chance of you giving up? My husband is trying very hard to do this at the moment, If you go to your doctors you can get the aids free!

messiah001

Already started one of those. Used to eat out at lunch times but now take a lunch with me.

Little_Miss_Winner

Food - £400 per month

This is high, how many in your family?

climbgirl

£400 on food :eek:

You say you split things down the middle with your wife, does that mean you're paying £800 a month in food?????

That's a fortune in anyone's books!

This can be cut drastically. I budget £80 a month for my food and I eat very well, lots of treats etc in there, not always value products. That's one place to easily cut back on. Start cooking from scratch and planning your meals and just buying what you need. That'll bring that spending down very fast.