Newbie help to be able to have enough money.

PacmanFriend

Hi Everyone, my first post, I have two credit cards and two loans and two overdrafts and a mortgage. Each month we have enough coming in for bills and debt repayment. I've taken a part-time second job, have sold things on Ebay, used MusicMagpie, do online surveys and research etc. To be honest nothing else really left to sell. We buy things if we really need them from Ebay or Charity shops but I've not bought clothes for nearly a year.

Our problem is we now have no savings, every time the car needs work doing or there's an out of the ordinary expense we really struggle. I've switched gas and electric, credit cards, all the other cost saving ideas I can think off. The only expense I feel which is an extra is £15 a month (discounted through a work benefit) for critical illness but this covers the debts and under no circumstances would I ever cancel this. People say save £10 or £20 a month, but we really don't have anything spare. We don't go out or spend anything except on food and fuel. I'm salaried so got a part time job and my wife can't get any extra hours at work.

The overdrafts were caused by expenditure we couldn't afford but had to get done, eg car had to be fixed so one of us could get to work, other things like house maintenance (we've had some friends of friends do discounted jobs).

We did have some bad luck with two cars, one car had an engine fault which would have cost us £5,000 to fix and we had only had it a while but cost us £12,000 (car out of warranty warranty as second hand) and then the car before was costing too much each year to fix and hence we got the new car. We then had to get kitchen done about five years ago as the kitchen roof collapsed and the electrics were out of date and 'illegal' if that is the word as builders refused to do the work unless the electrics were updated. Luckily enough a friend of a friend of friend did the work but still costs thousands.

No payrises in a few years and one of us had to take a paycut. Sign of the times. Also bills keep creeping up.

It's got to the stage where I've skipped the odd meal on a weekend so my son can have something to eat. We've got food in I'm just trying to save a trip to the shops.

We don't go out, we don't spend money on hobbies, we work to live as the saying goes.

People at work keep saying it must be hard for me as I've got a kid in this day and age. Thing is the debts are not getting worse, but there's £0.00 left each month, no contingency. Also, as there's now really nothing left to sell I can't see how we can manage as the income from selling things on Ebay and CDs etc was helping to pay for food/petrol.

Oh, we have central heating cover too, but this has come in use of the past few years and I like the reassurance of a safety check each year. Also, with a young child, if the heating/water broke down we could not afford to get it fixed without the cover. I know I said I was looking to cut back but I feel this would be a false economy and family safety is important.

Anyone have any suggestions on how to build a little savings to help with an emergency fund such as car repairs, school uniform, etc.

Please be kind, just want thoughts.

cleggie

Hi Pacman, and welcome.

If you look at the top of the thread, there is a sticky which explains how to post and SOA.
If you coud post that then i am sure there are loads of people that coud come along and advise you.
But for now, let me reassure you that you have come to the right place, most of us are a friendly bunch

cleggie

https://forums.moneysavingexpert.com/discussion/562271

If you look on the 2nd post of the above thread, it will explain how to post an SOA.
Good luck!

Standingtall

Hi Pacmanfriend. You sound as though you are in debt crisis. Post the SOA if you feel comfortable doing so, as Cleggie recommended. My thoughts are that you may need to contact Payplan or CCCS as the next emergency might push you over the edge financially.

Have a look at the DMP support thread and it's predecessors and see if the stories seem familiar to you.

Remember, you are not alone in this situation.

PacmanFriend

Income1,795.00 Mortgage590.00 Gas99.00 Electric49.00 Council Tax87.00 Gas Breakdown17.83 Mobile (for 2 needed for work)41.00 TV/INTERNET/PHONE50.00 Loan477.35 Water46.60 TV12.12 Cat Insurance12.98 Food165.00 Petrol150.00 Total Expenses1,797.88

Insurance were paid annually with savings eg car and B&C. Also TV/Internet needed for entertainment as we don't go out.

Skint_yet_Again

PacmanFriend wrote: »

Sorry have just re-read yr original thread and see its 2 adults and 1 child
Income1,795.00 does this include chB and tax credits - check you are getting all entitled to
Mortgage590.00
Gas99.00 this is huge
Electric49.00 have you checked comparison sites to see if you can get better
Council Tax87.00 is this over 12 months
Gas Breakdown17.83
Mobile (for 2 needed for work)41.00
TV/INTERNET/PHONE50.00 see if you can haggle cheaper or downgrade
Loan477.35
Water46.60
TV12.12
Cat Insurance12.98
Food165.00
Petrol150.00
Total Expenses1,797.88
not included any child expenses, clothes incl school uniform, christmas, birthdays, car costs mot etc

Insurance were paid annually with savings eg car and B&C. Also TV/Internet needed for entertainment as we don't go out.

Hope this helps x I am sure more helpful advice will follow

curlytop12

hiya and welcome,

could you lease fully complete the SOA provided in the links?

much more info is needed for people on here to help you,and and its all listed there for you.

good luck!

camuk81

https://forums.moneysavingexpert.com/discussion/3802131

Two threads running on this please lok to merge

PacmanFriend

Thanks for the help have haggled with TV provider, £8 a month reduction but fully contracted till July. That's the issue nothing spare for clothes etc. Does include child benefits, but not £40 a month tax credits as use that for school dinners. Eg add on to take off. Council tax over 10 months as the 2 months 'free' pays towards an annual insurance when due. Did a price comparison and for area postcode is cheapest supplier. Gas/electric bills high due to house being non-standard construction. Also, now looking to turn thermostat down and also use less. Live in a colder house. Bills lot higher due to the house contruction temperature set between 16 - 18.

pennypusher

Hi Pacman, post a Statement of Affairs, get rid of one of your posts if you can because it is confusing and we will be happy to try and help.

Skint_yet_Again

Do you have a spare bedroom that you could maybe consider getting a lodger ? HMRC have a "rent a room" scheme which is tax exempt within certain limits

http://www.hmrc.gov.uk/manuals/pimmanual/pim4001.htm