Newbie help to be able to have enough money.

mildred1978

PacmanFriend wrote: »

. Does include child benefits, but not £40 a month tax credits as use that for school dinners. Eg add on to take off. .

School dinners are expensive. Stop those, send a packed lunch costing £20 a month and you're £20 up.

What is the £477 per month loan for?

mildred1978

What is your car worth now? Can you sell it and buy a cheap one? Are all of your journeys necessary? How many miles do you get for that £150 per month petrol?

How many hours are you and your wife working?

Skint_yet_Again

PacmanFriend wrote: »

Also TV/Internet needed for entertainment as we don't go out.

mildred1978 wrote: »

School dinners are expensive. Stop those, send a packed lunch costing £20 a month and you're £20 up.

If you can't increase your income could you consider cancelling tv/internet/phone £50 pm when your contract runs out in July. You could get freeview and maybe use your mobile phones instead of landline. Can you switch to sim-only, you can get some good deals with inclusive minutes/txts etc so can use for work and home. Internet is really a luxury you could maybe do without ? and changing to packed lunch for your child saving approx £20 pm. I know its hard, but as long as your child is getting a balanced diet then this should not harm them.

Missing meals yourself is not going to help you or your partner & child in the long run as you are risking illness, and who will provide for them then. Surely this is more important than tv/internet. Sorry if this sounds harsh but am only trying to help x

linz

Couple of other thoughts;

Do you need to drive to work or is it close enough to cycle ? Or if you need to drive is there anyone you could car share with and share the petrol ?

Are you able to downgrade or cancel your mobile contracts and go PAYG ?

Make sure you are filling up at the cheapest petrol stations.

You could get your food bill down with a bit of work. Batch cook and meal plan to save on food. Lots of good ideas on how to make your grocery shopping work more for you on the Old Style board.

Good luck and I hope you work things out

poppasmurf_bewdley

You say you have no savings, but there is a way to build up some spare cash.

I never spend on debit cards. I pay cash for everything at the supermarket, newsagents, bakers, etc, etc. and save all the change I receive. £2 and £1 coins, 50p's and 20p's go in bags, and the rest into jam jars. It's two weeks since I last paid £60 into the bank and I've already got another £50 ready and waiting to be paid in. When I have four jam jars full, they go to the supermarket and there's usually about £30 there. I never, ever, spend coins. They're all saved.

You really don't miss it this way and it does soon mount up.

[Deleted User]

PacmanFriend wrote: »

Income1,795.00 - You have said that you have recently taken on a second job, is this income included here? If you have a spare room, consider the "rent a room sceme": (link given) http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804
Mortgage590.00 - How much is outstanding? What is your equity? Can you sell up and downsize? Can you extend the term of the mortgage? Switch to a lower interest rate mortgage?
Gas99.00 - This is huge - I suggest that you switch the thermostat down on the hot water tank as well as the central heating thermostat. Turn radiators off/down in rooms that you are not in/use less frequently, put on extra layers. Use energy saving bulbs, don't leave things on standby switch them off etc Check online that you are on the cheapest tariff for your area (often duel fuel online tariffs are cheaper), if switching makes sense, then see if there are incentives on the cahback sites (Quidco, topcashback, onepoll cashback) - check every 6 months or so. Also check that there's not any faults in the system and if you are paying by Direct Debit check that you are not in credit with the company (and if so claim it back)
Electric49.00 (as above)
Council Tax87.00 (do you save this somewhere during your CTax free months)
Gas Breakdown17.83
Mobile (for 2 needed for work)41.00 - I think that you can get a better deal here. Are you stuck in contract? If so when do they end? Do you use all the texts/calls that you get as part of your package? If not downgrade (sometimes if you are stuck in contracts the company will allow you to drop down one tariff, especially if you plead hardship). I have saved a fortune since switching to GiffGaff (and you can keep your number) - check this out
TV/INTERNET/PHONE50.00 I know that you have said that you have this as your only entertainment, but you need to prioritose eating well before this. See if they will allow you to drop to the basic package until the end of your contract and then switch to home phone and internet only (compare companies, but you should be able to get internet/phone for approx £20-£25 per month inclusive of certain free calls, try talk talk amongst others)
Loan477.35 Is this all one loan? Or is this loan and CC's and OD? If several different debts, please list all of them seperately including the amount outstanding, the minimum monthly payment, and the interest rate being charged (APR). Are any of these loans coming to an end soon?
Water46.60 Are you on a meter, if not consider if one would be cheaper
TV12.12
Cat Insurance12.98 Ar remewal shop around, and again check the cashback sites for incentives
Food165.00 you might be able to shave a little off this: drop brands, meal plan, batch cook, cook from scratch, try Lidl/Aldi instead of the more expensive stores. Also have a look on the old style board on this site for some cheap filling healthy recepies, and take a look at the recepies on this site which are cheap and nutritionally balanced (http://www.cheap-family-recipes.org.uk/)
Petrol150.00 Are all journeys essential? Can you combine journeys? walk, cycle or use public transport more? Could you manage without a car at all?
Total Expenses1,797.88

QUOTE]

There seems to be a few areas that you could make some savings, mainly TV and phones. But I can't really comment on your debts as you have not listed them seperately (I think) as in your first post you have mentioned CC's and O/D's, you need to put the details of these.

Also, there are several things missing from your SOA (e.g. car insurance, car maintenance, car tax, medical expenses/prescriptions, house insurance, child expenses, etc) and because of this I would strongly recommend that you speak to one of the debt charities (contact info on can be found here: https://forums.moneysavingexpert.com/discussion/2077631 ). They will offer FREE impartial, non-judgemental advice on your debt, and will be able to offer you this professional advice based on the specifics of your individual situation. many people on here have used these services and found it to be invaluable.

HTH

D9