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Please can you help me with £0.00 leftover!
PacmanFriend
Posts: 5 Forumite
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 We then had to get kitchen done about five years ago as the kitchen roof collapsed and the electrics were out of date and 'illegal' if that is the word as builders refused to do the work unless the electrics were updated.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.
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.
0
Comments
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Hi, you seem to have posted this twice. Duplicate here:
https://forums.moneysavingexpert.com/discussion/3802105
I cant offer much help, but I'm sure someone who can will be along soon
Please follow the advice given on the thread above and post your SOA so that the good people here can help. Good luck x0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10 -
Hi Pacman, a lot of us are in the same position and watching the pennies...
my thoughts are maybe to watch how much time the heating is on. Live in a cooler house. I know it is not as comfortable but people adapt. Even a child.
Join us on the freebie board. Every little freebie helps save the pennies. ie just lately free toothpaste samples and much more. It all helps.
Take the good advice when the newsletter comes around. Did you apply for the clothing allowance from the tax man?
Remember you are not alone. Take care.The secret to success is making very small, yet constant changes.:)0 -
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 Halifax Loan477.35 Water46.60 TV12.12 Cat Insurance12.98 Food165.00 Petrol150.00 Total Expenses1,797.88
All listed, please note insurance such as B&C and Car is paid annually with what savings we had at the time, also please note TV/Internet is needed as we dont go out so some entertainment needed. Phones needed for work and childcare issues. Looking to reduce contract at renewal or PAYG.0 -
PacmanFriend wrote: »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 Halifax Loan477.35 Water46.60 TV12.12 Cat Insurance12.98 Food165.00 Petrol150.00 Total Expenses1,797.88
All listed, please note insurance such as B&C and Car is paid annually with what savings we had at the time, also please note TV/Internet is needed as we dont go out so some entertainment needed. Phones needed for work and childcare issues. Looking to reduce contract at renewal or PAYG.
have replied on duplicate thread!
can you delete one of them?
btw, i pay internet and phone packages -£20 ish a month and tv is freeview. once you have filled in full SOA more help/advice will be on its way,loads of us on here have been in the same boat!!:)0 -
Would advise you to post on duplicate thread here until merged see here:
https://forums.moneysavingexpert.com/discussion/38021050% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10
This discussion has been closed.
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