Loan/Card - help!!

midnight_express

On your SOA you haven't listed benefits. You should be claiming child benefit.

jock2012

Thanks for that!
Our mortgage is on 3.9% fixed until Feb 2013. Our credit card is 0% until April. I have tried the barclaycard 22 months balance transfer but was refused.
The overdraft is on £1 a day and £5 if we go over. That is why we are paying around £80 a month. It drives me daft. The bank changed their system and we have got stuck in a rut of being overdrawn very early on in the month.
I'm guessing we should tackle that first?

Tixy

I would tackle the overdraft first.
What is the limit on the overdraft? how much do you go over by (and incur the £5 charge)? At the very least focus on getting it down so you never exceed the £1 a day figure. Hopefully you can do that with just a month or two of cutting back on things like clothes, entertainment etc.

Also if £70 is the minimum on the card then make sure you at least overpay by a few £. You can easily afford to pay £80 without making any cutbacks, and that will mean that your credit report isn't marked that you just paying the minimum (which in time should make it easier to get new 0% deals).

heartbreak_star

You can REALLY cut down on presents, that's astronomical! I barely spend £500 a year on presents never mind £2400! *faints* If your friends and family care they will understand. I found way to make presents for people too

I'd say maybe shave a little off your groceries, but I find that really difficult myself, and am confused by your holiday fund - do you go away every weekend?

HBS x

jock2012

I neverr knew that paying the minmum marked your credit limit. that is really useful information.
Thanks!!

jock2012

The holiday fund covers all holidays in the caravan including just weekends away. As a family we can spend at least 4 weeks away together every year. I think there's nothing better to get the kids out and about in the fresh air and away from shops etc...

jock2012

Thanks! The child benefit was included in other income - sorry x

heartbreak_star

Okay, fair do's on the holiday fund, that makes a lot more sense now. I think you could save by cutting one week a year though? Don't mean stop having your hols, just cut a weekend here and there?

Also I still say cut the presents down - grandparents and aunties/uncles will appreciate cakes made by the kids as part of presents and things like that

HBS x

jock2012

I know that seems a lot but I truly believe I spend nothing in comparision to some of my pals who will spend £500 per kid at Xmas! I normally spend about £200 per each of my children for Christmas (also have a step son) and £50 per Birthday. When I calculate the cost for Christmas I also include Christmas nights out and an outfit for each of us at Christmas.

I totally agree! My Mum and Dad and Aunties love getting nicely framed pics and home made sweets from our boys. They are great and never expect lots.

heartbreak_star

Aaahhh home made sweets are awesome! The delights of making coconut creams and chocolate chip cookies and icing cupcakes (I still do all of those now hehe)! Never thought about framed pics tho...*strokes chin*

How old are your children? I think your mates are crazy...£500 per child? And how many of the presents get used till the next Christmas? I spent £300 total last Christmas...that was mum, nan, partner, partner's mum and dad, and friends. *heads for a faint again*

HBS x