Pay off debt and save

kerri_gt

if you're only 23 then your car insurance may not be so high in comparison, I was judging to based on what myself and OH pay but we're both a bit older and I have more years NCD. However, with insirance and anything such as utilites, as soon as a contract period is up / renewal is due always shop around and see if you can get a better deal (and don't forget to use cashback sites too) With so many comparison sites, it's not as painful as it used to be.

As others have mentioned, if your partner isn't working, then could the cost of childcare be reduced?

Deff have a look round the house and see if you can put anything on ebay / car boot etc. It's a great way to earn some additional cash and get rid of things you don't need / use at the same time.

Do a benefits check and ensure you're getting everything you're entitled to. Also, could your OH work? (assuming this is the second adult in your household) perhaps even part time or short term?

Based on your SOA you're in a good position to clear your debts pretty quickly but key to this is working out where your surplus each month really does go.

best of luck - you've made the first big step on here already, well done x

xoAmyox

The other adult in the household isn't my partner, he's a lodger. The rent he pays is included along with my benefits etc in the top income figure.

I don't have a tv license because I don't watch any live TV. Currently my tv has no connection to an arial and is only used for the xbox.

I definitely understand that my surplus seems high, however it's only a recent job change that's got me there, which is why I'd like to get into positive habits of paying off debt now

I'm also trying to set up 3 businesses, so my surplus is being plowed into them a lot.

Good suggestion on the college for haircuts! I'd forgotten that the college did them, thank you!

The money set aside for child costs are the pocket money and extra travel (for his childminder) for when my son is off school - so this will go back to 0 in sept.

There is no interest on my overdrafts, but a monthly account fee of £25 for other insurances etc that I get with the account. While I'm using the overdraft I think this is very cheap, but once it's cleared, I'll cancel the monthly fee.

I do have a house and a car, but honestly don't know the equity in them at the moment.
The car is pcp at £151 a month and will end in 2 years.
The extra 50 is what I'm paying towards a washer dryer just purchased, this will be cleared in 3 more months.
The property I own is rented, and the rent included in the income above (minus the tax that I set aside for my end of year tax return)

The APR on the 1st card with a balance of ~£1800 is 34.9% which I know is extortionate, the 2nd card (with a very low credit limit) is at 18.9%.

Oh, and entertainment is my online gaming subscription - I prefer to use it for that instead of a TV license.

Thank you to all that have replied, you've all been very helpful and supportive!

P.S. I've looked around the house for stuff that I've moved from my previous place. I think I've found approx £100 worth of stuff in the garage that I can put on ebay....hopefully

mildredalien

Ah that makes sense!

It's a GOOD thing that the surplus is high (or at least, could be high if you stick to your SOA). It means that you just have to keep your beady eyes on your budget.

It sounds like you have a lot going on with a house rented out, a lodger, taking care of yourself and your child and setting up 3 business. Obviously it's your life, but if you want to clear your debts and start saving perhaps it would be better to focus on those first so you can start from a good position? Not sure you can clear debts, save AND start 3 businesses all at the same time so give yourself a break

I'd definitely start by plowing all extra cash into that 1st credit card with the very high APR.

xoAmyox

mildredalien wrote: »

Ah that makes sense!

It's a GOOD thing that the surplus is high (or at least, could be high if you stick to your SOA). It means that you just have to keep your beady eyes on your budget.

It sounds like you have a lot going on with a house rented out, a lodger, taking care of yourself and your child and setting up 3 business. Obviously it's your life, but if you want to clear your debts and start saving perhaps it would be better to focus on those first so you can start from a good position? Not sure you can clear debts, save AND start 3 businesses all at the same time so give yourself a break

I'd definitely start by plowing all extra cash into that 1st credit card with the very high APR.

Fair point, well made.

My opinion at this moment in time, is that I'm a contractor getting paid well. Unfortunately, it also means that from the moment I walk into a job, my days are numbered. Therefore I'm keen as anything to start producing my own income and then not have a requirement for a day job.

One of my businesses is very time sensitive, so I'll need to invest in that in October, but should reap very good rewards in March.

I can hold off on the other two somewhat, I have materials built up, so I can just take my time learning my trade with modest turnover for now

I'm definitely going to work on that card as you suggest, thank you.

orcocan

if you feel it's right for you you might want to look into matched betting, you can easily make a couple grand in a few months, that'd help out...

other than that just keep track of every expense and you'll have no trouble repaying it off. If you have a decent credit rating try to consolidate your debt at a reasonable APR (try your bank or ratesetters) and pay off all the dodgy credit cards and "free" overdraft. Good luck

glasgowsaver2011

orcocan wrote: »

if you feel it's right for you you might want to look into matched betting, you can easily make a couple grand in a few months, that'd help out...

other than that just keep track of every expense and you'll have no trouble repaying it off. If you have a decent credit rating try to consolidate your debt at a reasonable APR (try your bank or ratesetters) and pay off all the dodgy credit cards and "free" overdraft. Good luck

Is this a Joke,

You are in debt, but I advise you to gamble your way out of it!


You have rent and a mortgage?

Did I miss something ?

[Deleted User]

If you are receiving rent from an occupant, shouldn't that be listed under "Monthly Income Details", rather than "Monthly Expense Details" :huh:

orcocan

glasgowsaver2011 wrote: »

Is this a Joke,

You are in debt, but I advise you to gamble your way out of it!

I don't want to start a flame but I'd invite you to get some info and actually understand what you're commenting on before making such sweeping statements. Matched betting is definitely NOT gambling and it's a relatively easy way to make some good money. And as I said "IF YOU FEEL IT IS FOR YOU".
There's a section on the forum that covers this topic, do your homework.

marliepanda

xoAmyox wrote: »

My pet insurance covers two pedigree cats - so I agree it is high (they are an investment as I intend to start breeding them in the near future)

This is a ridiculous idea. Cat breeding is certainly not a money maker after health tests, vets fees, registration, extra feeding etc is taken off. (Plus you are going to have an intact male in your house, yeah, that will be enjoyable for you...)

Any breeding related expenses cannot be claimed on your pet insurance. You will be lucky to break even on selling the 2/3 litters you will get from your girl. I know breeders with champion lines who still just break even, so this s not going to be a money spinner. I suggest you neuter them and save yourself some money. What if your girl needs an emergency caesarean? Going into it with no money is asking for trouble.

*end of rant regarding ethical breeding*

pandaindebt

xoAmyox wrote: »

Thank you for the comments above. I have a 3 bedroom house, is my gas and electric really that high?
I've only just moved here, so the DD has been set at that level, and I'm awaiting the first bill. I'll definitely adjust it once I know more about my usage.

My phone contract is fixed at that amount, as I work in IT, I need a very large data plan and have a very new phone. Part of my works expenses cover this (included in the income at the top)

The clothing bill is high, it's for myself and my son only. He has problems with wetting and other accidents, and I find that with the frequency of the accidents that washing just isn't enough a lot of the time unfortunately.

My petrol amount is high at the moment for the holidays, as I have to travel much further for childcare for the working hours I need. You are right, this will reduce again in Sept. Yes, I'm lucky enough to have no car tax, as it's a low emission car

I honestly thought my car insurance was a good deal, as I'm only 23, any tips welcomed though!

My pet insurance covers two pedigree cats - so I agree it is high (they are an investment as I intend to start breeding them in the near future)

Definitely agreed, that as of this weekend no more eating out/buying lunches at work. I'm off to the supermarket this morning to do a full weekly shop and enjoy some cooking this afternoon for lunches.

Smoking...hmmm...could be a sticking point. If I can get a doctors appointment outside working hours, I will definitely make a huge effort to quit. But at the moment, I am working long hours.

Seems like you're already making progress to help yourself save money where you can. I don't know how it is in the UK, but here in the US, there are a lot of nonprofits where I can go to receive free food. They go to local grocers, pick up close-to-expire items, and they have a small food drive. Also, there are other nonprofits that clothe children for free. Might be worth looking into if these kinds of groups exist where you are.