Give great money saving advice but in debt myself - HELP!!

ZTD

mousegirl wrote: »

Couldn't use link given for SOA, don't know why, presume it's a breakdown of everything. I have a spreadsheet with bill payments is this the list that I should be posting?

Cut and paste this into your browser address bar:

http://forums.moneysavingexpert.com/showthread.html?t=107280

pippo

Hi again mousegirl - there is a glitch in the system just now which is stopping access via the link, but just post a list of incone and out goings and the wise old experts on this thread will be along to point out potential areas for saving.

Just a thought though if you now have an interest free card for balance tranfers you may defeat the interest free object if you use it for purchases.

Re unnecessary challenge - we are not 'chatting' tonight as one of our group had some bad news - will get back to you re this tomorrow.
pippo

mousegirl

it's interest free on purchases for 3 months also, but have used it for the last time, we now have to eat until the house is empty!

my £100 is still saved and it's payday tomorrow!

incoming to cheque account:

£588.72
£492.17 - hopefully this will go up shortly

outgoings from cheque account:

£460 to bill account
AOL £14.99
Kid 1 government acc £10
Kid 1 savings £10
Kid 2 government acc £10
Kid 2 savings £10
My Halifax £10 - this always gets spent
My Savings £10 - this always gets spent
My ISA £10
overdraft £260
Kid 1 dance lessons £10
new outgoing will be Kid 1 Swimming lessons at £29 (think this may be every 8 or 10 wks)

oh god, have just worked this out that I should have £265.90 spare, which means I'm spending that and more - have I added that right? means I'm totally wasting nearly £270 a month - where am I going wrong?

incoming to bill account:

child benefit £120.80 - this goes towards paying the above bills
wage £460 (from cheque account)



monthly outgoings from bill account are:

BT £25
Elec £41
Gas £67
Friends Prov £7.92
Norwich Union £12.26
Scottish Widows £6 - a life insurance
Currys £3.49 - insurance for american style fridge freezer
Yorkshire Water £42.37
Friends Prov £5.48
TV Licence £11.37
Payment Shield £36.01
Royal London £39.26 - husband's pension
Mortgage £199.06
Friends Prov £22.41
Norwich Union £14.89

off hand can't recall what they're all for precisely, there's the buildings and contents insurance and a life insurance, - oh my word, realise I need to know exactly what they are for - will post update when I get chance to look them up, I know they are all current and active as I get my all my finance payments checked


so outgoings are £533.52 and incomings are £580.80 (due to cancellation of direct debits) - by keeping at this I should now make a monthly saving in this account of £47.28 - if works this could be used for food shopping maybe?

credit card debit stands at £1029

Hope this all makes sense to someone out there!

I know that my phone and AOL could be combined and made cheaper but will need to wait until tie-ins are finished.

Oh and just in case anyone notices, my council tax is paid direct out of my wage!

Feel a total failure looking at this. My child benefit should be going on my children, this is my aim - another is to not have to use any overdraft facility (payment of which I've not included as it's only £1.37)

Don't judge me too harshly please - I can see for myself that I should easily be able to manage on my wage and benefits alone.

Friendly advice would be appreciated right about now.

mousegirl

UPDATE

did a quick summary:

incoming wage of 588.72 minus 260 overdraft, leaves me with 328.72

460 goes to bill account, leaves me minus 131.28

incoming tax credit of 492.17, leaves 360.89

minus 10 dancing and 29 swimming

so should be left with 321.89

if no other spending, but there will be spending, food for example and of course some to pay off credit card, even so, should be able to manage and get to the point of not using an overdraft

took out £30 today, £10 to put back in baby's money that husband borrowed, £10 for husband and £10 for me

am keeping track - oh and I spent £1 on choc bars and 1.49 on b'day cards

mousegirl

is there nobody there?

oh well, I'll talk to myself, I went out to lunch with friends today and spent £15, got to have the odd treat, went shopping but didn't buy anything, friends' kid's 2nd b'day at the weekend but I already have presents in my gift cupboard so don't need to buy - hooray, can't think of anything else just now

lynzpower

Hi mousegirl, Im sorry no one has replied to you However, Im here now and hopefuilly others will follow and give some advice as well

My comments in red

mousegirl wrote: »

it's interest free on purchases for 3 months also, but have used it for the last time, we now have to eat until the house is empty!

my £100 is still saved and it's payday tomorrow! ( saved for what>)

incoming to cheque account:

£588.72
£492.17 - hopefully this will go up shortly

outgoings from cheque account:

£460 to bill account
AOL £14.99 ( should this not be bettercoming out of the bills account)
Kid 1 government acc £10
Kid 1 savings £10
Kid 2 government acc £10
Kid 2 savings £10 ( 4 lots of savings? I would get rid of the non government ones, saving 20.00 )
My Halifax £10 - this always gets spent ( what are these both for? If they always get spent isnt it better to remove your temptation & pay of this 20.00 at the start of the month to debt?) My Savings £10 - this always gets spent
My ISA £10 ( how much is in here and what is it for )
overdraft £260 ( is this right you are paying off your OD at 260 pcm, remind me what is thew APR on this)
Kid 1 dance lessons £10
new outgoing will be Kid 1 Swimming lessons at £29 (think this may be every 8 or 10 wks) ( find out, cos if its once every 8 weeks, then your monthly figure should be 15 not 29, will help straighten your figures out )

oh god, have just worked this out that I should have £265.90 spare, which means I'm spending that and more - have I added that right? means I'm totally wasting nearly £270 a month - where am I going wrong?

incoming to bill account:

child benefit £120.80 - this goes towards paying the above bills
wage £460 (from cheque account)



monthly outgoings from bill account are:

BT £25
Elec £41
Gas £67 ( check out https://www.est.org.uk and save as much energy as you can, also switch prividers to someone cheaper via quidco for cashback)
Friends Prov £7.92
Norwich Union £12.26
Scottish Widows £6 - a life insurance
Currys £3.49 - insurance for american style fridge freezer get rid of this, is it still in warranty? If the freezer breaks winthin 2 years say, you are stiull covered by the sale of goods act and other consumer legislation.
Yorkshire Water £42.37
Friends Prov £5.48
TV Licence £11.37
Payment Shield £36.01
Royal London £39.26 - husband's pension
Mortgage £199.06
Friends Prov £22.41
Norwich Union £14.89


off hand can't recall what they're all for precisely, there's the buildings and contents insurance and a life insurance, - oh my word, realise I need to know exactly what they are for - will post update when I get chance to look them up, I know they are all current and active as I get my all my finance payments checked All the ones in green here- what are they? I suspect you are probably over insured?


so outgoings are £533.52 and incomings are £580.80 (due to cancellation of direct debits) - by keeping at this I should now make a monthly saving in this account of £47.28 - if works this could be used for food shopping maybe?

credit card debit stands at £1029

Hope this all makes sense to someone out there!

I know that my phone and AOL could be combined and made cheaper but will need to wait until tie-ins are finished.

Oh and just in case anyone notices, my council tax is paid direct out of my wage!

Feel a total failure looking at this. My child benefit should be going on my children, this is my aim - another is to not have to use any overdraft facility (payment of which I've not included as it's only £1.37) ( this is what I dont get, you say 1/37- but also in your SOA say 260? Are you paying your OD off or not to the tune of 260? If not theres another 260 floating about somewhere ?
Don't judge me too harshly please - I can see for myself that I should easily be able to manage on my wage and benefits alone.

Friendly advice would be appreciated right about now.

Also inline with your gift cupbaord, do think about getting a job lot of cards. aAges ago I got 100 cards from costco ( other places do them too) some of them happy birthday, manyt of them plain/ arty, some Kids one, a couple of wedding/ baby ones and the set was about a fiver. they are good for just having in, cards are SOOOO expensive for what they are!

dizzy_lizzie

Hi Mousegirl. Just to say if you go on ask and put in frugal living, websites come up that give brilliant ideas for kids parties and celebrations on a budget.
Also if you don't do already. plan a menu for the week and use this to do your weekly shopping from. It does work and stops you from over spending and you know what you're having for tea. I need to do this more often than I do. Grocery shopping is where we can make the most savings. Also go on the Boots thread on the forum. This gives great glitches and can save you loads. Hope this helps.

mousegirl

100 'saved' can't decide whether it's best to send the whole lot off to debt or to send half and put half towards holiday

kids accounts, am not reducing, I want to try and save as much as I can to help them out in later life.

halifax and other savings, yes the £20 would be best sent off to my debt - will sort that now

ISA is only savings that I try to leave, there's about 2000 in it

fridge/freezer - have had for over 2 yrs now I think, you're probably right and it's best to cancel.

bits in green - have still to check what all these are for.

1.37 is the interest I'm charged on the overdraft of 260 on my cheque account

paid 5 for petrol, gave husband 10, to buy bread, milk, porridge and he wanted 4 cans, didn't help that he lost 5 and has told me he owes 4.50 for tobacco

so yet again I have nothing and he now has nothing and I'll have to give him the money for the tobacco

must call tax office tomorrow

Sea78

Hmm..won't comment on the husband as having own issues here!

The dentist - what did you get done? Was it for you? If son is not yet one you should be getting this free with your maternity certificate -worth checking?

Also, while it is comforting having the savings, could you use a little of the £2000 to clear the overdraft? Or the credit card? then you could put in whatever you can with spare money saved?

I'd recommend https://www.flylady.net for the clearance of clutter - a little overwhelming at first, but really does help you to take things little by little. The timer tip is great too!

Sea xxx

onedayiwill

Overdraft is £260 pm but it gets paid off each time, then I just spend it again.
Credit card is £1000, and I have my first £100 towards it.

AND

ISA is only savings that I try to leave, there's about 2000 in it

OK, now I don't get it. You have enough savings to pay off your debt and still keep some savings! Why don't you just pay off the debt. Start with a positive bank balance and debt free. If I could do this, I would.

But I suppose we all have to find our own way.