Ashamed to say I'm new!

blondebride

Hi everyone,

Well I'm hoping youll all accept me as a debt free wannabe!

My fiance and I have just bought a house (his second, my first) which has been a bit of a moneypit - it has needed a lot more work than we thought and until it is finished we are paying both rent and mortgage (hopefully not much longer though!)

Prior to this, I was at university so we ran up quite a bit of debt with just day to day expenses whilst living on just one wage.

We're also planning a wedding for the end of the year.

All in all we are pretty stuffed for having any spare money at the end of the month - so we currently have no savings or contingency for a rainy day!

Any tips for starting off?

We are already....
-taking packed lunches to work
-walking to town instead of driving
-doing most of the basic work to our house ourselves to save on labour
-looking into paying off our highest interest rate debts first

Thanks in advance!

Skint_Catt

:hello: Hi and welcome!

Why not post up an SOA (read First time posters thread at top of page) and we can see where you can juggle some money!

Bunnyinthelights

Hi,
welcome to the DFW board.
Have you thought of doing any part-time work?
Bunny

Gemmzie

Hi blondebride

Welcome aboard And congrats for taking the step

They are good first steps, have a look at https://www.whatsthecost.com/snowball for help on number four and if you're feeling brave, post up an SOA (a budget of all your incomings, outgoings and debts) the people here are great at saving you money

immoral_angeluk

Hi and welcome to MSE/DFW.
It's a good idea to take a look at the post on the board called 'first time posters' by southernscouser. It goes into SOA's which are really helpful to see exactly what position you're in. Then if you wanted to post it on here we could pick through it and see if we can suggest ways to cut down your outgoings. There are lots of wonderful people on here who can give advice so you're not alone!

Lucy1982_2

Hi Blondebride!

Firstly Welcome!!! :T

Secondly.... NEVER be ashamed!!! You have nothing to be ashamed about!!

You might want to do a State of Affairs just so everyone can help a bit better. You can find a layout in one of the sticky thread on the main broad. Let us know everything you are paying and all the APR's. It sounds really nosy, but it does help.

I've only been here about 2 weeks and I have nearly saved myself £700 a year. I just need to sort my car insurance out!

But once again welcome, we are a friendly bunch and will help as much as we can.

Good Luck

blondebride

ooooh - thank you everyone for replying so quickly!

I am thinking about some part time work - but I've heard that you pay a lot of extra tax on a second income? Is this true?

I will get onto doing an SOA asap

immoral_angeluk

blondebride wrote: »

ooooh - thank you everyone for replying so quickly!

I am thinking about some part time work - but I've heard that you pay a lot of extra tax on a second income? Is this true?

I will get onto doing an SOA asap

Not necessarily.. it depends on what your first job is and how much you pay in tax already...

blondebride

OK, have just done a rough SOA for your attention:

My income ; £19700 (this is due to go up in August)
Partners income; £20150

The debts we need to pay off (excluding the mortgage which we've only just started)

- £8000 credit card (15.9%)
- £8000 loan (7.9%)
- £300 store cards (19.9%)
-£600 overdraft

suzyp1982

Hi

Is there any chance you could move into your house and save on rent?

I know you are saying it needs work doing to it, but so does ours, so far we have gone 2 months without a kitchen (no sink or anything) you do get by and it will save you loads of money in rent

suzyp1982

p.s on a second job you will pays 22% in tax