Help..living off one wage and tax credits!

immoral_angeluk

Well my maternity leave is officially over so now we're resigned to living off one way and our tax credits. It's a nightmare budgetwise as I'm so used to do everything monthly and now we're going to have to live week to week and right now I can't see how it's going to work... here's my SOA in case anyone has spotted anything that I can't...

Income
Dh's wages - £850 basic ( he does normally get a bit of overtime BUT he has just been offered a new job which is apparently 14k a year so this will be going up to about £941 a month.)
Tax Credits - £108.62 every weds (So £434 for an average 4 weds month.)
Child benefit - £120.80

Total - £1404.80

Household Bills
Rent (Housing association) - £296.47
Council Tax - £104
Water bill - £17.18
Gas and Electric - £65.50
Tv Licence - £11.37
Car insurance full comp for me and DH (Who's just passed his test)- £33.78
Dh Mobile up for renewal in oct- £25 average
My contract mobile line rental can cancel in oct - £8 estimate
My pay and go mobile - £10 MAX
Phone broadband and line rental just switched to tiscali - £30ish
Food for 2 adults, a 2 yr old and a weaning baby both in nappies - £200
Petrol - £50
Dh personal budget (Our personal budgets are for everything else inc hair cuts, treats, going out, etc- £140
My personal budget - £20
Car tax/mot - £30

Total household outgoings - £1131.30

Debt repayments
Welcome Car finance - 24.1% til Oct 2010 total when paid back inc interest about £7900 - £160.50 a month
Citi credit card - 27.9% Balance £850ish as just paid a lump off limit £1,500 - Min payment about £25 a month
Barclaycard - 19.9% purchases, 16.9% balance transfers balance £807.12 limit £900 - £20 a month

total outgoings per month - £1246.80

Leftover £158

As you can see things are tight but not drastically.. although my main problem is that our tax credits are weekly and apparently Dh's new job will be paid on the 20th the month instead of the last working day and the majority of our bills go out on the last working day of the month and the 1st....

We're not eligable for housing benefit or any other help but I'm in the process of becoming a childminder but not sure how long it'll be. We're also saving every spare penny to pay off debt but realistically can't see how we're going to manage week to week since we're so used to doing things monthly!

Help!

hypno06

The biggest thing that still jumps out at me is the amount that Ste has as "spends". Surely if you are to pay anything else off, or feel that you have "spare" money for emergencies etc, this is the area that needs cutting back on?

I know that he has made changes, but £140 out of your budget is 10% - that is quite a chunk.

Otherwise, not a lot to change from what I can see. How is the childminding coming along?

immoral_angeluk

Ste's spends are for everything though.. if he wants a haircut he gets it out of that.. if he wants a treat he gets it out of that, any work food, newspapers his food for his lunches... I know he wouldn't have spent that much last month if he hadn't had a stag do or wedding to spend money on but we're not sure exactly what a 'normal' month would be like so we're being cautious...

Childminding is fine... have done all my bits and ofsted are happy it's just waiting for them to get all their documents and for Ste's CRB to come through which could take a while.

chevalier

Hi there
Is there any reason why you HAVE to have tax credits monthly. Is it worth asking if they can do it monthly? Though of course this may mean you get nothing for a couple of months due to the general incompetence of the tax credit system

Secondly. Ask the bills companies etc to change the date they take their money if your OH is being paid on a different date and this is going to make things awkward.

Finally ref the weekly pay, monthly outgoings thing. I would suggest that you work out what you have to put away WEEKLY for all the MONTHLY debts and then put that away each week. Then the money is there as usual when needed
chev

hypno06

I see what you are saying about Ste's spends, but how about reducing them to £100 a month - that is still £20-25 a week which I am sure most of us would LOVE to have as spends. That would give you an extra £40 available as debt repayment money or slush money.

The more that Ste gives up now, the quicker you will be debt free, and the quicker you will have more in the bank to treat yourselves in the future. You are so close to being free of the debt that perhaps a big "push" from him would help get you where you want to be.

Hope I don't sound like I am criticising Ste in any way, that is not what I am intending, it is just the only area I can really see that has any potential savings.

Sea78

I'd agree with Hypno - not criticising - but if Ste did reduce them slightly, it would allow a little cushion in the debt/emergency fund and also in case the girls need anything.

Remember of course that you might be able to get a little more in through surveys/clicks etc - is there anyone else you know that you could refer to pigsback to get the 500 points? All the little bits could add up to about £20 a month which would mean a little extra breathing space as you are very concerned about it all? You could use that as the girl's treat money and hvae it for them?

Sorry if not helpful, just what I was thinking as I do get quite a bit now from the clicky sites/surveys!

Have you sold all you can that K no longer uses/fits now? Is there anything yet
Seaxx

Spendless

How's your credit rating now IA? Any chance you'd get a 0% cc that you could transfer the last debt onto?

immoral_angeluk

Spendless wrote: »

How's your credit rating now IA? Any chance you'd get a 0% cc that you could transfer the last debt onto?

Very doubtful now that I don't have an income..

immoral_angeluk

chevalier wrote: »

Finally ref the weekly pay, monthly outgoings thing. I would suggest that you work out what you have to put away WEEKLY for all the MONTHLY debts and then put that away each week. Then the money is there as usual when needed
chev

Not sure I get what you mean??

Spendless

immoral_angeluk wrote: »

Very doubtful now that I don't have an income..

Ste does though

*vanessa*

Grrrrrr just posted a reply and then deleted it, technology is a wonderful thing!!
I think what Chev means is, if the monthly bill is £100, for a 4 week month save £25 a week, then you know you have the money ready.

Why dom't you try perhaps giving Steve a £100 budget for the month and giving the girls a budget of the other £40, that way its not coming out of your personal spends, but you have money there if you want to treat the kids?

You're doing great I-A, you'll get there in the end!

vanessa
xx