Has anyone ever manage to do this?

flumpkin

Thanks mum2one - just done my SOA - some serious belt tightening is needed!

I really hope I have caught it in time

hettiecarro

Hi there.
Just a couple of things that may help, from my own experience.
Like you I had a real phobia about the dentist - to the point that each time I made an appointment I would get to the door and pass out.
I spoke to my doctor about it and he agreed to give me just a
couple of tranquillisers when I had my next appointment.
I found an NHS dentist (Lists of who are taking on patients are available from your health authority). I was treated with 'kid gloves' by the dentist I saw, and now I go regularly without any problem. My point is that often the same dentist who charges for private work sees NHS patients also - and there is a vast difference in cost.


Secondly. I used to be the queen of the 'Top up shop'.
I was told once that I had 'POST WAR BABY SYNDROME'. My mother always kept very stocked cupboards (having gone through rationing etc), and I was exactly the same. If the cupboard started to get 'run down' I would panic and HAVE to go shopping and re-stock. Then came my Light bulb moment and I had to have a re-think and a serious look at my budget. I consciously forced myself to make meals from my stock cupboard and freezer and only shopped for fresh veg etc. As you will see from my signature this has been a long haul for us, but now I plan my meals for the week. I batch cook. I don't waste food as I used to - and I stopped being such a snob about brands.
You've done the MOST difficult bit in recognising your problem.
Remember that 2day is the WORST your situation is going to be if you really set your mind to it - from then on you are more in control and dealing with it.
I wish you the very best for what I know will be a long haul for you.
There are so many forums on here that can help, so browse around and find the ones that can be of most use to your particular circumstance. And don't forget that there really is light at the end - no matter how long the tunnel.

flumpkin

I think I need to start a spending diary too! Especially as I know we spend more than I have just entered for food and entertainment.

Think I have had my LBM and now I am facing the bright floodlights!

flumpkin

Thanks Hettie

Some useful advice - thank you for posting. I did go to my dentist as nhs about 12 years ago but swapped to private as the inlays etc I needed were only avail that way. I know (fear) I am coming to the end of the road with my teeth and doing what I can to keep them now.

The top up shop thing is spot on... I am incapable of going just for milk and bread etc. I always buy other bits especially if on offer and spend £15-20 each time (prob 3-4 times a week!) A lot of problem comes from not planning meals and this also accounts for takeaways too. It is shocking how much we spend and also if I am honest how much we waste!

I am going to check my cupboards and freezer tomorrow to see what concoctions I can come up with. I think that is our way forward

love flump x

[Deleted User]

flumpkin wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 1650
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3630

Monthly Expense Details
Mortgage................................ 511
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 0
Mobile phone............................ 84 - This is high. Even if you all 3 have a phone, you can get sim only/PAYG for around half this.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 58 - Dump this ASAP, and go Freeview/Freesat instead.
Internet Services....................... 0
Groceries etc. ......................... 350 - £80pw is a lot, even for 3 people. Knock at least £50 off this.
Clothing................................ 15
Petrol/diesel........................... 100
Road tax................................ 13
Car Insurance........................... 38
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 180 - What's this?
Childcare/nursery....................... 0
Other child related expenses............ 60 - What's this?
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 5
Buildings insurance..................... 54
Contents insurance...................... 0 - Is this included in the Buildings insurance?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 40
Emergency fund.......................... 25 - Unless you already have a decent pot built up, then I'd double this.

Total monthly expenses.................. 1899.12


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 101000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 65000....(511)......2.5
Total secured & HP debts...... 65000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
mbna...........................7416.96...260.......34.9
cap1 H.........................2980.05...89........20.9
cap 1 R........................11936.9...355.......22.75
HSBC...........................4965.22...126.......21.9
Littlewoods....................309.94....55........0
Very...........................224.29....16........20.9
TSB............................7251.07...190.......24.5
Sainsbury......................5846.52...130.......22.9
Creation.......................1941.11...52........22.9
Marriott.......................7484.19...190.......21.9
B/C HH.........................5879.66...118.......20.9
Egg BC.........................1647.51...45........19.9
smile R........................2491......75........12.9
smile H........................362.2.....20........13.9
Total unsecured debts..........60736.62..1721......-


Monthly Budget Summary
Total monthly income.................... 3,630
Expenses (including HP & secured debts). 1,899.12
Available for debt repayments........... 1,730.88
Monthly UNsecured debt repayments....... 1,721
Amount left after debt repayments....... 9.88

Personal Balance Sheet Summary
Total assets (things you own)........... 101,000
Total HP & Secured debt................. -65,000
Total Unsecured debt.................... -60,736.62
Net Assets.............................. -24,736.62

My comments in red.

You are barely keeping your head above water, so cannot afford things like expensive mobile contracts and pay TV.

The reason I suggest doubling the Emergency Fund payments is, as a home owner, rather than a tenant, you will be responsible for all repairs, such as roof, walls, boiler, etc.

Without a decent Emergency Fund, you will be straight back to borrowing.

I was going to ask if you could get any 0% cards to BT to, but then I noticed your unsecured borrowing far exceeds your annual income, so I doubt you have much chance of getting any more cards atm.

The reductions I have suggested will get you savings of £125-ish per month (after adding £25 to the Emergency Fund).

I suggest you use this to overpay your unsecured debts, starting with mbna.

That extra £125 will reduce the mbna payment period from 58 months to 28 months, and save you over £3,000 in interest.

I'm not going to say it will be easy, because it won't, but you have a reasonable salary, and some room to economise.

flumpkin

Thanks Bob.

We are currently tied in to mobile contracts until August but I will revisit that then. You are right that we have buildings and contents combined. The cable is also not just tv but phone and internet and also a tied in deal.

I need to economise on food (see my post above).

The travel is my husband's bus fare to work but he is going to look at walking and I can sometimes pick him up (although obv costs petrol). The other child expenses are clubs and music lesson/band commitments for dd which again I would want to keep.

I can see however that I don't have much room to manoevre. I think my wage is actually slightly higher - need to check statement/wageslip. Think it is 2000 but didn't want to over estimate.

thanks
flump x

flumpkin

I am going to ebay what I can old clothes wise, unwanted gifts etc and do surveys again. I will throw everything I can extra at mbna as I know that makes sense ... although psychologically I am part tempted to hit a smaller balance one first?? Guess that is really stupid?

hettiecarro

Go and get some sleep now Flump. Enough is enough for one day


hettie x

[Deleted User]

flumpkin wrote: »

The cable is also not just tv but phone and internet and also a tied in deal.

When out of contract, swap to another provider, with just phone and BB. That will get you down to about 1/2 price.

The other child expenses are clubs and music lesson/band commitments for dd which again I would want to keep.

I appreciate you would like to keep them, but you need to be realistic.

That £60pm would take another 5 months (and £670 of interest) off that mbna debt.

[Deleted User]

flumpkin wrote: »

although psychologically I am part tempted to hit a smaller balance one first?? Guess that is really stupid?

No offence but yes, it is stupid.

The mbna card is by far the highest APR, by 12%, and that is a HUGE difference.

The sooner that mbna card is gone, the better.