Massive level of unsecured debt....

sophiemae12

When my insurances are up (July and Nov) I will pay upfront.


I'll have a look at setting up the YNAB tonight.

Willowpop

sophiemae12 wrote: »

£50 a week for 2 adults and a child (I forgot the cat as well!) honestly that doesn't sound do-able. I could try to cut it to £70-£80 but I cant see £50 being realistic.
Budget starts right now.
I do have a few things to sell so will have a look at that, thanks

£50 a week is definitely do-able. I have 2 adults, 1 child and 4 cats, and my budget is £50 a week. Go on, try it.

AFK_Matrix

If your going to go for YNAB then I would not change anything for the 34 day free trial period as then you can get a good idea of what your current spending trends are and where you can save money or where you are wasting it. It also lets you get to grips with the way YNAB works as this can be a big battle for some people, as they struggle to switch over to the 4 rules of YNAB. I would really give the YNAB methodolody a go though as it does definitely work (Went from having 1500 in the bank last June to having over 10k now which I never managed before!!). Then after the trial period if your happy with YNAB then buy it and then start cutting down on things.

I would strongly recommend going to a few webinars and watching the YNAB videos on their site as it helped me a lot, especially the credit card webinar!! Also make good use of their forum as there are some very helpful people on there that will be more than happy to help you out.

BillJones

sophiemae12 wrote: »

I went on mat leave 4 years ago, hubby's job (at the time) was v unstable and he earned v low wages that year... I got made redundant whilst on mat leave, I had only been with the co 6 months so I got sod all. Then I got a part time job to start with (only one I could get) and got myself stuck there for 18 months before getting my (current) full time job 2 years ago.


Since then it hasn't increased, I never put anything on them, its just not coming down. I think we have both overspent though, which stops right now.

OK, sorry to have to ask. It's better to, though, as there will occasionally be people on here who look to have a surplus, but who it turns out are getting deeper and deeper into debt despite this, and the disparity needs to be worked out first before it makes sense to take an overall look at the figures.

sophiemae12

Thanks bill. In addition to that I was paying out 100 quid a week on childcare, on a rubbish pt wage, whereas now I get cc vouchers ( so already paid out of my net I quoted) for 243 a month which covers it as she gets the free 15 hrs. This will drop to about 80 in sept when she goes to school ft.

National_Debtline

sophiemae12 wrote: »

£50 a week for 2 adults and a child (I forgot the cat as well!) honestly that doesn't sound do-able. I could try to cut it to £70-£80 but I cant see £50 being realistic.

Hi Spohie,

Although some people may be able to live on a very slim figure for housekeeping I just wanted to point out that a figure of £400 for a family of three isn't unrealistic. There are general expenditure guidelines which have been agreed within the credit industry and £400 would within these rules. That said, most people can find a way to shave their housekeeping costs down with a little savvy shopping and planning.

Very best wishes,

David @ National Debtline
Twitter: @natdebtline

SeduLOUs

sophiemae12 wrote: »

When my insurances are up (July and Nov) I will pay upfront.


I'll have a look at setting up the YNAB tonight.

Have a look at what the interest rate works out to be before doing this. I weighed up doing the same, but currently my debts are more expensive than the finance fee on the car insurance, so for now I'm still insuring monthly and throwing more at debt sooner.

I'll certainly be looking to pay upfront for insurance in the long run though.

boobiebonboo

sophiemae12 wrote: »

£50 a week for 2 adults and a child (I forgot the cat as well!) honestly that doesn't sound do-able. I could try to cut it to £70-£80 but I cant see £50 being realistic.
Budget starts right now.
I do have a few things to sell so will have a look at that, thanks

I spend £60 a week on shopping and thats for 3 adults and a 15 year old. Some weeks it is cheaper so i pot the difference.

dancingfairy

I swear there are some people that can live on fresh air . Your housekeeping doesn't seem too bad to me but obviously it is an area that could potentially be cut a bit. Why not try and cut it a bit and see how you get on? If you did want to look at ways to cut it then you could have a look on the oldstyle board on here for lots of hints and tips.
Regarding the rest of your SOA I guess the first job is to make sure it is as realistic as possible. According to that you are able to make the minimums and have 968 spare. You should be able to make some big inroads throwing that much at it a month. A spending diary will help you discover where all your money is going. Try and put any 'spare' money to the highest debts.
Best of Luck
df

sophiemae12

Thank you. I know we have been overspending (not adding to the debt at all, just not making the best use of what is left over) so strict budget time now.