SOA - am I doing it right?

Jacks_xxx

Blimey. I'm still new to this myself sweetie, and I'm very impressed by how motivated you are to get on top of this as much as you can before the baby comes. :T

I do have a couple of suggestions though.

First of all this may be *your* debt but you two are a team now so perhaps joint finances and working together are the way to go. Your other half may be able to get another 0% CC that you can use - in addition to the ones I think *you* should get if at all possible - to reduce the debt portion of your overdraft /loans / cards. (She's a smart cookie on the Cocoa butter front huh? Well impressed! )

The next thing I reckon you should take the lowish offer for the car just to get your hands on some cash without having to spend any more money in order to do it up for sale. Get the dosh, throw it at the debt and move on to the next thing.

Sell everything that's not nailed down on eBay to raise some more cash. (Books do better on Amazon.)

If you can get most of the baby stuff from friends, family and freecycle then you could maybe do a list of things you still need and give it to anyone who wants to buy a present when the baby's born. (Clothes wise they need less than you think because they grow so fast!)

Terry nappies are loads cheaper to use - it can be really hard to find the money for a pack of nappies when money's tight but you can always do some washing! Breast feeding is free - and mucy less of a pain than sterilising lots of bottles - unless you're going to do like Jordan and use them once and chuck them out instead of washing them!

Once we'd got all the kit in the beginning we didn't spend any money on our eldest until he needed his second pair of shoes aged about 14 months. (my mum bought his first pair!) And you can sell any hardly used spares along the way.

Everyone else has already covered the tax and benefits that I could help with so good luck honey, and keep us up to date with your progress.

Love Jacks xxx

PS join the Groceries challenge on the old style boards Reading the August thread should give you plenty of ideas that you can kick into place in September. (It has for me!)

matthewking26

Thanks, we’re doing our best! I don’t think my OH would want CCs. It might seem to her parents as if I’m trying to force her to deal with my debt. I got into debt and I’m responsible for it.

We are doing joint finances from here on in though. Her dad has offered to lend us money for repairing the car or buy it from us for cheap as he says I’m selling it for too low a price and he knows he could make more. Maybe I should take him up on it to get rid.

I agree with taking a lowish offer but he disagrees. He thinks we’re not gona clear the debt overnight so why not take a bit more time and make more money. I’m the impatient sort though! I’ve got my old telly, camera and mountain bike up on ebay at the moment, no bids though. Gonna put DVDs on there when I have time as the current items are collection only and DVDs would require a trip to the post office (tricky when I work 6 days a week)

We have tons and tons of donated baby clothes so can hopefully ebay them as the baby grows out of them to raise money for nappies and baby milk.

We’re going for disposables as we can’t afford a big one off payment to get reuseables even if they’re cheaper in the long run (I know, there’s no helping some people!)

OH can’t breastfeed (too complicated to go into) but we have bottles and a microwave steriliser. Now we just need a microwave and to choose which powdered milk is best/least additives/least expensive
Thanks for all the advice, have had a quick look at August grocery challenge and signed up, should be ready for September with a full months spending diary and a full months paycheque so can work out a proper monthly identical budget. And as I said on that thread, anyone know if plantpots/herbs sell on ebay?

Was wondering whether to try and borrow money from OH’s dad to pay off credit card and then repay them. If he agreed (probably by taking out 0% card in his name, I got rejected for everything I applied for, sob!) then the CC would be paid off in a year (if I could get the damn car sold!) and we’d have paid him back by end of 2009, instead of cc being paid off by Nov 2010. A lot of ifs I know. But are we brave enough to ask???

Thank you lots for the encouragement though. Much appecriated!

Robflh

Hi matthewking26

What credit cards have you been turned down for and when did you apply for them?

I know you are trying to get rid of your debt but paying for the reusable nappies with the credit card would still be cheaper then buying disposable ones each week with real money.

The modern reusable nappies are way better then the old terry nappies and they can be washed with the rest of the washing. That means no separate hot wash and thus very little extra expense to wash them.

angelfairy

Hi Matthew,

Just been reading your thread. You doing well at being so thoughtful about where you are at the moment and what you need to do to clear your debt.

You asked about what to do for your partner's birthday without looking like a tight git???

Make her feel special!!! I think that is probably the best gift you can give. She is going to be the mother of your children and that takes you both to a whole new level.

You could make a great beauty hamper or the like relatively cheap. Some nice bubble bath, tea light candles, body lotion (although i note she has already got the palmers one). Maybe a book to read in the bath?

For me personally, its not what my husband spends its what goes into it. I am happy with a card telling me he loves me (that can be done cheap!!).

All the best

Jacks_xxx

It's worth an ask honey,

It seems like he wants to help you get straight, and he can probably see that you're doing all you can...

Have a chat with him, I bet if he *can* help - he will.

Love Jacks xxx

matthewking26

Credit cards:
Applied for a goldfish this month and was turned down, applied for an egg and an M+S one 5 months ago and was turned down for both. I thought 5 months would be enough time to leave between applying especially as now in better paid job but obviously not. Not going to apply for anything else, though the interest on this one is crippling! 23%!!!!
We've asked everyone we know for nappies instead of clothes as we have clothes. OH is adamant she won't use reuseables and as I'll be at work when she'll be at home looking after littlun I don't have much leeway.

Thanks for the motivation to keep moving forward though.
Have got her a few bits and pieces for birthday(won't say what in case she reads this!) and someone at work has 2 baskets of toiletries in a cupboard at home they're gona pass on to me to give to her, how's that for moneysaving?!

We talked to her dad at the weekend, he's gona look into how best to fix the car and where to advertise it to help us. Puts things in perspective when you know he's just sold his second car for £17,000 second hand!!! that's more than my entire debt!!! Oh well what can you do? Once the cars sorted I'm gona be brave and sit down and talk excel spreadsheet style boring finance talk with him for advice!

At least by tackling my debts and not being given handouts I'm learning better how to handle money and not expect the banks to just hand it over for free!

Have had my first payslip through and after tax pay is £1069
This means we've been able to do a proper SOA which should be valid each and every month:

Incoming
Me £1069pm
Partner will be maternity pay 108pw = 436 pm (for the next nine months, then 3 months of zero which will be very tough)
Tax credit: £69.56 (liable to change once recalculated/after baby's born)
Total = £1574
(Have also gone back to second job on Saturday, giving us approx £123 pm extra, but won't be able to do it once baby is born so not including it in SOA and going to throw the income straight at credit card)

Outgoings:
Rent £525
Loan repayment £196
Credit card £250 (minimum approx £230)
Water £16
Phone/broadband £35
Council tax £95
Nappies £60 (budgeting in advance)
Baby milk £40 (budgeting in advance)
Petrol £10
Food £200 (doing spending diary this month to see exactly how much we spend)
Gas/electric £40
Landline rental £10
Total £1477

Leaves £97 or just under £25 pw for either emergencies, luxuries, extra baby stuff or if it's left at the end of each month, to throw at the credit card (preferred option).
Does that seem a reasonable budget compared to my first SOA? Anyone with babies out there think it'll cost more/less for baby things?
I calculate when the tax cred gets knocked off it should be balanced out by the child benefit we'll get when the baby appears at the end of October.
How am I doing?
Telly's on ebay going for £4.99, old digital camera is going for 99p, mountain bike is going for £90 but nobody's bid for the car, sob! Any amount helps though.
Also going to put up old technics stereo we were given years ago when its half price listing day on 22nd Aug.

learning_to_save

Hi, just wanted to see how things are going you are doing so well. Has your tax been sorted since you handed in the P46 or did it only last a while like they said? I think it should have been sufficient until you handed in your P45. Take care and I hope everything is O.K.
LTS

Robflh

Hi matthewking26

Wait six months and then apply for a Tesco Credit card and a Capital One card. There is no guarantee that you will get either of them but by then you will have had your new job for over six months and your outstanding debt will have come down.

In the meantime, ask Barclaycard what percentage they will give you for a balance transfer and transfer as much of you can from the card with an APR of 23%

There is often two APR’s. One at a very low rate for six months and one that is not quite so low but it is for the life of the balance. Go for the later of the two.

You can buy disposable linings for reusable nappies. All the OH has to do is to fold up the liner and flush the lot down the toilet.

http://www.twinkleontheweb.co.uk/acatalog/Nappy_Boosters_and_Liners.html

http://www.twinkleontheweb.co.uk/acatalog/KissaluvsContour.html

kj*daisy

Even using disposable nappies should be cheaper than £60 a month. Go for shops own brand, cheaper than pampers or huggies and work just as well.

tigerfeet2006

Hi Matthew,

Re-usable nappies are excellent value for money and so easy to use these days. Check out this website http://www.bumfluffnappies.com/ she gives an excellent service and will answer any questions you have and will suggest which nappy will suit your lifestyle even if she has to recomend one she doesn't sell.

What we did with our first child was put the money we recieved when he was born and christianed to getting the nappies. We are on our third child now and the nappies are still going strong. Think how much money that has saved us!!!

Also make sure you join your local freecle groups (we have 4 in our surrounding area) there is always baby stuff going on there and it's surprising how much people will give you as well when they fid out you are having a baby. www.freecycle.org click on browse groups.