Soa help!

Princess2790

enjoyyourshoes wrote: »

I know sharing the news on debts is really hard thing, but you need to be honest with each other.


If you can be honest then life can move forward, agree joint objectives and then work out how to achieve these within your financial envelope.


If you can both stop the 'merry go round' (using credit to get through each month) and start saving (I know its boring but getting compound interest on savings instead of paying compound interest on your debts is the way out) , then you can chip away at the debts and save for the inevitable annual, 1/2 yearly and bi monthly expenses (and not use monthly payments (insurances and the like))


Have you calculated the total credit charge for your car insurance ? (its rhetorical you don't need to post the answer)

My debts are my own, I in no way expect my OH to pay towards these. He has no debt, is an avid saver and very careful with money.

I have no clue how much total my car insurance is, would definitely be a shock I'm sure! Just wish I could save enough to pay it outright

Princess2790

Does anyone have any tips for saving money? I'm really struggling and unsure what steps I can take to stay on track!

Jon_B_2

Without being patronising, you haven't put a figure in your SOA for clothing, yet you have debt through New Look and Littlewoods.

I'm not surprised you are struggling to stay afloat with such tight ingoings and outgoings. I don't know how mature your relationship is, but if you are living under the same roof, then maybe now is the time to confide in your other half and resolve your finances together.

Also, your credit cards must be a high APR as Capital One and Aqua cards aren't the cheapest are they?

Mustard_Seed

Hi,

You said you don't have anything to do with your partners money or car - does he help contribute to the food shopping?

You could pool together on this - say £20 / week each which would mean £80 a month instead of £150 (£70 less spend)

I'd get rid of your new look then almost in one month and you'll feel better for the progress. Cut the card up straight away to avoid any temptations...

I know as I was over £16,000 in debt and now I'm debt free...you can get there I promise.

Mustard Seed

Mustard_Seed

P.s I find Aldi's does help the food shopping money stretch. The food is lovely too.

David301

If your relationship is strong and you have been together for a long time and your partner is a saver and has savings, the interest being earned on those savings will be far less than the interest that you are building up on your debts.

If you like to keep your finances separate then explain your situation to your OH. Your partner should be mildly aware of your situation anyway, and maybe come to some sort of arrangement. Your OH could pay a load of your debt off and in return you repay the amount with a better interest rate than what is currently being received on any savings.

This in turn would either give you a bit more spare cash each month or you would clear your personal debts a lot quicker.

Depends on your relationship though, but as a unit it doesnt make sense for one person to be living in debt and worrying about it whilst the other is building up savings.