Losing my job at the worst possible time!

Sea.Shore

Alter_ego wrote: »

Google "Marriage allowance"

Yes, I know

getmore4less

Sea.Shore wrote: »

I do know know as much as I can my finances for the next year, however I do not know some of them until the changes occurs.
.

That's what the plan is for, you work on what you have with best estimates for what you don't and make it ballance for the year.

You track the thinks you thought you knew to make sure they are on target and as things become clear you firm up the plan and it becomes closer to reality.

Saying I don't know so won't bother is a cop out.

Thinks like clothes you estimate based on what you have and what you will need(2 adults and 2 kids will use up a fare bit over a year) spend less you have funds to save/spend elsewhere, spend more you have to cut back somewhere.

The plan is dymanic and forward looking so things don't creep up on you. Something not on the plan happens you add it and reballance changing it for the rest of the year.

Same with income, you best geuess on the low side and make the spends/saving fit the income, get less you have to cut back somewhere, get more you can add things or save/pay down debt quicker.

House and car you need an emergency fund building up or reducing debts faster or you will just end up with more credit.

Without the plan you will just end up spending everything and possibly a bit more because you forgot to plan something.

Cars are a big one, probably a min £50pm for the bills(tax,MOT Insurance ) more if doing the miles, and if you want to get out of the loan cycle you need to start saving for the next one at some point depends how long te load is and how long the car will last.

If you can live off one income then the other can be debts/savings and you know you can fall back to one income should job loss or college reduce the income again.

Financial security is more about what you spend than what you earn, you make the choices.

Why not set a goal like debt free before UNi and make aplan around that.

Sea.Shore

Well of course I don't know exact figures so it isn't a cop out! I know how to budget, I know what goes in and out so I don't really need the lecture, thanks. That wasn't the reason for me posting. YOU do not need to know every aspect of my financial outgoings and how much I spend on my kids at Christmas or for a haircut. Since I have managed to pay for all of these things over he last 7 years it might be evident that you do not need to keep bringing this up post, after post, after post.

I have suggested ways to reduce debt, by consolidating it but you've blown past it, and others, assuming I don't have a clue how to run a house and look after, feed and clothe my kids. I don't need that advice, they are perfectly fine with clothes that fit and have full tummies. You might spend more on clothes than me, I do not regularly buy clothes for me, nor does my partner. My eldest does not need a lot of clothes because she wears a school uniform 5 days per week. My youngest does not need new clothes quite so frequently because she's slowed down growing now that she is over 1 year.

We have savings, although not as great as they once were. I've explained in keeping them until the wedding is out of the way - my choice. It's unfortunate there's no work where I am now which is why I thought about consolidating the debt, which isn't as bad as one may assume given some of the responses on here.

I'll be applying to uni whether the debt is gone or not, that wasn't the question either. It was how to make it more affordable and keep paying it off. In the long run, when I earn £2000 a month, roughly, and my partner has more managerial experience we'll be a lot better off. At the moment though, in the short term, I wondered what we could do to make life a bit easier. That's all.

I appreciate the constructive advice, I really do but I don't need to be told how to budget, I've done it for nearly 10 years since moving out of my parents. I don't need to be told to prioritise my kids by anyone, I already do. I don't need to be told uni isn't the be all and end all, I know that, but there's a very good chance there'll be a job at the end of it, a job where we can be more comfortable and do more as a family.

I apologise if I seem snappy, but it's a little frustrating.

owlet

Well, if you already know it all, best you go & get on with it then. I can't see why you posted tbh. Good luck.

getmore4less

Until you get all the data and know how much you need to cut back any changes you make are just guesses hoping it will be all right.

Consolidation does not reduce the debt just moves it, rarely works without a proper plan in place and is the last thing to look at when revising budgets.
Have a look at the debt board for how often they go wrong.

go to debt board just reading there will give you plenty of ideas on potential savings.

I(and others) really don't care where you are, how you got there, what self justifications you want to use or how you want to spend your money.

Put up the budget data and people can look at what could be reviewed and alternative choices you have and if it does not balance how you could cut back.

Budgets are data driven, so far all we have is emotion.

I am out unless you move to the debt board.

Timalay

Sea.Shore wrote: »

I can't change phone contracts for another year but my partners is due for an upgrade so we can shop around.

If your partners phone still works, why not go to rolling monthly contrac. You'll save a bit there. If the phone is on it's last legs, buy a simple sim free phone cheap.

Zyx

You don't seem to be in any trouble based on pretty much all the posts you are making. Apparently you know everything already anyway so why even ask? Seeing as you are paying £90 a month because you're incompetent I doubt you are in any position to tell people not to lecture you.
You apparently plan your "budget" as you plan your life. Instead of getting a degree when you have no responsibilities you planned instead to get two children and live of your boyfriend as you go enjoy yourself at university.

QueenBeruthiel

The attitude of some of you people! Who the hell do you think you are?

Good luck Sea Shore.

missbiggles1

getmore4less wrote: »

That's what the plan is for, you work on what you have with best estimates for what you don't and make it ballance for the year.

You track the thinks you thought you knew to make sure they are on target and as things become clear you firm up the plan and it becomes closer to reality.

Saying I don't know so won't bother is a cop out.

Thinks like clothes you estimate based on what you have and what you will need(2 adults and 2 kids will use up a fare bit over a year) spend less you have funds to save/spend elsewhere, spend more you have to cut back somewhere.

The plan is dymanic and forward looking so things don't creep up on you. Something not on the plan happens you add it and reballance changing it for the rest of the year.

Same with income, you best geuess on the low side and make the spends/saving fit the income, get less you have to cut back somewhere, get more you can add things or save/pay down debt quicker.

House and car you need an emergency fund building up or reducing debts faster or you will just end up with more credit.

Without the plan you will just end up spending everything and possibly a bit more because you forgot to plan something.

Cars are a big one, probably a min £50pm for the bills(tax,MOT Insurance ) more if doing the miles, and if you want to get out of the loan cycle you need to start saving for the next one at some point depends how long te load is and how long the car will last.

If you can live off one income then the other can be debts/savings and you know you can fall back to one income should job loss or college reduce the income again.

Financial security is more about what you spend than what you earn, you make the choices.

Why not set a goal like debt free before UNi and make aplan around that.

Goodness, you do make life sound so boring - do you really live like this? You do know that there's more to life than money, don't you?

dawyldthing

Sea.Shore wrote: »

....because we're getting married next month, aside from having 2 girls and a mortgage, bills...my job is coming to an end as there's 'on work'.

So, I'm posting this to get an outsiders point of view because we need to cut back a lot on spending, some aspects will be obvious but any useful tips would be appreciated. I'm going back to student life, and applying to university for 2016 so looking for a full time job now isn't doable when I'll be at college 3 days per week from September.

Mortgage £508
Council Tax £140
Water £37
Gas/elec £70
TV license £12
Sky £96 (obvious one - will be contacting them soon)
Insurance £6
Car £175
Sofa £40 (ending in November)
Mobile phones £60
Life Insurance £15
Credit/store cards £90

Asda shops are usually around £70p/w
Diesel is usually £150 p/m roughly

Partners income, roughly, is £1200. He's just started a new position and I think being emergency taxes so unsure of exact amount, but is £18,500 annually
Child benefit £136
Child Tax Credits at the moment is £210, under the circumstances we are both working.

If it was me I would see if you can spread the council tax over 12 month as whilst it still need spaying it will make it more budget friendly, get rid of sky (I pay landline upfront at £134 I think it was then just £2 for the internet each month). I won sky for a year a few years ago and bar the sports don't miss it. Petrol on the car seems a lot, could you just use it for essential journeys and walk more if possible (I've never had a car as I walk to work, but I'm sure there's ways of cutting it down). Mobile phones another one. Could you keep your phones and just go pay as you go when you end your contracts in time (I top up £10 a month and get 100 minutes, 400 texts and 1gb internet with ee, it's more than enough for me). While not ideal you could pay less on the credit cards if needed to make it more budget friendly but then stuck paying more interest, so 50 50 with that one. You could cut food down, there's a lass on facebook with the feed a family on £20 a week, was in the mirror this week. That should bring you back into budget give or take then there's just general appointments and clothes but I'm the same in I barely replace clothes as I'm saving for something.

Thinking about it I'd probably pay your credit card off sooner as it will free more money up in a quicker time then in November you'll be better off. I set up a spreadsheet to know where I go wrong, but all in all I don't think your doing that bad.