S.O.A Any Help Much Appreciated!

MrsSave

You are currently £250 short each month. How have you managed up until now?

What's the credit card fee for?

Until you find work I'd suggest that you cut days out (there are plenty of free things to do), meals out/takeaway, presents - £10 a month for now? (I buy a lot of children's present before Christmas with the clubcard boost which doesn't cost a penny, I buy for birthdays throughout the year whenever I see a bargain. Don't buy adult gifts for now). Clothes! Do you need that much there now? Are the children desperate for new clothes? Coffees/drinks out would also need to go.

The car insurance/maintenance seem very high. Can you look back over your bank statements to see what you have actually spent on maintenance over the past 12 months.

Is council tax correct? Seems low, but the could be a reason.

Following all that, you still wouldn't break even. Whilst waiting for the graduate job, how about bar work/shop work? Something to bring in a little more income now, otherwise you'll be overspending every month.

HappyMJ

FingersofFish wrote: »

Clothing 4 people is a bit of an issue though!.

Clothing can be quite cheap. Charity shops charge less than £5 per item which will last at least a year worn once per week. Multiply that by 7 tops per year and 3 trousers per year and multiply by 4 people and add a bit for socks and underwear and you need to spend about £20 per month maintaining a wardrobe. I've found shoes to be the most expensive at about £30 per person every 3 months which adds £10 per month onto the clothing figure.....but you rarely walk so I'm not sure if you would spend as much as me.

You've got £800 per year allocated to this which would be reasonable if you're buying new each time.

You've not answered the question regarding the benefits you get. You should be entitled to more. Are you claiming Housing Benefit?

If you live so far from everything that a car is essential you really need to strongly consider moving closer to a town with public transport and getting rid of one of the cars. 2 cars between 2 people that barely earn any actual wage or salary isn't sustainable.

foolofbeans

There is no amount for child maintenance - is this not payable?

getmore4less

Need to get the student loans on the SOA (side note till you start paying)

You have all week to sort out days out to free places.

missed this.?
Credit Card Fee......................... 5.75

asparagus1968

hi,you need to STOP take outs, and drinks out and reduce days out, you can't afford them.
you need to only buy ESSENTIAL clothing, you can't afford this at the moment.
can you SORN your car until you are in work and plan around when you can use OH car?


Remember, these should only be temporary measures hopefully, so the kids aren't going to suffer


your house contents could be lower (I've £40,000 cover AND buildings insurance for less than £9 a month) also, you could get cashback on insurances through a site like top cash back or quidco.


and you still need to clarify some points...


1. credit card debt and interest rate and is the minimum payment the "fee" you have stated?


2. how are you funding the overspend at the moment? is it going on the credit card/ do you have an overdraft?


3. can't you take on some work until you find your "proper" job? can't your partner take on more hours/ get a 2nd job? Or you are going to end up in a pickle shortly...


4. are you claiming everything you can do? check on turn2us website asap.


good luck with the work situation

dylan2011

Hi, Firstly, are you claiming housing benefit? I presume you are as your council tax is so low, but you still have £425 rent to pay. Is this correct?
Secondly, all non essentials need to go.
As for clothes, you really don't need that much a month! Look on facebook and in local charity shops for bargains. Twice a year I tend to look for a bulk lot of bits for my 2 boys - Usually around £15 each. Then the only other bits they have is presents bought by others at xmas, birthdays etc, underwear and shoes. Probably averages around £15 a month between them.
As for me, I ask for clothes or clothes vouchers for birthdays/xmas etc and very rarely spend any of my own cash on clothes. I just make do. Sometimes you have to.
Lastly, any job will improve your situation. Even just a few shifts at a local pub, supermarket etc. will make a difference, and will also look good on your cv when applying for jobs in your chosen profession as it shows you have been doing something with your time.
Good luck with everything.

DrivingMissDaisy

Is the reason for second car so you can take your kids out while your OH is out ? Isn't there anything you can do locally for the days the OH has the car and then on OH's days off take the kids out to do nice things ?

If you read some of the debt free diaries, you will see that people will have to make cuts, lose certain things to pay off their debts. You will have to make a choice until you can up your income
- Give up on second car and its associated costs
- Reduce significantly on clothing, meal out, birthday expenses, days out

Unless you are willing to do this, it is difficult to see how you can reduce your debt.