SOA advice - thank you

fieldend

@Mimi Arc en ciel: totally agree on groceries and I'm spending more currently than the budgeted £250 I spend something like £60 per week PLUS top ups. I don't know how to cut on this though. There's nothing cheaper than ASDA... not for online delivery.

Phone, Internet, and mobile are in contract until end of this year... and the rest of items I think I commented?

fieldend

ASingleParent wrote: »

Shouldn't you be getting some Tax Credits?

Er... not that I know of. My income is too high for tax credits...

HappyMJ

ASingleParent wrote: »

Shouldn't you be getting some Tax Credits?

On £2,508 take home per month? I don't think so.

Tax credits with one child cut off at just above £25,000.

https://www.gov.uk/government/publications/tax-credits-entitlement-table-working-at-least-16-hours-and-no-childcare/tax-credits-entitlement-table-working-at-least-16-hours-and-no-childcare

Mimi_Arc_en_ciel

fieldend wrote: »

Yes building insurance is covered by service charge.

Thank you, I agree on my lunches, cosmetics and haircuts and clothes. I think real spend is more than that sadly.... this is how I accumulated debt. Those figures are my attempt at budgeting these things going forward.

On my child's lunches they're £11 per week and I cannot possibly convince myself to drop that. We leave house 7:30am and get back 6:45pm during weekdays. My time in the evenings is so limited, I think it's a small price to pay to free up some time for myself, and my DD gets a cooked meal at lunchtime, rather than sandwiches or cold food.

All my credit card debt is at 0% until 2017.

Which i completely understand. However, for yourself - try a slow cooker? Make some "dump bags" you could freeze portions for work etc.

ok so 0% until 2017 but that's only good if you pay them off before the 0% ends. What month does the 0% end? You need to mae sure you are paying enough towards this each month to clear the CC unless you are certain that you can balance transfer onto another 0% card

matchboxfull

ASingleParent wrote: »

Shouldn't you be getting some Tax Credits?

It looks like OP is on about £45-50k a year.

Actually, I was going to kinda ask the opposite: do you earn over £50k and therefore have to pay some of the child benefit back?

Mimi_Arc_en_ciel

fieldend wrote: »

@Mimi Arc en ciel: totally agree on groceries and I'm spending more currently than the budgeted £250 I spend something like £60 per week PLUS top ups. I don't know how to cut on this though. There's nothing cheaper than ASDA... not for online delivery.

Phone, Internet, and mobile are in contract until end of this year... and the rest of items I think I commented?

I have a separate account purely for groceries. I transfer the money into that account and when its gone its gone.

Ok - Asda... Do you buy all branded stuff? are you aware that some "non" branded foods are actually made in the same factory as branded things. Not all "value" stuff id rubbish (For example, I know morrisons and tesco tuna flakes actually have more % of tuna in them than John west)

Try local shops too - see whether they have any deals on

Meal plan - EVERY SINGLE WEEK and stick to it

Check cupboards etc before you do a shop, stick to a list. Dont shop hungry etc

Have a wonder on to the "old style" money boards, they have some fanastic ideas. If you buy multi packs that are on offer, use it as "pin money"

fieldend

I'm at ~ £45K (salary + bonuses); the Other income of £500 posted includes work bonuses and child maintenance from my DD's father.

The 0% ends in May or June 2017, I need to check exact date, I think it's early June.

fieldend

Mimi_Arc_en_ciel wrote: »

I have a separate account purely for groceries. I transfer the money into that account and when its gone its gone.

Ok - Asda... Do you buy all branded stuff? are you aware that some "non" branded foods are actually made in the same factory as branded things. Not all "value" stuff id rubbish (For example, I know morrisons and tesco tuna flakes actually have more % of tuna in them than John west)

Try local shops too - see whether they have any deals on

Meal plan - EVERY SINGLE WEEK and stick to it

Check cupboards etc before you do a shop, stick to a list. Dont shop hungry etc

Have a wonder on to the "old style" money boards, they have some fanastic ideas. If you buy multi packs that are on offer, use it as "pin money"

I have two bank accounts, one for bills and the 2nd for everything else. I don't want to open any more accounts at the moment as I'm due to switch mortgage deal in July and don't want to have recent credit applications.

On ASDA - yes I'm afraid I buy branded and organic and generally expensive stuff. I don't meal plan and I'm not careful with grocery spending at all. So definitely yes... will look at those boards, didn't realize they existed.

THANK YOU!!!

matchboxfull

fieldend wrote: »

I'm at ~ £45K (salary + bonuses); the Other income of £500 posted includes work bonuses and child maintenance from my DD's father.

The 0% ends in May or June 2017, I need to check exact date, I think it's early June.

Ah, just be careful with the bonuses - if you tip over the £50k you'll have to start doing a tax return and returning some of the CB money.

Looks like you could get the majority of the debt paid back before the 0% ends if you stick to your plan.

I can completely appreciate your reasons for wanting to keep the school lunches, but with those, your own lunches, groceries, and eating out you're spending about £500 or so a month on food. That's tonnes for two people. Maybe you could take packed lunches?

Mimi_Arc_en_ciel

ok so lets assume the 0% ends in May (always go by the earliest date so you aren't cut short)

So CC balance is £9251. You are trying to put £500 a month towards it. There are 15 months between March '16 and May '17. That gives you a total of £7500. That means you will be £2251.00 short on your credit card and you will be charged a high APR (Unless you can balance transfer, and this isnt always gauranteed)

To pay your CC off in time for the 0% you need to be paying off £616.73 each month. What i would personally do, if you can - pay the min off EVERY MONTH WITHOUT FAIL (You've already stated this is £92)

I would then open up a high interest account (TSB do 5%) and I would put the other £524.73 into this account and leave it there until the 0% gets paid off. You would then earn some interest and your CC would be paid off BUT this will take some doing. You MUST NOT touch the TSB money.