I want to stop drowning

debtaghh

The savings were from a previous balance transfer. I did it a while back as I panicked about not having any savings... I know it's a silly thing to do.

I took your advice and have been focusing on paying the barclaycard 6.9 rate and the Tesco credit card which is 0% until April. I'd like to clear that barclaycard by Xmas and the Tesco by April. The barclaycard is about 3k but am hoping even if I use some of the savings I can do it!

enthusiasticsaver

Taking out more than you need on a balance transfer is self defeating but I think you probably did it because your budget is so tight. If you then use it for treats, holidays and so on you are undoing all the hard work you are doing trying to bring the debt down.

I would definitely use some of it to pay off the Barclaycard.

enthusiasticsaver

One way to check it is to do the snowball calculator and see how much difference it makes to your DFD if you use say £2000 of that £3200 to get the Barclaycard down to £1111.

bubblycrazy

debtaghh wrote: »

Hi,

So far I haven't touched the £250 I allocated for this holiday as we have used the money we were gifted and money left over from trip one. I'm hoping to not have to touch it until tomorrow.

I can't seem to ever load the official soa as my laptop never lets me and my phone doesn't either. So here is my own version, I've included what I should be saving for but haven't yet:

Rent £1200
Council tax £165
Gas and electricity £92
Water £41 ( I think this will go up as now going on a meter)
Mobiles £75 ( 3 mobiles all in contract)
Sky tv £12.49 ( in contact until next year)
Bt ( phone line and Internet £23.99 ( did a deal to get £150 back. Need phone line for house alarm)
House alarm £25
Tumble dryer insurance £12.50 ( I took this out as couldn't afford the one off payment to repair it but will not renew it, ends in Jan)
Pre payment prescriptions £20.50 ( me and my husband both go through several prescriptions a month so this is cheapest option)
School donation £2
Food shopping £350 ( family of 5 but trying to cut down)
Fuel £120
Entertainment £100 ( includes any hair cuts needed)
Son swimming £60
Dd tutor £110 ( sch recommended this and will end next year)
Holiday £100
Xmas/bdays £100 ( I know this is too high and the holiday)
Car £50
Emergency fund £50
Tv licence/ contents insurance £20
Clothes/shoes £30 ( including new sch uniform/bag)
Car insurance. £37
Mum £100
Dad £125
Dad cc £50 ( 0% until 2020)
Mbna £120
Barclaycard. £80
Tesco. £30
Nuba. £53
Halifax. £64
Barclaycard. £30
Barclaycard. £125
Tesco. £40

Total outgoings. £3643.18

Dh basic £2430 ( does get overtime but not guaranteed but some months can be £300 extra) basic due to increase next month by £30
Child benefit £197
Other. £310
My income £250 ( not guaranteed but averaging income from previous years)

Total income. £3187

Monthly shortfall. - £426( this is why I end up not saving for the things above)


Mbna £11037(4.9% life of balance)
Barclaycard £10750(6.9% life of balance)
Tesco £1380 (0% until June 2019)
Nuba £5300 (0% until June 2018)
Halifax £6400 (0% until June 2018)
Barclaycard £5521 (0% until July 2018)
Barclaycard £3111 (6.9% life of balance)
Tesco £2500 (0% until April 2018)

There it is:eek: but looking at the positives I have £3200 in savings for Xmas, holidays etc so can get away with not saving for them for a while which is a £250 saving. My husband may get overtime and my income may increase. I want to get rid of my barclaycard asap as I pay a very high minimum due to it being old terms and conditions. The idea is to manage and get my minimums lower to be able to then save and pay more debt in time. I'm trying to do more surveys and will log my food expenses on here. Tutoring will also end next May. Council tax is over 10 months and so is the prepayment prescription.

Think that is everything, if anyone can see anything that I have missed , please let me know.

Sorry for such a long post!

Hi, well done for returning the dress, you sound very motivated.
I think until you get your budget to balance you are going to struggle. You need to get rid of the £426 shortfall.

As you have an emergency fund now I would stop paying the £50 towards this. I would half the holiday and Xmas to £50 as that will still keep it topped up, and drop your food budget to £300 (I would say even less but baby steps for now!)
What did the alarm company say? I would get rid of this if possible.
How much have you saved on the tutoring?
Your gas and electric is quite high, have you shopped around for this?
Changing the council tax to 12 months will also decrease the shortfall. Yes it would be nice to have 2 months free, but that's not what's happening in reality as it is causing debt to increase elsewhere.
Why are you getting a water meter if you think it will increase the bill?
Get rid of the school donation and the tumble dryer insurance and I know you've already reduced your mobile bill.
I would keep redoing the SOA each time things change until it's balanced.

I know Xmas is one of your problem areas and the family don't want to stop presents, but could you buy cheaper gifts, or less items for each person?
Good luck, there's so much support from everyone here, you're in the right place.

debtaghh

bubblycrazy wrote: »

Hi, well done for returning the dress, you sound very motivated.
I think until you get your budget to balance you are going to struggle. You need to get rid of the £426 shortfall.

As you have an emergency fund now I would stop paying the £50 towards this. I would half the holiday and Xmas to £50 as that will still keep it topped up, and drop your food budget to £300 (I would say even less but baby steps for now!)
What did the alarm company say? I would get rid of this if possible.
How much have you saved on the tutoring?
Your gas and electric is quite high, have you shopped around for this?
Changing the council tax to 12 months will also decrease the shortfall. Yes it would be nice to have 2 months free, but that's not what's happening in reality as it is causing debt to increase elsewhere.
Why are you getting a water meter if you think it will increase the bill?
Get rid of the school donation and the tumble dryer insurance and I know you've already reduced your mobile bill.
I would keep redoing the SOA each time things change until it's balanced.

I know Xmas is one of your problem areas and the family don't want to stop presents, but could you buy cheaper gifts, or less items for each person?
Good luck, there's so much support from everyone here, you're in the right place.

Thanks so much for your reply. I have stopped the savings towards Xmas etc for now. I'm hoping to get my food budget under £300 and this week did very well. The alarm company gave my dh a few options but he needs to ring today to speak to another department. I've shopped around for gas/ electricity and it comes up we are the cheapest. I think my dd charging her phone etc doesn't help. We sit with the lights off whilst watching tv and I've been trying to avoid using the tumble dryer. Our whole area were made to go on a water meter. So far I've saved £70 on the tutoring but will each month try and lose one lesson. Once we have sorted the alarm company and I do a few more gd shops I'll post a new ( my version) soa. I rang up about the tumble dryer insurance and I have told them I don't want to renew ( they won't let me cancel), this will stop at the end of Jan.
I will def buy cheaper presents.

debtaghh

enthusiasticsaver wrote: »

Taking out more than you need on a balance transfer is self defeating but I think you probably did it because your budget is so tight. If you then use it for treats, holidays and so on you are undoing all the hard work you are doing trying to bring the debt down.

I would definitely use some of it to pay off the Barclaycard.

enthusiasticsaver wrote: »

One way to check it is to do the snowball calculator and see how much difference it makes to your DFD if you use say £2000 of that £3200 to get the Barclaycard down to £1111.

I did do the snowball calculator without accounting for paying a lump sum now so will do that. I think I will pay something off. I agree about the transfers, I currently have an offer now but haven't touched it.

debtaghh

I've had to waste £2 on hospital parking I did look for a free space but there wasn't any but parked at the one further away to get it cheaper. I need to buy milk and some fruit today but am logging all food expenses to see how much I truly spend, I'm on £54 since sat. I need to do washing but don't think the weather will allow me to hang it up outside. I may list those items today .

debtaghh

We have managed to get our alarm for half price for six months and in the mean time, we will look for an alternative solution. I've spent £30 and still need to get milk and fruit. But some of this is for my son's bday so will come out of present budget and £9 was stock cupboard food as I went to a bargain shop that I pass after the hospital, this will be logged under food. I then went to the bakers with dd but will come out of entertainment budget.

I have hung my washing outside but not sure if it will get anywhere near dry but if it's not too bad I'll put it in the airing cupboard.

debtaghh

Morning,

I had a busy and productive day yesterday. The clothes didn't dry outside but I put them in the airing cupboard to finish drying. I stripped the beds so have lots of washing again. I did list 4 items on eBay and 3 on Gumtree.

Today I need to:

Check surveys
Check finances
Washing on and other one put away
Maybe submit tax return ( I'm owed £40)

Think that's it as I have fam round today.

[Deleted User]

Morning debtaghh,

Well done on the refund and sales.

You've turned a point and you're sounding more positive

Totally agree about using the savings for a new laptop, it's something you need and will benefit you.

Have a lovely day x