Debt Advice- SOA Posted

MrsSave

Assuming your children are in bed, and both you and your wife are at home, now is an ideal opportunity to sit down together and create a new budget/soa from your next pay day onwards. If you budget £100 for gifts, make sure the money is put somewhere where it won't just be spent on other things, for example.

Make a list of the companies you want to phone, some may work til later on a Sunday, otherwise you'll have to make a plan to do them this week.

Be realistic in your budget. Don't cut things back so far that you're both going to be fed up within a week or 2 and give up, but do realise that cut backs need to be made. Reread what other posters have suggested and I'd take a lot of the suggestions on board.

You are in a very fortunate situation where you are able to deal with this relatively quickly without having to compromise too much.

westlothian

Vikipollard wrote: »

Sorry, but if this is true, your wife needs to seriously grow up.

It's been pointed out that your debt is costing you more than her salary. What if either of you lose your job?

You have multiple "£10-40" withdrawals from your bank that neither of you can account for.

Sad to say that neither of you are in the mindset to either change or tackle your debt. You want to piecemeal at it without dealing with any of the hard stuff (dealing with sulking about Having To Cut Back, and Not Having Everything You Want).

See you back here in a year or two.

I don't think it is likely we will lose our jobs but we do need to get tighter with money and know what we are spending.

westlothian

theoretica wrote: »

That is about £200 - and that amount extra on your credit card for four years has cost you about £160 in interest. Just for not changing it back and paying the debt off.

Very true!

westlothian

Bedsit_Bob wrote: »

Did you include that in the entry for Groceries?

If not, then we've just established where ~ £80 of that vanishing money is going to.

£4 a day doesn't sound much, until you convert it to a monthly figure, then it's a :eek: moment.

I imagine it comes from the many random cash withdrawals.

Karonher

Smodlet wrote: »

If these immature, irresponsible people are allowed to be teachers, heaven help their students. Whatever kind of attitudes must they be picking up from a pair of spoilt brats who think they should be able to have whatever they want, whenever they want it with no consequences? Unless, of course, this is just some bored, spoilt brat on its school holidays?

If they are, in fact teachers, well, it is the school holidays. Get a job at McBurghers, OP, and maybe a clue what real work is like!

Totally uncalled for.

That is purely personal insults rather than advice.

OP you will have both trained hard and will have good qualifications. You have acknowledged your problem and as I work in education - TA not teacher - I know how much hard work is involved.

westlothian

Karonher wrote: »

Totally uncalled for.

That is purely personal insults rather than advice.

OP you will have both trained hard and will have good qualifications. You have acknowledged your problem and as I work in education - TA not teacher - I know how much hard work is involved.

Just the usual teacher bashing
no parental responsibility these days.

Karonher

westlothian wrote: »

Just the usual teacher bashing
no parental responsibility these days.

I've found that out over the last few years. But we do only work for a few hours a day with loads of free lessons don't we.:rotfl:

MrsSave

Karonher wrote: »

I've found that out over the last few years. But we do only work for a few hours a day with loads of free lessons don't we.:rotfl:

Don't forget the long holidays! :rotfl:

[Deleted User]

westlothian wrote: »

Would be great to save all that interest.

It's easily possible (and even more), if you are willing to cut spending, for a couple of years.

It just depends on how determined you are, and how far you are willing to go, to clear the debt quickly.

Make a list of what you are able/willing to cut, add it up, then run it against your debts, on the Snowball Calculator.

There's plenty of scope, in your SOA, for cutting down, but it depends how far you are willing to go.

While other FMs can advise, only you and your partner can actually do it.

Karonher

MrsSave wrote: »

Don't forget the long holidays! :rotfl:

Silly me - how could I forget those long sunny days.