Coolmum's contribution...

Coolmum66

... to the debt diaries

Hi all.

Ok - so I've been lurking here for ages and reading all the diaries and other threads. I really need to get myself organised - I've not got a massive amount of debt - but I'm fed up owing money. This is my first step - hoping the motivation will flow!!

I will post my soa for all you lovely DFW's to look at and comment on.

A bit of background info that may (or may not) be relevant:

I am a single mum to a teenage son
I work full time
I don't receive any maintenance from ex-husband (don't start me on this!!)

I've got 2 credit card debts - will post full amounts etc when the bills arrive any day now, and I owe Cabot around £4,000 (interest frozen)

Right - off to get all paperwork together to post soa.

Back soon!

millionaire_in_training

welcome welcome. Sort yourself out and come back and see us x Good luck

Coolmum66

How's this for motivation?!?!

Here's my (almost complete) SOA

Monthly Incomings:

My salary - £951.67
Housing Benefit - £160.98 (£148.60 Paid 4 weekly)

Total £1112.65

Working Tax Credit £12.85
Child Tax Credit £45.49
Child Benefit £18.10

Total - £76.44

Monthly Outgoings:

Mortgage/Rent - £600
Council Tax - £78
Gas & Electric - £32
TV License - £11.37
Sky £18
Phone & Internet - £50
Car Insurance - £16.44
Life Insurance & Critical Illness £20.30
Water £19
Contents Insurance £8.59

Total: £853.70

WTC, CTC & CB - I get these from the post office weekly and spend them as follows:

Food and other shopping (inc petrol) £62.50
Car tax savings £2.50
Cabot Financial £5
My spends £5

Total: £75

Barclaycard £2,900 (?) outstanding, credit limit £3,600 17.9% interest
B/C Flex Rate £375 (?) outstanding, credit limit £500 ? interest
Cabot £3,965 outstanding no interest

Right: Answers to what I think may be your comments!!

Housing - the house I'm in is actually one of the cheapest where we live. This is on an assured shorthold tenancy agreement. I am on the list for every HA but don't have many points!!

2nd job - this is the first time that HB and Tax Credits are running smoothly. If I got a 2nd job it would mess them both up and as this is the 1st year EVER that Tax Credits have not said they've overpaid me - well - let sleeping dogs lie hey?

Food - This may be a bit high for two of us (mind you my son could eat for Britain!). Am a lazy cook and having had "issues" with food for a very long time - may need help with cutting this budget!!

Anyway - please, have a look and let me know what you think!

Gemmzie

You have two lots of housing benefit or should one lot be Child Benefit?

Sky - Get their broadband for free or if you/son are heavy users £5

Check you have the cheapest gas/electric/car insurance - try quidco.com . It may be the same price but you'll get cashback so it'll end up being cheaper

Floss

And get over to the Old Style board for help with cutting your food budget

Also look at Virgin for a 3part bundle for tv phone & internet

Coolmum66

Gemzie: - was meant to be child benenfit - have changed that!

Broadband - am in contract with BT - must dig out paperwork and check when that can be changed. Have thought about Sky already

Had £90 back from gas/elec last bill. Checked previously and seem to be on the best rate thingy.

Car Insurance - just changed car following accident. Due for reneal in March so will def check via quidco

Floss: Not too sure if Virgin are in this area. As tied in until ??? will check paperwork and compare sky and virgin.

Will also check out old style board - must, must, must menu plan!!

Thanks for your replies guys - keep any advice coming!!

taxi73

Just wanted to say hi and welcome to MSE...all the things that I was going to suggest have already been suggested so I will wish you luck

In_Search_Of_Me

another welcome from me too! Happy sorting & have you started spending diary? It does make a difference!

Spirit_2

Hello :hello:

How lovely to be a 'Coolmum'. Something I will never achieve! Well done on posting. It does take courage to get started.

Along with all the advice you may find the following tools will also help;

• https://www.spendingdiary.com
• https://www.whatsthecost.co.uk (to work out how to schedule your debt repayments)
• The demotivator tool on this website - a fun but thought provoking look at the accumulated cost of the 'small stuff'.

I have had to take an axe to my food bill, and the old style board has helped. The storecupboard inventory and meal planning have changed our eating for the better. One small tip (that has worked for me) is I have taken to regularly making puddings - they really help fill up teenagers .

Keep posting

tealady

How old is son, old enough for paper round or other part time job?

floss2

tealady wrote: »

How old is son, old enough for paper round or other part time job?

Don't forget he has to be over 13 to get a part-time job, AND have a permit from your local Council's Education Office. I know as I used to employ the little angels!

Suggestions (and before any one objects, I haven't worked for a publishing company for almost 4 years):

• Better paying paper rounds - paid-for-paper round with local newsagent, or newspaper companies who run their own delivery scheme (eg Newsquest or Trinity Mirror - national companies with regional weekly & daily papers - look on their local newspaper websites for jobs)
• Not so well paying paper rounds - free papers - LOTS & LOTS of leaflets to go to each house, lots of papers