Young people in debt

January2015

zippygeorgeandben wrote: »

I'm confused - am I seeing 3 lots of rent? Whats the £560 at the top of the post 1? Then 2 lots of £500?

I'm assuming the £560 rent and the £245 bills at the top of the OP thread are rent and bills, and the two lots of £500 are how they share those costs (and also include their groceries etc.).

So they each allocate £500 pm towards these costs. Total allocated = £1,000

This will cover:

£560 rent
£245 bills
£195 groceries

At least, that was my understanding of the initial post.

January2015

Could one or both of you get an evening job delivering fast food such as pizzas? You can make a good amount in tips.

zippygeorgeandben

January2015 wrote: »

Could one or both of you get an evening job delivering fast food such as pizzas? You can make a good amount in tips.

Should I be tipping my Pizza delivery guy?! I just round it up to the nearest pound!

zippygeorgeandben

Me and my partner have a slow cooker. Have you used one? We make casseroles, chilli, tikka masala, stews etc. We have it for dinner, then portion it out and either put it in the fridge or freezer.
It's quite cost effective and you can use some leftover vegetables too.
Also, how about doing a monthly big shop (apart from obvs bread/milk) to stop those 'nipping into Tescos' shops which pile up (£15 here £20 there etc.)

January2015

zippygeorgeandben wrote: »

Should I be tipping my Pizza delivery guy?! I just round it up to the nearest pound!

Not everyone tips I admit - but my neighbour's son delivers pizzas and chinese takeaway (different jobs/different nights). He tells me he regularly makes £30 - £50 a night in tips which makes the jobs worthwhile to him.

LabRatty

Hi,
Definitely keep a spending diary and note EVERYTHING you pay out for at least a month - it's a real eye opener.

Regarding the debts, what APRs are you paying on each? It's not possible to help without knowing. Overdrafts are often an expensive debt, but it depends how they compare to the CCs/loans.

On the other hand, his debt to HMRC might be negotiable. You might be able to get it taken over the course of the next tax year, from April onwards, by adjustment of his tax code - worth asking.

All the best,
LR

zippygeorgeandben

AND - have you been paid today? End of the month? This is your sum for the month of March.

ratrace

Op, both your cars are killing you, from the ammount you say you spend on fuel it dosent seem like you do a lot of miles, yet you are paying for car lease's, petrol, insurance, repairs when needed its way too much especially when you have debts

dont go down the consolidation route your not paying the debt off all you are doing is moving the debt around to make lower payments

you are still young BUT now is the time to learn good money habits for your future and to learn to live within your budget, next thing you know you will want to get married have kids etc... which all cost money but if all you have ever done is bung things on cards and loans then all your are doing is passing habits to the next generation

Imho you should have just bought 2 run around cars instead of comminting to lease (fleese deals) because all we are ever doing is making other people rich, they dont care about your financial situation or weather you can afford your next meal, all im trying to say is now is the time to get into good money habits

sorry dont mean to come across as blunt but im trying to help

anna_1977

I would cancel the apple/icloud and apple music that gives you another £20 per month to pay off debts.
You really need to start living within your means sooner rather than later....before the debt increases.
How long have you each had your cars? Are you over half way through the lease? If so, hand back and get a cheap run around

MrsTinks

Use this SOA calculator instead: http://www.stoozing.com/calculator/soa.php

Fill it in with the actual numbers from your last couple of months of statements. So use the ACTUAL numbers and not what they should be.

Also - car insurance is going to go up sharply due to a court ruling this week - any reduction due to age might get wiped out as a result of that so never count your chickens till they're hatched.

Do your accurate SOA and then it will be much easier to advise you but do NOT consolidate. Paying less per month for your debts will mean paying more and for MUCH longer! Do not do it!