Help! Drowning!

kram · 15 September 2017 at 12:59PM

It would also be worth checking your credit report to see that everything is ok when your 0% deals come to an end.

I hope you get things sorted.

K

xmas_angel · 23 September 2017 at 9:41AM

Ok so quick update, on to week 2 of living frugally and sticking to my 'cash only' budget. Limited ourselves to £150 a week for food, petrol etc. And over the course of 2 weeks have been able to save £80 to pay off towards the overdraft! A large portion of this saving is on groceries, cut my food spend in half to just under £50 a week. It wasn't greeted with much enthusiasm from the husband when I bought home the cheap pizza he doesn't like, but as I pointed out that we were over £40k in debt he'll eat the cheap pizza and damn well like it!!! Or he can have something healthier or already in the cupboard. I think having to use cash and actually see the impact of spending is helping and also by not being able to use our cards it's stopped the whole shopping online and worrying about it later. Anyway just wanted to post to say thanks for all your advice, I'm determined to stay on path and cut this debt to 0!!

Poppy3008 · 23 September 2017 at 10:13PM

We were paying the same in contents as you (also military family with now own home). I changed to a 'normal 'firm to cover buildings and general contents and kept the kit cover only with our old insurers (I think forces mutual) and it has come out wayyyyyy cheaper. We were paying same as you in contents plus separate buildings - we now pay £30 contents and buildings together plus 9.50 kit cover. Though I paid annually for the house this time as we have been here a year and saved specifically - never had to before! I know how you feel - it's hard having had that amazing amount of disposable income to then paying a mortgage etc. Plus council tax direct and water rates!! Once we moved in I started to put monthly amounts away to cover all the annual bills such as insurances ect. X

enthusiasticsaver · 23 September 2017 at 10:28PM

There are some gaps in your soa as someone else pointed out on presents, entertainment and haircuts. Drawing out a weekly cash amount is a good way of keeping track of spends. Another way is to have separate pots of money so maybe the main current account for bills, a savings account for an emergency fund for unexpected expenses (essential), a savings account for annual bills such as insurances, car tax and service, Christmas and presents, holidays etc. You could also keep monthly discretionary income in a separate account for food, petrol, entertainment, personal expenditure.