Help please. outgoings huge

culpepper

If you are self employed,you should be able to put some of your house running costs(gas and electricity) ,internet and mobile (if used for work) as needed expenses when filling in your tax forms. There is information about what can be included on the HMRC website.
Talk with your children and tell them you cant afford to fund the extra curricular stuff at the moment so they will be taking a break.
You could wi[e out the catalogue balance with the swimming expense..
The coffee pod thing is a massive amount to spend.
If you want posh coffee, use an aeropress and a bag of ground ,it will be so much cheaper you will wonder what you were thinking .

[Deleted User]

Just to add, once you have done an SOA/finance tracker/spread sheet whether posted here or not it's a great tool to track monthly/annual bills.


Now you know when things need to be renewed so you can shop around in advance and get the best prices. Basically takes away the surprise out of forgotten/unexpected bills.


For example, you could have notes when contracts end such as the mobile/coffee etc. Easy to forget with family life, I know I do...


Cheers

tallyhoh

I hope I don't sound harsh but I totally agree with Iona when she says "I think your family have got used to getting everything they want, rather than what they need"
I have just got over the hair raising cost of a coffee machine (less than £40 in the high st) when I saw your statement "Again learning an instrument each doesnt see like a luxury, and daughter does dance instead of music" especially when your credit is wrecked.

I really think a change of attitude towards your lifestyle would help.

What is the reality if you were unable to work? would your wife be able to cover your basic financial obligations (mortgage etc) by finding employment?

ReadingTim

phil_rich1983 wrote: »

Kids clubs - not something we think should be cut down on. Teaching them to swim is IMO a vital life skill. we moved to a slightly more expensive lesson group about 12 months ago as the class sizes are max 4 rather than 10. Long term they will be 'finished' sooner so will cost less per child in long run. Again learning an instrument each doesnt see like a luxury, and daughter does dance instead of music.

Ok, so what should be cut down instead? The fact is that you can't afford all of these activities, just like you can't afford the coffee pods, the number of haircuts you're having, the amount you're spending on birthdays and Christmas, and so on.

If you're looking for a magic bullet, or some painless way to magic up the additional cash you need, you're going to be sorely disappointed. It's time for some hard decisions, at least until you've paid off some of the borrowings. Then the dancing, swimming etc can resume.

backinbusiness

I have to second what Tallyho said. In the event of an unexpected family event, ie your illness - this situation would quickly become disastrous.

You need a rethink.

Sorry to be harsh, but you're not quite getting it yet . . .

Ilona

I'm sorry OP, but you are not doing your kids any favours by letting them have what they want. They are seeing you as a cash cow, an unlimited pot which they can dip into. You need to change some of your yes's to no can't afford it.

We see this over and over again, resistance to make any changes in lifestyle, yet expect to find money from somewhere to pay off debt. It isn't like that in real life. It's money in versus money out. Money isn't elastic, you can't stretch it indefinitely before something breaks.

Ilona

WorriedFriend2017

I'm not sure you've actually had your lightbulb moment yet. There are definitely things you can cut down on but don't seem to want to?

Candyapple

phil_rich1983 wrote: »

9 credit cards £235 pm minimum payments
kitchen finance £178 pm

Please list all credit card limits, along with outstanding balances.

How much is remaining on the kitchen finance, over how many years?

Do you have any other loans / overdrafts / car finance etc?

tallyhoh

I make your total outgoings £4298.00. given your average income is £4500.00 you are probably spending every penny each month or at least leaving less than £47 per week to cover emergencies or towards a little holiday for the family.

comeandgo

Being self employed, I take it you are putting something aside for tax and NI?