keeping account

earwig

hi
i have to be honest i havent really done anything to try and get my debt down in fact all i have done is add to it:eek: but yesterday while trying to sort out our money i relised that we could be debt free in three years which is really good so im going to list it all on here so i can keep check on what i iam doing

just a little bit of background information we are a famley of four me dh dd ans ds i dont work due to the fact im a lazzy moo my oh works in the construction idustry my kids are age 8 and 3 we live in rented accomidation and i am hopeless with money though my oh thinks im good at it

now down to debt and soa

debt marbles cc balance 3800 39 per month dmp
natwest cc balance 1500 11 per month dmp
natwest od balance 400 5 per month dmp
next sc balance 500 5 per month dmp
choice cat balance 1100 11per month dmp
hailfax balance 500 5 per month dmp


littlewoods balance 750 72 per month
kays balance 1600 bnpl aprill 08
cap one balance 500 30 per month


so total debt is 10.650 so i need to pay 300 per month of so i can be debt free in 3 years

soa:eek:
rent 600.00
councill tax 144.00
gas 39.00
elec 56.00
water 42.00
petroll 260.00
house in 9.00
t.v 11.00
bt 35.00
sky 20.00
aol 15.00
food 260.00
dmp 80.00
little woods 72.00
cap one 30.00
mum 50.00
sav 160.00
cash 280.00
car in 20.00


total 2183.00

money in we get paid weekly so i have x every thing by 4 to get a monthly amount

487 x4 = 1948.00
46 x4= 186.00
30 x 4 = 120.00
=
2254.00
-
2183.00
=
71.00 left

the strange thing is that we never seem to have any money left so i have no idea what i am doing wrong so adding what i allready pay out in debt is 232 .00 i only have to add 68.00 to it to make up the 3 hundred i need to be debt free in 3 years

just to add the ctc will go down in aprill to 40 per month so iam saving it now so when it gose in aprill it wont notice so much also we need to sav some money for a new car but will go into that another day

Floss

earwig wrote: »

soa:eek:
rent 600.00
councill tax 144.00 Is this over 10 or 12m?
gas 39.00
elec 56.00 Can you cut this down? turn tv's off etc
water 42.00
petroll 260.00
house in 9.00
t.v 11.00
bt 35.00
sky 20.00
aol 15.00
food 260.00
dmp 80.00
little woods 72.00
cap one 30.00
mum 50.00
sav 160.00
cash 280.00
car in 20.00


total 2183.00

money in we get paid weekly so i have x every thing by 4 to get a monthly amount

487 x4 = 1948.00
46 x4= 186.00
30 x 4 = 120.00
=
2254.00 over 52 week year, this actually equals £29,276 - Sorry, but I've found even more money!
-
2183.00
=
71.00 left

the strange thing is that we never seem to have any money left so i have no idea what i am doing wrong so adding what i allready pay out in debt is 232 .00 i only have to add 68.00 to it to make up the 3 hundred i need to be debt free in 3 years

Do you do a spending diary? I bet that will help to find some of the "missing" money. Also, nothing listed for clothes / birthdays / Christmas / car tax / MOT / servicing.....

Hope that helps a bit!

Loev Floss xx

earwig

hi thanks for your reply i dont do a spending dairy i will try though councill tax is over 12 months electric cant do nothing with allready turn things of when using them have energy saving lightbulbs kettle ect it has come down used to be 80 per month:eek:

car xmas birthdays ect oh get a cash bonus of 40 most weeks so we use that for car repairs birthdays and bits and bobs we have allready got christmas sorted for this year we have all the gifts up in the loft have 50 saved f0r the butchers and i have 40 in netor ponits as well i also have a box up stairs so when i go shopping i buy somthing for the christmas box so that is getting full

this eatra money you found :eek: i have no idea what happens to it i will start to look for it though

Floss

Sorry - I've made your task a whole lot harder!

Maybe you could go through your bank statements & check you've got all the DD/SO's noted, and pull up an internet banking report to show how much has been withdrawn in cash to try & find where its gone. I did that & it scared me how much cash I used to let dribble though my hands :eek:

Sounds like you have everything sorted for Christmas etc....maybe that's where some of the money has gone? Have you totted up how much has been spent on pressies / food / butchers etc?

I know it seems like it has vanished, but that money will be somewhere, even if it is put away in the loft!

earwig

what i think i need help with is spilting all of our money into weeks as we get paid weekly but everyone wants paying monthly so it really hard as some weeks we have no money as it all been taking by dd and other weeks we have loads and then we go mad i need to sort out a way of paying a set amount each weeks so we have the same money each week instead of this boom and bust thing we seem to have at the monent any ideas would be good thanks

earwig

Floss wrote: »

Sorry - I've made your task a whole lot harder!

Maybe you could go through your bank statements & check you've got all the DD/SO's noted, and pull up an internet banking report to show how much has been withdrawn in cash to try & find where its gone. I did that & it scared me how much cash I used to let dribble though my hands :eek:

Sounds like you have everything sorted for Christmas etc....maybe that's where some of the money has gone? Have you totted up how much has been spent on pressies / food / butchers etc?

I know it seems like it has vanished, but that money will be somewhere, even if it is put away in the loft!

i will do that i will try and find this money i will also add up every thing i have spent on xmas gulp right off to do my 2 mile hike to get dd from school will dig out every thing tonight and see if i can get back some controll:rolleyes:

In_Search_Of_Me

Can you pay the money into the bank and have a separate bills account? A spending diary is the best way to account for dosh when it seems to vanish...spendingdiary.com even does graphs for you of where it went!

TOBRUK

earwig wrote: »

hi
i have to be honest i havent really done anything to try and get my debt down in fact all i have done is add to it:eek: but yesterday while trying to sort out our money i relised that we could be debt free in three years which is really good so im going to list it all on here so i can keep check on what i iam doing

just a little bit of background information we are a famley of four me dh dd ans ds i dont work due to the fact im a lazzy moo my oh works in the construction idustry my kids are age 8 and 3 we live in rented accomidation and i am hopeless with money though my oh thinks im good at it

now down to debt and soa

debt marbles cc balance 3800 39 per month dmp
natwest cc balance 1500 11 per month dmp
natwest od balance 400 5 per month dmp
next sc balance 500 5 per month dmp
choice cat balance 1100 11per month dmp
hailfax balance 500 5 per month dmp


littlewoods balance 750 72 per month
kays balance 1600 bnpl aprill 08 How much will this be a month? In April you will still have £246.72 left on littlewoods balance if you pay £72 per month.
cap one balance 500 30 per month


so total debt is 10.650 so i need to pay 300 per month of so i can be debt free in 3 years

soa:eek:
rent 600.00
councill tax 144.00
gas 39.00
elec 56.00 Electric and gas together seems very high (I pay 56.00 for both)
water 42.00
petroll 260.00 Is this for husbands work?
house in 9.00
t.v 11.00
bt 35.00
sky 20.00 You are paying bt 35.00, shy £20, aol 15 =£70. If you got sky package for all tv,phone and broadband would be £26 for all saving £44
aol 15.00
food 260.00 WOW! I think you could really cut this down a lot.
dmp 80.00 Sorry don't know what this is?
little woods 72.00
cap one 30.00
mum 50.00 Not being nosey but are you paying her back a debt??
sav 160.00 What is this?
cash 280.00 What is this for - is it allowance for spending?
car in 20.00


total 2183.00

money in we get paid weekly so i have x every thing by 4 to get a monthly amount

487 x4 = 1948.00
46 x4= 186.00
30 x 4 = 120.00
=
2254.00
-
2183.00
=
71.00 left

You really need to keep a spending diary as have been mentioned and really budget, work out how much you can allow yourself to spend each week - taking out a certain amount each week and make it last. Meal planning is an excellent way of saving money when grocery shopping. Make a list before going shopping and stick to the list - no buying on a whim.

cat4772

earwig wrote: »

other weeks we have loads and then we go mad

Earwig

I've assumed that the amounts are monthly and

rent 600.00 weekly £ 138.46
councill tax 144.00weekly £ 33.23
gas 39.00weekly £ 9.00
elec 56.00weekly £ 12.92
water 42.00weekly £ 9.69
petroll 260.00weekly £ 60.00
house in 9.00weekly £ 2.08
t.v 11.00weekly £ 2.54
bt 35.00weekly £ 8.08
sky 20.00weekly £ 4.62
aol 15.00weekly £ 3.46
food 260.00weekly £ 60.00
dmp 80.00weekly £ 18.46
little woods 72.00weekly £ 16.62
cap one 30.00weekly £ 6.92
mum 50.00weekly £ 11.54
sav 160.00weekly £ 36.92
cash 280.00weekly £ 64.62
car in 20.00weekly £ 4.62

I've worked this out by multiplying the monthly amount by 12 (months in the year) and dividing this total by 52 (weeks in the year).

Total you need to put aside each week is £503 which means that you should have about £60 left each week. A spending diary would certainly help you to keep track of where this money is going each week. (although I found it was the 'secret' trips to the supermarket that explained where my money went).

Cat.x

Fortheloveofmoney

I wouldn't say that you're made no attempt at reducing your debt as you've obviously contacted a debt management company and that in itself is a big step. So well done on that :T

One thing I am confused about though is why some of the debt isn't covered by the plan. I thought one of the conditions of a DMP is that no further credit is obtained I'm NO expert on this though. Perhaps someone on a plan can help with this as I think this could make the DMP invalid and there may be consequences for this.

earwig

hi thankyou all for your replys ok answer to some question dmp debt managent plan the other credit i have got the littlewoods cat the debt adviser i saw said i could keep this for emergancys kays one oh one mine what i had before but didnt use untill my dd bed broke so i needed to get her a new bed admitedly i didnt need to buy the cabin bed and matching draws and new matrees but it looked so nice in the book :eek: i have learned a bit since then though as when ds needed a bed i just brought a basic cheep bed from argos for cash this is what i should of done with dd bed

50 mum mum is on pension credit and dosnt have a lot of money my ds whent and droped a glass a blackcurrant juice over her light colored carpet i felt sorry for her as it wouldnt come out and it looked terriable so i brought her a new carpet out of her catolouge and am paying 50 per month untill it clears which i think is may next year

260 cash this is what i take out each week for things like bread milk tobacca school dinners ect and to be honest i dont know what else i spend it on

saving 160 this is my ctc what i get at the minute but it will go down in aprill to around 40 per month we are trying to sav up for a new car more about that latter

food is about as low as i can get it i didnt think that was much for two adults and two kids but will have a look at getting it down more

petroll yes well this is why we want to get another car to be honest that is the bare min on petroll sometimes it can be as much as 80 per week but it dose do 500 miles per week
the sky thing i will look into that

thanks for pointing out that there wills still be money owing on the littlewood debt will pay some extra of that so that will be cleared in aprill

thanks for working out the weekly money for me but when i add up 138 x 4 it leaves me 48 short of the rent as the rent is 600 what am i doing wrong here