Time to fess up..

MissFitt

Hello

I have been a member for years, but it’s taken until now to start this thread. Rather anxious of any judgements or that I may set things out wrong. Every month we “feel” like we struggle by, yet every month we seem to spend more than we earn.

Our 10 year plan starts here and I am hopeful for support, direction and the occasional cyber slap!

This is where we as a family are at;

Husband - police officer aiming to retire at 55 (not at this rate) monthly salary after tax, pension etc £2453

Me - work part time, only state pension with a few pension pots scattered around with very little in them. Now paying into a workplace pension. Monthly salary £1000 ( but varies between £900-£1100)

Child benefit £132 a month

Total income - £3600 a month

Now for outgoings

Mobiles - £10 21st
Mobiles - £10 28th
Mobile - £10 6th
Mobile - £10 6th
Gas and Electric - £120 - 1st Bulb
Car insurance - £48.20 Aviva - 23rd
Buildings and contents ins - £16.80 - Policy Expert - 1st
HSF - £47.50 - 20th medical insurance
Council tax - £172 - 20th
Water rates (South East Water). £52 -
Mortgage (Barclays/ Woolwich) - £874.11 - 20th
MBNA c/c - £100 - around 19th/ 21st min payment
Gym - £84 - 1st all of us tied in to contract
Telephone / broadband - £28 - 22nd EE
Ratesetter - £263.68 - 12th 9k Losn final payment in 3m
Car lease - £331 - 30th includes tax/tyres/full maint
Halifax cc - £60 - 17th/21st min payment
Child 1 pocket money - £5 a week -£20 a month
Child 2 pocket money - £5 a week - £20 a month

Total outgoings - £2277.99

This does not include monthly approx;
Petrol - £50
Dog food - £90
Our food - £???
School dinner money - £???



Debts - we have just moved around to get it all kept on 0%

My accounts
Nationwide £900 overdraft - £400 O/D
Nationwide c/c £3300 - £3000 O/D 0% sep 19
Halifax c/C £1950 0% until aug19
£5350 debt

Husbands accounts
MBNA £4000 0% until ??
Halifax £6136 0% until dec 2019
First Direct O/D £3000 (just managed to pay off £1000)
£13,136

£18,000 of debt

I have only just set up my credit cards and so haven’t set up what amounts to pay off.

I have been moving current account every 5/6 months to pick up cash back.

In theory I can work this out by myself and set budgets but then something comes along is kids scout camps, birthday, Christmas, holidays, repairs or dare I say a meal out and before you know it we are back to square one.

Our major problem is, we over spend in husbands current account. Do a cash transfer to get back on track using 0% credit card and boom we are back with the same problem

We do not have any of the following so can only put it down to our love of food!!

None of the following;
Smoking
Very little drinking
No parties
No hair/beauty treatments

MissFitt

In terms of our regular outgoings, I honestly cannot see where we can reduce any of it? We haven’t got Sky or anything and I have had my health insurance since I was 18 and my children since they were born so no pre existing and to be honest we would be lost without it.

Our gym membership is our only ongoing treat. I have had lots of surgery so swimming is main way to exercise, we also make use of the facilities a lot ie hot showers etc and the cost is for all 4 of us on peak membership at corporate rate.

Mobile phones are all £10 each and we never go over.

Our energy is with bulb and so far we’ve had £700 in cash back although would now consider moving. Our energy bill is higher because we have a hybrid car that we charge at home.

Car/home insurance we always source cheapest possible.

Rest of the bills cannot be changed ie mortgage/council tax/water rates.

We’ve started giving our children £5 a week because it’s easier for us to keep track on how much we give them and it’s much easier and clearer when they say can we xxx and I simply say have you got enough money in your account, if not the answer is no.

MissFitt

Thank you for the tips so far from people on my duplicate post. Sorry I submitted the thread twice ����!♀️

I think we could maybe get our bills down a tiny bit, but I think the issues lie in what we spend through out the month.

My dream would be debt free apart from mortgage in 15 months time, but that means paying off 1200 a month!

That means my whole wages plus a little bit of over time. Which would leave us with only a few hundred a month to survive on and any possible overtime my husband would get.

BookmobileBadGirl

Hello, and welcome. Do not worry about judgements or setting things out wrong, there is none of that here we are all lovely people.

I think one of the first things to look at is where all your money is going each month. Lots of people on here swear by YNAB, but I am too tight to pay for it so use Good Budget; before that I used fudget.

It is fascinating/horrifying where little bits of money disappear to over the month that all add up. Once you know that you can really see where you are overspending, as as you say your budget here looks very good.

Lydia42

Hi
Is your council tax spread over 10 or 12 months? We called our council and they let us pay over 12 months instead. They just don't generally tell people you can do this. Helped us spread payments a little more.

MovingForwards

Sprend the council tax and water over 12 months.

Possibly consider a water meter, not sure if you would save anything being a family but there are water calculators around.

Draw cash out for food shopping and write a list, stick to it and meal plan. Even bulk cook (pasta sauce/spag bol/curry/soup/stews etc) so you can reheat food and not waste anything.

Where do you food shop and what do you tend to buy?

You may want to keep an spending diary for a month, track everything you spend and see where you are being a bit spend-happy.

Hardest part is done, next bit gets easier

pidge04

Welcome!

It is all the bits and bobs that add up, I find. Today in our household: £6 on a birthday present for my daughter's friend, £25 for the council to take away 2 beds, £6 in the supermarket, £20 to have a bed taken back to my parents house. I budgeted for none of this. £57 on what has been a quiet day!
Sorry, that does not help you at all. I empathise though.

Good luck!

UncannyScot

The one thing that stands out to me is the gym membership at £84pm... however, I do note that this is also for swimming pool use and is for all of you.
It may be worthwhile having a search for alternatives.
I don't use swimming as part of my training regime and use a combination of PureGym and a friends gym for my needs which works out at £20 pm and I train at least four times a week.
It's really about checking if you are getting value from it at end of the day, same as with any other service provider...

As for YNAB... I think you'll find actually that the majority of folks on here do NOT swear by it... about it or at it is more likely :rotfl:

Honestly, it's whatever works for you but for me the idea of paying for something like YNAB is not very MSE. Why pay for an app when you can do the same thing with a spreadsheet and a bit o self-discipline for free...

Keeping a spending diary is a great way of tracking where your money is going and on what. However it's having the self-discipline to maintain it...

Good luck on your journey. Keep posting and join in the community, visit / read other folks diaries and comment / chat wi folks

We are by and large a friendly and supportive bunch so if you need any advice or info just post up on your diary about it and a friendly DFW will come along and help