£19k debt with 2 kids and single income, need help on where to start to reduce.

[Deleted User]

venison wrote: »

You say single income but 2 adults? also no benefits, not even family allowance? Have you applied for universal credit?

Yes,my partner won’t be bringing any money in for the foreseeable future so I would like to plan solely on a single income and if she does end up being able to work that will be a bonus.

Also, we get child benefit paid into her account but this pays for a credit union loan we took out until it is paid off.

I applied for universal credit but when they seen my salary I basically got scorned for even applying and told at the job centre desk that I have some cheek asking for benefits when there are people worse off than me out there (Which I complained about after the meeting, I only applied because it said I was entitled on entitled.to website).

[Deleted User]

tallyhoh wrote: »

I would actually leave my card in the house, its a perfectly sensible idea. I also recommend watching Dave Ramsey on youtube for some motivation

Definitely will do thanks, I’m actually listening to his audiobook right now the money makeover. I’ll check out his YouTube channel to thanks.

stingey

I also budget and withdraw money and use it rather than debit cards. Its psychological, you can literally see the money disappear in your hands. Another thing to do is set up text messaging on your banking app or online account to message you everytime you use your debit card. My account allows me to set a limit, mines is £1. Again its uncomfortable being reminded how much your spending. It soon changes your mindset.
Our credit cards are out of our purses and wallets and locked away. We did this for REAL emergencies. This was 4 years ago, they've now expired. We've had emergencies but found we didn't need to use them and actually forgot we had them. Washing machine broke down. Got a 2nd hand one from a charity shop. You find different ways to cope.

Living within your

[Deleted User]

natlie wrote: »

Hi

I am in a very similar position to you, 2 adults 2 kids, my partner works part time from home as has depression and only earns around £5k a year. our debt is much higher but we earn slightly more at around £42k per year - we are entitled to Universal credits of around £300 per month, the application process is not too bad and the people at the job centre are really helpful. Its worth trying if you haven't applied.

Nat

Regarding the universal credit I just responded this to another post

“I applied for universal credit but when they seen my salary I basically got scorned for even applying and told at the job centre desk that I have some cheek asking for benefits when there are people worse off than me out there (Which I complained about after the meeting, I only applied because it said I was entitled on entitled.to website).”

Terrible experience

onwards&upwards

I wouldn’t start an emergency fund while you’re in the debt situation you’re in. All spare cash should be going on the highest interest card.

Read Martin’s take on it here, I agree with him:

https://www.moneysavingexpert.com/savings/pay-off-debts/

onwards&upwards

Have you considered switching your current account to a bank that has budgeting features on its app?

I believe Monzo is good for this.

[Deleted User]

onwards&upwards wrote: »

I wouldn’t start an emergency fund while you’re in the debt situation you’re in. All spare cash should be going on the highest interest card.

Read Martin’s take on it here, I agree with him:

*url removed*

Have you considered switching your current account to a bank that has budgeting features on its app?

I believe Monzo is good for this.

I have heard that advice, makes sense as it could be reducing my interest instead of sitting there.

Also, I would switch but my current bank is offering phone insurance for my self and my wife plus breakdown cover for £16pm, not sure if I could get it that cheap elsewhere but could look around or see if contents could cover phones also.

The monzo app looks great!

Silver_Queen

Please make sure you get ALL the benefits you're entitled to - at the end of the day, if you're entitled, you're entitled. The system is there for a reason, it's to help people like you. Ignore what they say at the desk - who cares what they think.

Also make sure that your wife is getting all the benefits she's entitled to as well.

MallyGirl

LunInf wrote: »

I have heard that advice, makes sense as it could be reducing my interest instead of sitting there.

Also, I would switch but my current bank is offering phone insurance for my self and my wife plus breakdown cover for £16pm, not sure if I could get it that cheap elsewhere but could look around or see if contents could cover phones also.

The monzo app looks great!

breakdown cover can be found very cheaply if the car is decent - use topcashback and look at something like rescuemycar. Does your phone really need insurance - if you lost/broke it you could get a cheap PAYG.

Also, where is the £16 pm in your SOW?

enthusiasticsaver

LunInf wrote: »

Regarding the universal credit I just responded this to another post

“I applied for universal credit but when they seen my salary I basically got scorned for even applying and told at the job centre desk that I have some cheek asking for benefits when there are people worse off than me out there (Which I complained about after the meeting, I only applied because it said I was entitled on entitled.to website).”

Terrible experience

I think any benefits allowed would go to your wife as she is the non earner.