"Lightbulb moment - 67k down. Need to execute a recovery plan"

enthusiasticsaver

You are doing well to get the debt down so much from your first soa.  If your friend will wait I would tackle the S CC first as it is 29% interest.  How come it was £900 in your earlier SOA and now it is £1200?  Also are you sure the overdraft is only 19% most are around 40% now in which case that should be your priority. 

bamgbost

Thanks for the Comments. 
240 a month between 2 cars. Is that a lot? I used to use 80 a week alone til I changed jobs in January.
You are prob right tho. I think given my wife works from home during lockdown fuel costs prob are a little less. Maybe 150/160a month.

OK will plod. On with friend and Overdraft!

Any other areas to cut spending? Think most are cut to the bone

Singlespeeder

For me the Kids Savings could definitely go on the back burner.

Food could likely be pared down a bit, eat more vegetarian? Bulk cook etc.

Phones are still high.

bamgbost

Singlespeeder said:

For me the Kids Savings could definetly go on the back burner.

Food could likely be pared down a bit, eat more vegetarian? Bulk cook etc.

Phones are still high.

You may be correct. going forward with kids going back to school. But whist home..they have been eating us out the house!

Phones.. not a lot we can do. they are in contract til Oct and Nov respectively. So by Xmas plan to get onto Sim only and save £50 quid there. If u want to leave early, there would be a price to pay wouldnt there.

BookmobileBadGirl

Do you really have £500 left at the end of each month as the SOA shows?

I would stop kids saving and the emergency fund and put that £250 to the debt too. You have an emergency fund and I see no point saving money for the kids future when you are struggling in the now

I agree with what was said above about £300 still being a lot a month for food

all that being said, you are doing really well, if that keeps up for 2021 you will be in a much stronger position

BookmobileBadGirl

One thing that struck me looking at your SOA was that your partner is essentially working just to service your debts.

TheAble

bamgbost said:

Thanks for the Comments. 
240 a month between 2 cars. Is that a lot? I used to use 80 a week alone til I changed jobs in January.
You are prob right tho. I think given my wife works from home during lockdown fuel costs prob are a little less. Maybe 150/160a month.

Depends on how many miles you drive of course, but also depends to a large degree on what you drive and how you drive it. Around 12 miles per litre is a good target to aim for, I feel. Markedly less and you might give some consideration to changing vehicles.

TheAble

BookmobileBadGirl said:

I agree with what was said above about £300 still being a lot a month for food

Folks get a bit hung up on grocery bills around here. £300/month for 4 people is high? I don't buy it. If my own grocery bill was genuinely that low I'd be delighted! 

PommeVerte

TheAble said:

BookmobileBadGirl said:

I agree with what was said above about £300 still being a lot a month for food

Folks get a bit hung up on grocery bills around here. £300/month for 4 people is high? I don't buy it. If my own grocery bill was genuinely that low I'd be delighted! 

I know what you mean, but grocery shopping often contains alot of "choice" items, so if youre really struggling financially alot of those items can go and your grocery spending goes right down when you litterally only buy essentials (no crisps, biscuits, fancy toiletries or sophisticated cleaning stuff etc. Basically anything that isnt for making a meal/wiping your butt/basic hygiene). But i do agree that 300£ for a family of 4 who are buying what they "like/want" without going overboard but not being mega careful is not shocking.

bamgbost

@BookmobileBadGirl i hear you. You are literally speaking facts. But what else can I do about it.  Further more, 2/3rd of the debts were ran up by me. In a bad period. So it bites my partner that we are servicing such a large debt. But I have learnt my lesson, and just want to sort things out. Unfortunately its this big, that indeed i am servicing interest.

And Yes the money is left over as stated.

IN terms of the groceries, yes thats a bit more difficult. There are prob a few items that can be changed to the store brand, etc. but my Mrs and Kids are foodies, and its difficult continually punishing them for my sins! *Its a difficult one. But @ £300 a month, I dont think its that bad..