Back again for a new challenge

Vikkivik77

 Hi,

I can’t log into my original account but in 2006 I started a  DFW journey, which was not as bad as I had anticipated. I was in 21k of debt at the time and repayments were £600 a month. Then MBNA put the intrest rates up and that was the final nail in the coffin I went to step change although I think they might of had another name then and they helped me go onto a DMP.

I became a single parent a while later and for the last few years I have been a full time carer to my disabled children who are now grown up. 

I paid off the DMP in 2012 and recently I was able to get a zero percent credit card. 

2.5 years ago I was able to purchase a shared ownership place in my own name and I was happy that although we are over crowded it was affordable. 

However I fell off frugal wagon a long time ago and with the increased prices of things of late I now need/ want to be more savvy financially.
I have no pension and I’m 44..
I have a small mortgage which I would like to work towards paying off and I’m currently on benefits as I’m still my sons carer. This means I am limited to how much income I can earn, so I need to focus on spending less. 
I am finding the budget things a bit overwhelming currently as I’m appalled by how much everything is adding up. So I’m going to have to take this one step at a time for now 
But so far I have 




Put  a deposit on a new to me car which will cost half as much to run as my current car, I will be paying cash for this. My current car has cost me 2.5k this year and the new car has less miles and is newer, so I’m hoping to cut my costs by at least 1/3 if not half. I do a lot driving so the car is going to cost me however I look at it. I could have got a cheaper/older version of the car but I need something which I feel will be reliable, I have had my current car 8.5 years since new and feel that the cost of a new car as much as I don’t want to spend the money is justifiable. It’s literally taken me a year to decide what to do about buying a new car so it’s been really considered. 

I have also cancelled
Netflix
audible
iTunes. 

Anyway, this is more for my personal accountability more than anything but hello and I look forward to being part of this new journey. 

fatbelly

I've subscribed.

Well done for getting through the dmp and getting to a point where you can get a proper credit card. You should be able to take advantage of all Martin's tips now on cards and bank accounts. Just make sure you stay disciplined and pay off in full each month.


I noticed the earnings limit for Carers Allowance is larger than I remembered - £132 per week.

https://www.gov.uk/carers-allowance/eligibility

Your earnings are any income from employment and self-employment after tax, National Insurance and expenses. Expenses can include: 

• 50% of your pension contributions
• equipment you need to do your job, for example specialist clothing
• travel costs between different workplaces that are not paid for by your employer, for example fuel or train fares
• business costs if you’re self-employed, for example a computer you only use for work

If you pay a carer to look after the disabled person or your children while you work, you can treat care costs that are less than or equal to 50% of your earnings as an expense. The carer must not be your spouse, partner, parent, child or sibling.