Debt and credit file

RAS

You've got two large loans. Were they for something specific, or consolidation of debts?

Jack_Bauer87

errr one was consolidation loan from 2017
the other was basically us trying to get by.
Looking back stupid i know.

kimwp

Jack_Bauer87 said:

errr one was consolidation loan from 2017
the other was basically us trying to get by.
Looking back stupid i know.

It's hard to look back on mistakes, but we've all made mistakes in one way or another. Try not to judge your earlier self, but instead look back to understand whether there is anything you can learn from. 

You do not need to share the numbers if you don't want to, but have you done your SOA for your real spend? Trying to change spending habits without knowing what your current spending habits are is unlikely to be successful.

Jack_Bauer87

Thank you
if i did the true numbers on food and clothes presents etc id be huge minus
i lend money of parents most months,
ano it needs to stop and i want to  change.

kimwp

Jack_Bauer87 said:

Thank you
if i did the true numbers on food and clothes presents etc id be huge minus
i lend money of parents most months,
ano it needs to stop and i want to  change.

Ok. Well then you need to look at what you have been spending in each category and work out what you can reduce. For example for food, look at your shopping receipts and as a first pass, remove anything you don't need or are wasting. Replace brands with own makes etc. 

If you do share your numbers, you will get the best out of this forum - not only where you need to cut back but also where you might need to allow more spend. I'd suggest that two adults and four children on your salary would struggle even with very good money management so personally I'd be taking all the help I can get.

fatbelly

Jack_Bauer87 said:

we pay over 10 months council tax .

As things stand you will get two council-tax-free months in Feb and March. If you want, you could ask the council to spread Dec & Jan over Dec/Jan/Feb/Mar, thus halving your payment for the next 4 months.

If you run with the ten-month plan for this year, I do suggest that you arrange for your payment to be spread over 12 for 2023/4, You can usually do this online. I ticked the box for 12 payments to be taken on 20th of the month as that was pushing it out as far as they would let me

Bear in mind council tax is expected to rise 5% thanks to Jeremy Hunt

Sncjw

How old are the kids. Could your wife get a part time job. Could your parents help with childcare? 

NeverendingDMP

Jack_Bauer87 said:

Thank you
if i did the true numbers on food and clothes presents etc id be huge minus
i lend money of parents most months,
ano it needs to stop and i want to  change.

Hi, just to say I saw your soa.and with three kids myself though oops that's tight. Stick with the token payments, find out your true living costs for six months and then go on from there. Food can be reduced if you eat meat free or beige and boring once a week (sorry)  your budget may look possible but once you factor in constant need for shoes, invites to children's, parties, special school dinners, annual school photos (aka rip off) and  donations for own clothes day etc etc I could go on and on. Obv bills and other things may be more as well at the moment. 
Stick with the token payments for now, you can always change this in a year or so when you are ready. Work out your true budget,try and live within your own income and not have to have to rely on borrowing from family. 
The way things are more companies are accepting of a token payment if you tell them that it's probably able to increase in x years when all kids at school.
It's an ongoing process so good luck and don't panic x

RAS

Can I suggest that you have a polite word with the school along the lines of

"Like many folk, we are really struggling with money. Last month the cost of extra things was £xx (you'll know then from your work on the SOA) and it  is getting to the stage where it's mortgage, school shoes or extras for special school days, take and share etc.

If we are struggling, I dread to think what it's like for people just on benefits. We appreciate that you are also struggling as a school, but any way you can reduce the requests for extras, and give a lot more notice?"

You won't be the only ones, and they will need a lot of nudges before they take it on board. Enrichment is one thing but it put those from less well off families under a lot of stress.

Grumpelstiltskin

RAS said:

Can I suggest that you have a polite word with the school along the lines of

"Like many folk, we are really struggling with money. Last month the cost of extra things was £xx (you'll know then from your work on the SOA) and it  is getting to the stage where it's mortgage, school shoes or extras for special school days, take and share etc.

If we are struggling, I dread to think what it's like for people just on benefits. We appreciate that you are also struggling as a school, but any way you can reduce the requests for extras, and give a lot more notice?"

You won't be the only ones, and they will need a lot of nudges before they take it on board. Enrichment is one thing but it put those from less well off families under a lot of stress.

I was watching my local TV news the other day when they interviewed a Headteacher.
 She was trying to justify things like residential breaks for the children but honestly I never got more than 1 day trip in Primary school and I have survived thank you very much.
 It's time the schools realized they can't keep asking for more and more from the parents.