Need fresh eyes on my budget!

in_need_of_direction

the amount set aside for groceries seems very low. Plus I know we advocate for an emergency fund but I’d be putting your cash to paying off capital one

ellenvan

I agree trying and paying down the highest interest paid cards.

In a way you have an emergency option of using a card if you are not up to your limits.

Any option of moving the balance to another interest free card?

Vitor

On the debt side, the key is to reduce interest and remove uncertainty. First, list each card with balance, APR and minimum, and check how long 0% continues. Pay only minimums on all except the highest-APR card and direct a fixed, automated overpayment at that one so it can’t be “borrowed back”. If interest has just started, contact the card providers and explain you’re on UC with health issues, asking for temporary interest freezes or reduced rates, as many will help.

honeybee1234

https://forums.moneysavingexpert.com/discussion/comment/81875593#Comment_81875593

I have just got a 0% card. My plan is to balance transfer the Nationwide balance as the interest is nearly double the minimum payment so that's on my list of things to do.

https://forums.moneysavingexpert.com/discussion/comment/81875827#Comment_81875827

We have looked into this actually, I'm not sure of the current status so I'll check up with them today.

https://forums.moneysavingexpert.com/discussion/comment/81875926#Comment_81875926

Thankyou! Luckily DD at uni is a keen cook so we've been looking at recipes over the weekend that she can stretch out and are easy. My eldest is a bit less organised as they often work wonky hours and have a wonky sleep schedule so I'm encouraging them to look after themselves a bit more and focus on regular grocery shopping.

honeybee1234

https://forums.moneysavingexpert.com/discussion/comment/81876370#Comment_81876370

I have looked into this bit back as the gap between accommodation fees and her maintenance loan is near impossible to tackle even with a part-time job. My concern is I gather Student Finance cast a wary eye over such situations where home status is changed to a lower income arrangement. Obviously there's legitimate situations where this happens, and certainly where I live is more convenient for her to come home when she wants, and she'd much rather live with me so it may be worth addressing.

honeybee1234

https://forums.moneysavingexpert.com/discussion/comment/81876637#Comment_81876637

Kiddo's sports isn't accessible by bus annoyingly and is too far to walk. Cycle is a possibility, I need to check if there's a suitable route as part of the journey is a 50mph dual carriageway that goes over a bridge which has no path anywhere running adjacent and is definitely not a route I'd like them doing in the dark. Will look into this.

The 4am job is the only one she's been able to get regular hours at. She pays for some of the taxis, it really varies depending on her finances at the time so I guesstimated a maximum figure. She's had an online stalker situation for the past couple of years so I worry about her and I guess it's my way of feeling like I'm helping from afar.

elsien

ok. We are here to ask the hard questions, so take this in the spirit in which it is meant.

She should be putting money aside on the good weeks to cover the shortfall in the bad weeks. If the books don’t balance overall then even if it’s the only reliable job she can get at the moment it’s simply not worth it. (unless she can top up with universal credit and cover the costs that way.)

So the question for you is do you feel the benefit it gives her in other ways is worth a hit on your unmanageable budget, and if so why? Not necessarily to answer on here, but just to think about. Other than being her Mum and wanting to help, which you really can’t afford to do.

Spendless

https://forums.moneysavingexpert.com/discussion/comment/81878080#Comment_81878080

is her Dad (your ex) supporting her with accommodation costs. If her maintainance loan has been based on his higher household income then he is 'expected' (though not obligated) to make up the shortfall. We've been supporting a Uni student offspring for the last 8 consecutive years with them receiving the min, in that time rents have risen dramatically and I agree a student's part time wage comes nowhere near being able to pay those costs.

I'd definately look in to the feasibility of her living with you. I'm not sure what evidence student finance will ask for for the change, at a guess I'd say maybe them being on the electoral roll or a bill they have (mobile phone?) showing your address not their Dads.

If you are on friendly enough terms with your ex maybe open up a discussion about why this woud work out financially better for all concerned, especially if he's not or can't afford the student top up in the way he is 'supposed' to do.

Yes it does mean your child will graduate with more debt but they pay back on what they earn not what they owe with the vast majority destined to never pay it off. It's also becoming a political hot potato at the minute so maybe things will change.

In the meantime read up on some articles and ask some questions about whether this idea would help.

honeybee1234

https://forums.moneysavingexpert.com/discussion/comment/81876645#Comment_81876645

Do you think it seems low because I thought it's too high! Admittedly the kiddos are growing into strapping teenagers and eat SO much when they're here so I accommodate that. I shop at Lidl for my main shops, and do a mini shop at Sainsbury's at the start of the month to get anything I need that Lidl doesn't have, taking account of the Nectar offers.

honeybee1234

https://forums.moneysavingexpert.com/discussion/comment/81876691#Comment_81876691

https://forums.moneysavingexpert.com/discussion/comment/81877224#Comment_81877224

I've just got a 0% card so I'm going to transfer my Nationwide balance onto there. I am unfortunately very close to my limits, within 100.00 or so and I have no plans to use them. I am currently paying minimums and I was last year picking the one with the impending end of the 0% offer and overpaying but I barely made inroads after months so it was quite disheartening.

I need to lineup the 0% on the other interest bearing card and dig out the end date.