an ever decreasing circle of debt

mum2one

redrolo wrote: »

I went through the budget planner Martin has on here. It is very detailed. I just didn't want to post it completely as it seem extensive!!:o

Mortgages 1808 (975 to Abbey on current house (fixed at 4.99 for next 14 months), rest Edeus on other house (.25 above BoE)
B&C insurance across both houses £30 (consider shopping around at renewal, ring for quote, go online then if swop look at quidco, money back)
Overdreft interest £39 per month (can you not contact the bank and make an agreement re od interest)
Council tax 168 (is that spread over 10 months, you may be able to ask for it to be paid over 12 months the next set of payments - based on this yrs over 12 months would be £140 - save 28 per month)
Water 27 (on meter) (is there anything that cone be done to reduce consumption - flush toilet less, full load washing, boil on what you need in kettle)
Gas 75 (with Scottish power, now switching to BG) (good that your swopping - look at how its used - can you knock thermost down 1 degree, if its central heating can you adjudttime, knock 10 mins a day off, week later knock another 10 mins off) - also consider usung quidco to change through money back)
Electric 25 (as above) (dont leave items on standyby, uses 90% of the elec as if it wason, get into the habit of turniNg off lights, only boil kettle with amount of water needed,)
Home phone (inc line rental) 25 per month (maybe consider joining home phone with internet - may geta better deal)
Internet 16 (BT) (as above)
TV licence (11)
Wifes phone (20) (is that contract or pay and go - if pay and go - try looking at swopping, lots of companies give free offers subjetc to top up (02 - top up £15 pm, get 150off peak mins, + 300 free texts + free voicemail - per month, 10% top up back every 3 months)
Food shopping (inc toilletries etc) 70 pw (look at shopping list, try downgrading a band, egtrsco finest - to tesco regular, look at preparing more meals from scratch, look at old style boards, look at preparing menu planner)
Food for work (I each with clients and contractors) 20 (is there any way that this figure can be reduced, even if you can lose 1 day aweek)
Food for work for wife 10 (can she not take a packed lunch in)
Car insurance on wifes car 35 pm (am changing in March to 20 pm)(sjop around, look at cash back sites - quidco)
Tax 10 pm (fair enough)
Diesel 25 pw (can you not reduce some of the mileage, - look at loyalty crads, morrisons, tesco, )
Car HP 320 (have you got much longer left on this agreement - what is the apr your paying)
Credit cards - 450pm (2 x virgin 0% next 12 months(total balance 8.5k), 1 x Egg 6 months 0%(1.5k)(use snowball calculator - will find link - this suggests where to put money for best way to reduce debts - is the £450 the equivalent of the miniimum payment or are you paying more)
Halifax loan at 6.9% outstanding 6.8k 24 months left (thats good at least you have an end date - is there a chanceyou could of been missold ppi)
20 in child trust fund (whilst I see where your coming from, at the moment that £20 pm would come in a lot better on debts,- even if you put an iuo piece of paper in a tin or every £20.00 you dont pay then when your in a better financial state, yuo can add a extra bit of money in and then start replacing the £20.00 pm)
20 in emergency fund (yes a good idea in theory, but at the moment your spending more than is coming in - so that needs to go for now)
Child care 69 pm (this goes to nothing in march as daughter will get government funding)(thats only 2 months left - come March will you be able to use all the allocated goverment slot- ie you have checked that you need to pay any more -also have you checked incase youare entitled to the childcare element of wtc)
Sky 28 pm (this inc multi room). Current house has not terrestial aerial, which would be £400 plus, so sky was the cheaper option.(is that the cheapest package you can get from sky)
Dental insurance for OH and me 30 per month. We both have really poor teeth (can you not take a break from the policy - or is there an alternative)
Hair 30 per month for the 3 of us (got to be cut back do you all need a hair cut every month - reduce that to every 6 weeks, in a yr that would save £120, reduce it to every 2 months - 180 saved)
Contact lenses 19 pm (are yo getting the best deal, are youtied into the opticians or do you buy your contact lenses direct - what way are your lenses - daily disposable, monthly change - look at direct sites,consider changing your solution - is there any chancd you could wear glasses part time ( even at home0 - reduce the need for so many contact lenses

This tends to all go on daughter as she is shooting up rapidly (you dont need to spend £50.00 oer month children grow up so quick - consider buying just as you need - chane where you usually buy clothes - for muckingaround in the summer (were due better weather - great summer items at Asda)
One offs (at xmas time/birthdays) would work out at 83.33 pm. (You realy need to reduce this figure - try doing a spreadsheet, one 4 birthdays - 1 for xmas, allocate spend, look at ways of reducing who you buy for.
For example if your all expected to buy for everyone at work 4 xmas - suggest secret santa, - youd be surprised but other people may be in same boat but dont know hoew to suggest it.
look at sales - start planning ahead



Sorry its so long, but you did ask!!

Thank xx

Hi
Ive put some suggestions in red, I dont mean to sound harsh, just tryng to get you to lok at ways of saving, obviusoly somethings can give others cant.

Have you signed up for cash back sites, I use
Quidco
Mutual Points
Greasy Palm

not just use for purchaes - you can use them for daily clicks - free money

Any item that is for renewal eg ins always shop aroundd.
x

mum2one

Hi

me again

the snowball link is
http://www.whatsthecost.com/snowball.aspx

mum2one

My tightwad tips

Tightwad tips Birthday – Xmas

· Set up spreadsheets,
· one for birthday, one for xmas,
· Put each persons name down with the ideal budget that you would spend on them, say
· If you can recycle presents that’s brilliant – but make sure you put a note with it, or somewhere safe, so the same person doesn’t get it back!
· Joe Bloggs – budget £10, got spiderman handheld game for £5.00 instead of £10.00, then don’t go and spend another £5.00 to make their present up to £10.00, the original price would have been £10.00,
· Moral is you have saved £5.00, they still have a present that would have been £10.00
· Birthdays – aim for Mid Jan, to have any birthday presents for Jan and Feb brought, got no birthdays in one month then aim to get the following months brought
· Get all wrapping paper and xmas cards in the sales
· Say if you were doing a hamper for a person, try and got for 2 same for different people –buys packs and split them , eg – 4 pack shortbread, cappacino sachets
· Try and look at your xmas / birthday is there someone you can knock off, me I’m not being tight but if say not had a birthday present or Christmas card in a year, then the following year don’t purchase for them
· If you have a large family, suggest that you all just buy for the kids at xmas time – saves a fortune
· Argos – they have sales on all the time, - the best are mid Jan and mid July when the catalogue ends, earrings they come in plastic bags – get some small gift boxes so say 1 set of earrings has 4 pairs – that’s 4 presents
· Birthday wrapping – Buy from cheap card shop most do 10 sheets for £1.00
· 5 x female, - same design for all 5 sheets
· 5 x male. Same design for all 5 sheets
· Keep one sheet paper away from the others, use this as tags, cut round the flower or car use this as the gift tag
· Start of the year – set yourself a file up with all the cards you need 4 the yr – Aunty, Uncle etc – bulk buy so you have cards ready to give.
· Always have wrapping paper at home, that way its not a last min rush to the corner shop
· When buying a present from Poundland, try and remember to check the box, as some of them don’t have Poundland logo on and it then makes the present look more expensive
· Depending on your family eg- me, my daughters at school between Sept and Dec she had 5 party invites, always have a couple spare presents ready.




Ebay

• Try and avoid selling on a 10p listing day, although its money saving, the market gets flooded, great for buyers as you have more choice
• If you post a parcel, always post it recorded delievery, as if it goes missing it can be traced. (basically your buyer says they have not received the item, yes you have proof of posting, but that could take 3 weeks b4 a claim can be put in, if the person paid by paypal, then paypal are liable to believe the buyer and refund from your account
• Sounds daft, but sell at the right time of the year
• Example – my daughter has grown out of her summer clothes, now I could put them on in Sept, get few pence, or wait till Feb, (b4 they hit the shops, people have finished the xmas bargains, and are looking 4 summer items, also people go on holiday)
• Certain items may sell better near xmas, Xmas 2006, daughter had V-Tech Smile + pileof games, used it couple times, doesn’t want it. But kept an eye out on listings, games used were going for 99p, but come Dec – I put mine on used ones started 99p – sold between £5.00 and £12.00
• General way I work is – sell at the right time, but buy afta xmas, and also end of season.

Extra Money Ways.

• If you are on Pay and Go on mobile network, use Boots to top up, they have the best loyalty scheme, 4p in £1.00, also do triple point events (12p in £1)
• Any extra money, eg ebay, surveys, reward from cash back sites, put that money in separate account, ready for xmas, or put it up towards a treat

· If you have any money off vouchers, use them and put the equivalent cash up in a tin.
· Also look for money off vouchers, some Tesco stores and Asda accept money off vouchers, espically handy if you are doing a top up, or small shop use self scan till, more likely to accept the voucher than an actual cashier.

• Shopping – never go on an empty stomach you buy more
• Save a shopping list when you have done a big shop then cross off the items as you use them, put them on the to buy list
• Do I really need it, new item of clothing mark it out of 10, if its 7 or 8 sleep on it then see next day
• If you have a Tesco that has recycling facilities – use that 4 items to a penny – but if your saving up for offer ( remember that points are quadrupled
• Make sure you set yourselves regular treats- doesn’t have to be expensive- even a packet of chocolate biscuits
• If your going on a day out check the website as they may have special offers that can be printed off
• Recycle ink cartridges through Tesco (if there ones that you don’t refill) – pick envelope from till point, once received they credit you £1.00 in clubcard points
• Cinema – look if your cinema has a bargain day or if you’re an orange customer take advantage of 2 4 1 Orange Wednesdays
• Want a treat – sign on for the free movie trials on all cash back sites – but make sure you cancel before the end of the free trial and that you obtain proof of posting from post office
• Ebay – sell on ebay – avoid the 10p listing days – method in my madness – bear in mind that if there is an offer on like that everybody routes the wardrobe and lists all and everything- market gets flooded – good for buyers as you have more choice
• Asda and Tesco stores – if you collect the money off vouchers and only buy a few items (say top up shopping) go through self scan till and use the money off vouchers
• If your out of contract with sky or internet company – ring them and say the package is too expensive you want to cancel – there change you departments there say its cancellation department (customer retention department) – sky best time Tues or wed – they tend to save the deals to end of there week.

• Never be afraid to ask for a discount in Currys, Comet etc they all have some flexibility
• Argos – always look for sale leaflet, best sales are mid Jan and Mid July when catalogue changes – some best buys
• Use Argos website – normal sales once a month – I use order online and collect service
• If item out of stock and you really want it, text the item to argos – need to know store number (back of book)
• Eg silver chain cat no. 123/4567, store number 123
• Text 1234567 123
• If item in stock you can reserve, if not you have the option of staying on list and they will text you when back in stock, Come xmas time this is a godsend –