Should We Consolidate?

EmyrB

@ keren29 - The Argos card APR is I think about 29% or something. Unfortunately I cannot access the shares as they are tied in with my work pension scheme.

@MissEyre -

Council Tax - I shall call them on Tuesday and see if I can spread this accross 12 months.

Oil - Unfortunately my neighbours are a few and far between. My parents are in a cartell and my inlaws pay each month for their oil. I could do what my inlaws do, but they pay way over the odds per litre. I usually shop around for the best PPL but it isn't so good these past few months.

Telephone Line - I am still paying BT for the line rental which is £60 a quarter but I have been shopping around for a bundle deal. Sky is my best bet here.

Mobile Phone - you are correct it can be reduced but as I work a good 40 miles away from home and my wife works 20 miles in the opposite direction, mobile communication is our life line, especially as my daughters are into horses and we need to communicate with them.

Satellite/Cable TV - See previous post. I live in an area where I cannot get TV through an aerial so I am stuck with Sky.

Internet services - I agree, if I bundle with Sky I will save money here.

Groceries - I have reduced this down to £400, but I know we can do better here. This also includes our weekly drinks as we do not go out to pubs, closest is about 5 miles away.

Haircuts - I cut my son's hair with clippers. I visit the barber about 1 every 2 months or so and pay £7.50 wich is £3.75 a month. My wife has long hair and hasn't been to a hairdresser for 2 years.

Pet insurance/vet bills - we own 2 horses and a dog and so it is quite high a month to insure them and cover the vet bills. Factored into this is the horses shoes.

Life Assurance - We took out life assurance for the mortgage and we also have another life assurance because of the distance I have to travel to work (a lot of car travelling) and also because my wife works with horses.

Other insurance - Contents and building's cover.

Credit Cards/Store Cards - Both the cards are at 0% for another 8 months so I will switch when they are due to expire. The argos card I think is around 29%. I think I will put this onto egg or something.

Reading some of the other posts here in the forum where people are really in deep debt and then looking at my SOA I kinda feel like I am bemoaning about nothing. But I have a terrible worry that if I don't take charge now, we will spirral out of control and I will end up loosing our home. Is it still worth having our house for sale?

Cheers

EmyrB

What are these challenges you go on about? How do I get to the old style for the groceries? Ahhhh - so much to take on board....

Prudent

First, I would like to say how impressed I am with how cheaply you keep your horses. Do you have free grazing. Have you factored in winter feed and annual vaccinations for them?

I agree with others that your food bill is high. I spend around £100 a month for two and two picky cats. Only spent £40 this month as I am doing a store cupboard/freezer challenge. If you go to Tesco, do remember even put through £2 in coupons a week will save you £104 per year or a couple of sets of horse shoes

You could also get broadband a bit cheaper. I pay £9.99.

Burlesque_Babe

Link to the MoneySaving Old Style board

http://forums.moneysavingexpert.com/forumdisplay.html?f=33

The challenges sticky from the top of the DFW board

http://forums.moneysavingexpert.com/showthread.html?t=767513

MissEyre

When you say you have the insurances to go with your mortgage, did you take them out alongside the mortgage, with your bank/building society? If so, you are almost certainly paying over the odds, and can get the same (or better) cover cheaper by buying it separately-my mortgage payment protection insurance and life cover reduced from £45 a month through the building society I have my mortgage with, down to £11.25 when I bought it separately. Worth looking into!

EmyrB

@ Prudent - The horses live where my wife works and so she gets livery and feed for free. The only thing we have to pay for is shoes, vet bills and the dentist. Although our blacksmith (who's a master blacksmith) does a lot of the work for free.

@ MissEyre - Hmmm.... I think I shall have a look into this as between all the life insurance, payment protection it is not far off £100 a month.

The good news is that today our weekly shopping cost us under £100 for the first time, which I am really proud of. Not by much by about £1.20, but it is a start, right. I have spoken to my wife and we are going to give this a go and see if we can climb out of our overdraft and possibly take our house off the market. I shall keep you all informed of our progress, and I might add a signature to let others know how I am doing. As for the challanges, the ebay one sounds good, but I am not too sure of the bingo challenge, but who knows, eh

all_hours

EmyrB wrote: »

Ok guys here is my SOA: -

Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 2537.88
Expenses (including secure debts)....... 1970.95
Available for debt repayments........... 566.93
Monthly UNsecured debt repayments....... 150
Surplus(deficit if negative)............ 416.93

according to your soa after all outgoings incl. secured + unsecured debts - you have a surplus of 416. if this was the case then you wouldnt be finding it a struggle.

you and your wife could keep a spending diary for a few weeks - write down every single penny you spend. once you work out where that extra 416 is going each month you;ll be able to plan better.

you havent made any allowance for clothes, school lunches. 10 a month for birthdays and christmas for 4/5 people isnt much -120 a year to cover presents and extra groceries. do you help your son out with uni expenses.

CLAPTON

i'm a little confused ... after all expenses and debts you seem to have a massive 416 each month spare.
so where does that 416 actually go?

start a spending diary and write down everything you spend
go back through all you credit card bills etc and see where the money is going...

all_hours

also, you mention finishing the house - are you spending on materials + tools to renovate. if so this needs to be included in your soa.

chevalier

I would check that all your insurances are with the cheapest suppliers, I switched this year and saved myself over £150! And got cash back from www.topcashback.co.uk.
chev