I am £94,761 in debt

iwanttosavemoney2008

:eek: As you can tell by the title of this post I am £94,761 in debt :eek: and I want to be Debt free within 10 years. I AM going to make this happen. This is spread over 5 debts, I am going to post weekly to show you all how I am doing and to keep myself motivated to do this gargantuan task (if I think there is someone keeping an eye on me then I keep at it).
My first task this week was to use Martins budget calulator i discovered I am over spending by £1,534.78 :eek: each month so I am looking at ways to reduce this.
Any advice or help would be appreciated even if it is just words of support.
Thanks for being here for me.

I am also strapped for time as I have 3 children Under 4 so it works out better financially if I don't work how can this be???

OOOH can this be post of the month then I will have £50 towards my target! LOL

SOA
Out goings in no particular order
£25.01 Home insurance
£29 BT have debts on account
£41.10 loan for new windows £1700 outstanding
£19 Sky
£13 boiler servicing (cannot do without if the boiler goes my kids'll freeze)
£476.46 mortgage intrest only as can't afford repayment yet
£11.61 tv licence
£30 barclaycard on a payment plan
£41.14 life insurance for me and my OH
£38 per week to my MIL for a loan she took out on our behalf
£29.99 AOL tied in for 2 years i need this link
£10.40 for OH union membership
£120 Child maintence payments
£91.97 council tax
£40 Electric
£35 gas
£10.25 OH prescription charges
£10 per week for doorstep loan
£50 per week cigs I am quitting tho with OH when his prescription comes through
£50 per week food includes nappies
£10 per week bus fares etc Dont drive and walk where ever I can
Also owe family members £1000 to pay back when we can
£130 minimum payment on egg card (they cancelled it)
£50 minimum payment on ASDA card
£10 per week on clothes for kids etc
Incomings
£1,200 OH wages
£69 per week CTC
£175 every 4 weeks CB

All figures are given monthly unless otherwise stated.
I think this is every thing

thevinternet

Hiya - well done for posting on here.

It's a large goal that you've set yourself, but an acheivable one. Everyone on this board is really great at giving support and encouragement, so I think you'll like it here.

May I suggest you post an SOA if you get the chance? There may still be ways you could save cash, if you let us all have a look then we'll see if we can spot them for you.

Best of luck,
V xxx

maytaurus

re;
iwanttosavemoney2008



you'd better see here everyday @least once .......... !


and get at least one good luck cat .....

iwanttosavemoney2008

I have signed up to be a mystery shopper so hopefully there will be some extra income there also I have signed up to some paid survey sites most give vouchers but I can save these up to pay for birthday and christmas pressies as well as get little things we need. So that should save me money!!

iwanttosavemoney2008

Can anyone tell me how to put the info on at the bottom of my posts please it looks really good

cookie9

To add a signature to your posts - sign in and click on the User CP link.

Is your home insurance on the best deal possible? Use cashback websites such as quidco to bring down the cost even more.
Is Sky necessary?
Children's clothes - have you tried buying from ebay or getting some from family members?
Cigarettes - an expensive habit. Well done for trying to quit.
Food - look at the OS board there are lots of ideas on how to feed a family well and cheaply. Use a menu planner.

You appear to have missed out other expenses such as Christmas, birthdays and holidays.

Try to make some more money by doing surveys and using sites such as pigsback.I find the vouchers handy for birthdays and Christmas.

Can you sell anything on ebay or on amazon -use the proceeds to pay off your credit cards.

betti911

Well done for having your light bulb moment. Good luck!

janienewcastle

I know this may not be much help but a prescription pre-payment card which is vaild for a year is approx £102 and you can pay in monthly installments..... Good Luck x

tyllwyd

I think it would be useful to list your debts separately - the total amount owed, the amount you pay monthly and the APR. It would also help if you reorganised your soa to separate the essential household expenses from debt repayments etc., and made all the figures either monthly or weekly.

Does the total of £94000 include your mortgage?

robnye

council tax - is this with council tax benefit taken off..... if not - apply for it
would it be worth you changing to cotton/linen nappies.....? cheaper and better for the environment

how big is your garden..... plant some seeds, grow your own veg......

chevalier

my comments are in blue

iwanttosavemoney2008 wrote: »

Incomings
£1,200 OH wages
£69 per week CTC = £299 a month
£175 every 4 weeks CB = £189.58 a month
Total £1688. 58 a month. Could your OH get a second job, or you get a job when he isn't working? Your total wage seems low to me are you getting all the benefits you are entitled to? Have a look at www.entitledto.co.uk to check.

SOA
Out goings in no particular order
£25.01 Home insurance when this is due again check you are getting the best deal by using a comparison website. Then if you do find a cheaper quote apply via www.quidco.com or www.topcashback.co.uk to get cashback too.
£29 BT have debts on account
£41.10 loan for new windows £1700 outstanding what is the APR on this.
£19 Sky change to freeview? You would still get Cbeebies:D
£13 boiler servicing (cannot do without if the boiler goes my kids'll freeze)
£476.46 mortgage intrest only as can't afford repayment yet
£11.61 tv licence
£30 barclaycard on a payment plan
£41.14 life insurance for me and my OH Can you get this cheaper?
£38 per week to my MIL for a loan she took out on our behalf so £164.66 a month. This is 10% of your income would she take lesser payments for a while to help you get straight.
£29.99 AOL tied in for 2 years i need this link This is a very high charge. Can you downgrade your service?
£10.40 for OH union membership
£120 Child maintence payments Is this income or an outgoing?
£91.97 council tax you can ask to pay this over 12 months rather than 10 to spread the load.
£40 Electric
£35 gas
£10.25 OH prescription charges someone else has mentioned pre payment certificates, which will work out cheaper than this.
£10 per week for doorstep loan
£50 per week cigs I am quitting tho with OH when his prescription comes through GOOD This is £216.66 a month - about 15% of your take home pay and costs you £2600 a year. When you stop if you even put half of this away in separate account, you could have a nice holiday next year. Or pay more off your debts. Good luck.
£50 per week food includes nappies
£10 per week bus fares etc Dont drive and walk where ever I can
Also owe family members £1000 to pay back when we can
£130 minimum payment on egg card (they cancelled it) APR's please
£50 minimum payment on ASDA card
£10 per week on clothes for kids etc I know kids can be expensive. But they can be also self funding so how about ebaying the clothes they have grown out of, and then fund buying bundles on ebay and saving on this.


All figures are given monthly unless otherwise stated.
I think this is every thing

There is nothing on here for car insurance, MOT, tax, servicing, savings for birthday and xmas, mobile phones...

You mention that you owe nearly 95k. Could you put down what these are for, as they are not included (all of them) in your outgoings above.

However if you are overspending by that much, then I would strongly suggest talking to one of the free debt counselling services such as CCCS, Payplan or National Debtline, to see about doing a debt management plan. However I think that you may have a problem if you don't have any surplus money.

Are any of the children taking up the 5 free sessions of nursery placement yet? This would at least give you a bit of time to work on your finances.

You may also want to look at whether your OH workplace does childcare vouchers as this could help with the childcare costs too. Also I think you get a childcare addition to child tax credits if you work, which might make the figures tip more towards you working.

Well done for posting and the best of luck
chev