Percypenguins DFW Diary and SOA- let the money roll in!

percypenguin_2

Hi All, well, here is all about me!

I am 24, married with a beautiful 11 month old Daughter.
My hubby works full time and I work part time while my mum looks after my daughter. We are currently living in a one bedroom flat (which we own) and are trying to sell. Problem is with the house prices dropping so rapidly we are having to sell at a much lower price then we anticipated, plus I am having to take a drop in wages after maternity going from full to part time.
I am really terrible with money and am constantly spending- even though I probably don't need what I'm buying! I know I need to be good but I just can't seem to help it.... This is one of the reasons I have come on here as if I have an aim I can motivate myself to do it.
We are not really in a terrible situation but I am hoping it can be made easier for when we need to get a bigger mortgage and my wage drops.

Anyway- heres our SOA

Debts
Overdraft: £2220
Loan: £4531.46
RBS Credit card: £300
(Mortgage: £124452.39- we are on an interest only mortgage for 3 yrs which runs out in Aug. We are in the process of selling and buying a new place so this will all change. I am not looking at including this as debt at the moment)

Income (Monthly)
Wages: £2119.25
Child benefit: £75.20

Outgoings
Mortgage: £569.74
C/Tax: £110.65
Water: Paid at beg of yr £219.00
Life ins: £49.40
TV/ Broadband/ Phone: £40
TV Lic: 11.70
Gas: £52
Electricity: £50
Mobile: £25
Car ins: £30.61
Loan: £197.02
CTF: £20
Food Shopping: £400
Petrol: £150
RBS CC: £13
Bank fee and interest on Odraft: £20
Contact Lenses: £10
Husband lunches: £40


I think thats all. Basically the rest of the money gets frittered away on goodness know what!

My husband has had a bonus so we should be able to pay off the RBS Credit card which will be a fab start:T ! My personal aim is my overdraft- would love to pay it off and switch banks as I hate my current one!

So there you have it! Any suggestions would be great- I have

I have had a few thoughts on what we can do to save money but I'd be really interested to hear what you lovely and experienced money savers think!

Thank you all for reading!

PP

penguin83

Hi Percy - welcome to DFW

Do you qualify for tax credits at all? Check www.entitledto.com to check.

The Life insurance seems high shop around on Quidco to see if you are getting the best deal. Same goes for gas and leccy.

Head over to the Old Style board to get some ideas on reducing your grocery bill and keep a spending diary to see where else you are spending. Its amazing how the odd mags and coffees add up!

Finally - keep posting here you will find so much help and support.

x x x x

percypenguin_2

Hello fellow Penguin! Thanks for your reply!

Will head to Quidco about the life ins. RE: Gas and Leccy- we will hopefully be moving in a few months (as soon as we can sell) so is it worth trying to switch suppliers now? I've heard it can take a while.

We have set ourselves a grocery budget which we are test driving over the next 2 weeks. I think its a bit high so hopefully we'll be able to get a bit lower. Also told Hubby that he needs to being me all his receipts at the end of the day and I will keep a spreadsheet of them.

I feel really determined to suceed. I hope it lasts....

PP

penguin83

No probs pp - we need more penguins in DFW!

Sounds like you have a plan of action all sorted. Good Luck with your ebay challenge with an 11 month old you will soon have loads to sell if you can bear to part with it! I have really got to get to grips with ebay. My kids are 5 and 3 and I have so many clothes and toys that they have never worn/played with!

You will suceed - plenty of positive thinking. x x

boredofbeingathome

Its a Pingu thread!!! I am going to enjoy this.
Welcome to DFW, and for poting your SOA, as penguin says a plan and positive thinking will help. Well done.

percypenguin_2

Meep meep!

penguin83

The theme tune is the message tone on my mobile - is that worrying for a 24 year old?! x x

Cleosmum

Welcome to MSE, can see lots of room for savings, but had too much wine to make sense right now!

percypenguin_2

Hello- well, Day one of my money saving was semi- successful.... I told my hubby it would all start when we did our first budgeted shop today, which I did, but this afternoon. Unfortunately this morning we managed to spend around £50... whoops! To be fair about £35 of it was on wedding gifts so not too bad! Anyhow, came in at £3.84 under budget with the shopping:j ! Woo!! Straight into my under budget remainder pot!

Other news, went to see the estate agent mortgage woman who went through everything with us, inc the cost of moving. OMG its over 8K:eek: !!! I think I am going to be adding quite a few debts to my sig before long!

PP

percypenguin_2

Well- yesterday was a pretty good day as managed to spend under £5- today is looking better too...

Also made £20 on Quidco so pleased with that!

missyp123

Hi there percypenguin....

(Mortgage: £124452.39- we are on an interest only mortgage for 3 yrs which runs out in Aug. We are in the process of selling and buying a new place so this will all change. I am not looking at including this as debt at the moment)

Have you thought about moving to an area where you could get more property for your money? Out of interest what city are you living in?
With a growing family you ill obviously need a bigger home to grow and if you stay in the same area it will def mean a much bigger mtg.
If its a possibility you may even be able to put any equity towards the debts.

Good luck xxx:j