Could anyone help?

Loubal_2

Hi there

I was wondering if anyone could give me some advice? I try to be mse but it never works out. I must be doing something wrong because I don't feel that we spend much money but we obviously do or we wouldn't have debts. No one else I know is in this situation and it is quite lonely really. I just need a resurge of energy to start being mse again. Lots of people who post are doing so well and are so positive.

I will post a SOA later

Hopefully yours

Loubal

doodledo_2

Hi and welcome to the board.

I would definately get your SOA posted up as you will be amazed at the advice that comes your way.

I thought we lived quite frugally until the people on here picked apart my SOA lol

CarolynH

Try keeping a spending diary for a couple of weeks? Write down EVERYTHING (and I mean everything, even the odd pennies). It'll give you an idea what you're spending on - you might be surprised at which 'little' things are adding up.

MrsTinks

SOA SOA SOA

And I bet that more people you know are in the same position too but like you don't talk about it and probably get deeper in debt trying to hide the fact that they too are struggling

Have you tried to keep a spending diary?

vandanfc

Could you try just living of cash for a while ? This would allow you to see it being spent and when it has run out that's it. Might make you think more about what you are buying. Take out a set amount ONCE a week - you will no doubt be very surprised if you look at your bank statements and see how often you do actually use the atm.

The spending diary is the biggy though. This will really open your eyes.

rubydoiwannabee

I agree with everyone, until you have made a list of everything and actively made cut backs, e.g.with groceries, it is very difficult to see where the money is actually going.

I am new to this as well, so please don't feel alone. This site is just fab for support.

sparky0107

Loubal wrote: »

Hi there

I was wondering if anyone could give me some advice? I try to be mse but it never works out. I must be doing something wrong because I don't feel that we spend much money but we obviously do or we wouldn't have debts. No one else I know is in this situation and it is quite lonely really. I just need a resurge of energy to start being mse again. Lots of people who post are doing so well and are so positive.

I will post a SOA later

Hopefully yours

Loubal

Hi loubal,
Welcome to DFW, try the links below for your SOA, snowball calculator & try keeping a spending diary, HTH


http://www.makesenseofcards.com/soacalc.html

http://www.whatsthecost.com/snowball.aspx?country=uk

http://www.spendingdiary.com/


Good Luck

immoral_angeluk

If you're not sure where your money is going then a spending diary would be a great idea for you. Keep track of everything and you'll soon see how quickly money disappears. Once you've seen what's happening spending wise then you can set yourself realistic budgets with an aim to cut your spending down.

Loubal_2

Hi

thanks for your responses whilst I have beeen trying to put together a SOA and grappling with the login

All your points are really good and I can see that I need to go away and keep a spending diary as I don't really know were the money is going at the moment. Here's my soa for what it is worth and I will go away and keep a spending diary for a month or so. Hopefully I'll be back then with a truer soa!

SOA

Income
OH Salary 3200
My salary 725
CB 226
Total 4151

Fixed Outgoings
Mortgage 1217
Gas and Electric 177
Water59
t Mobile 41
Endowment 47
Broadband 19
TV Licence 12
Council Tax 166
Insurance (all with Direct Line) 100
(2 cars, building and contents)
Northern Rock Loan 192
(ends 2010)
Total FO 2030

Other Outgoings
Food 800? Yes I know I need to go to old style and implement it!
Petrol 150?
Clothes and shoes100?
Dentist 100
Music Fees (!)
Piano75
Secondary School 55
Primary School 18
Brass 35
Other Children's activities 50
drama,, swimming etc
Entertainment 20
School Trips etc 40
Holidays 100
Total OO 1543

Total Outgoings 3573

Difference 578

(Must be other expenditure as always overspend - need to keep a spending diary)

Debts
Northern Rock - borrowed £5,000 over 5 years due to end 2010
Egg CC 1200
M&S CC 900
£1800 OD

Also had A&L and Natwest CC totalling £15,000 this time last year.

Have been paying these off plus received a lump sum which meant we could pay them off. But I need to stop overspending otherwise we will end up in the same situation again.

I have 4 children and they are all really good at music - hence the fees and I can't really stop these. I look at it as an investment for their future.

We are having foreign students for the next 6 weeks so will get an extra £1500 hopefully to pay off the overdraft.