Help, outgoings are more than incoming :(

enjoyyourshoes · 24 November 2017 at 11:20AM

1.0 Gambling/ spending semantics

2.0 Green ? (is this the new black?) or do you mean Eco or move to the country?

3.0 Annual etc costs include (but not exhaustive)--most insurances (when pay monthly they charge you a fat interest) car/home/buildings/land etc, fuel (I have oil and solid fuel so tend to be 1/4 ly )

4.0 Related to updating your reconciled bank account with any daily purchases against you bank account like contactless/switch/cheques etc. Doesn't mean that every day you are paying for a specific things, its just that you capture what you have spent against you bank account son you know where you are finical every day.

5.0 I assume you have had an epiphany?

If so you will be analysing and scrutinising all your potential purchasing decisions.

My comment merely states to differentiate NEEDs and Wants. At some stage you must have made a conscious decision to subscribe, pay for mobile etc etc.

If you did not consciously do it, then I am saying, put something between seeing something nice and glitzy and the purchasing moment.

The key is to know where you are financially every day but having a process to accrue future costs and account for daily costs. Its a way of doing rather than merely hoping.

Grumpelstiltskin · 24 November 2017 at 11:25AM

You must cut your grocery spending, as said before you could half it.

This is the link for the Old Style board.
http://forums.moneysavingexpert.com/forumdisplay.php?f=33

gembo69 · 24 November 2017 at 11:50AM

thepurplepixie wrote: »

Is it worth considering bankruptcy or debt management for you even if your husband can't do it because of job?

I am looking into this. Although not sure of my eligibility as on paper I can afford my payments.
My take home wages and child benefit are £1550, and my outgoings are £924 then on top of that what I owe to family, 200 mam, 200 friend and 500 sister. Sister finishes in Jan.
Not sure what they take into account.

gembo69 · 24 November 2017 at 11:53AM

Grumpelstiltskin wrote: »

Unless you live in the most expensive water company areas Cornwall maybe? Then £45 for metered water is expensive, can you check this out? No water leaks etc.?

I thought this myself, will check it out

gembo69 · 24 November 2017 at 11:55AM

Grumpelstiltskin wrote: »

You must cut your grocery spending, as said before you could half it.

This is the link for the Old Style board.
http://forums.moneysavingexpert.com/forumdisplay.php?f=33

I certainly will. Some weeks it can be £40-50, then boom the week after we need every cleaning product, washing powder, dishwasher tablets etc and suddenly its £70-£80.
I do online shopping which stops impulse buys and do click and collect to ensure no delivery costs.

Grumpelstiltskin · 24 November 2017 at 12:42PM

I know you say online shopping reduces the risk of impulsive buys but is it the cheapest?

You will have to get the mind set of shopping with a list and most importantly sticking to it.

Use Aldi, Lidl, Home Bargains, B & M Stores, Heron/ Fulton Foods if you have these shops near by.

By having online shopping you are giving someone else the responsibility of budgeting, you do need to take responsibility yourself.

You will need a completely different mind set if you are going to solve this.

The first vital thing to do is separate need and want, explain to your daughter that you just can't afford to buy and do everything you want and that spending money is not the way to happiness.

Look round charity shops etc. and never ever use credit to buy 'stuff'. The Studio and Very accounts show you have been doing this.

You can do this but it will be hard work

Winterrose · 24 November 2017 at 12:46PM

First of all, well done for being so honest here Gembo, it can't have been easy and at least you're looking your problem head on rather than running away.:)

Great news that your payments to your sister finish in January, that will be £500 for you to put towards another payment - for the next 2 months, could you use the £500 to clear the 2 Halifax cards that have a balance of £500 each? Or clear a few of the smaller accounts (New Look, Studio, Capital One).

Obviously without knowing the details of your relationship or her financial situation, this may not be a viable option, but would it be possible for you to put payments to your mum on hold until you're in a better position? That 200 would be better spent on the accounts where you're paying interest, and could also be used to help clear some of the smaller debts.

gembo69 · 24 November 2017 at 1:00PM

Winterrose wrote: »

First of all, well done for being so honest here Gembo, it can't have been easy and at least you're looking your problem head on rather than running away.:)

Great news that your payments to your sister finish in January, that will be £500 for you to put towards another payment - for the next 2 months, could you use the £500 to clear the 2 Halifax cards that have a balance of £500 each? Or clear a few of the smaller accounts (New Look, Studio, Capital One).

Obviously without knowing the details of your relationship or her financial situation, this may not be a viable option, but would it be possible for you to put payments to your mum on hold until you're in a better position? That 200 would be better spent on the accounts where you're paying interest, and could also be used to help clear some of the smaller debts.

Aww thankyou means a lot.
Sister would always help me out, I'm just so scared to admit what I have done.
Mum is 79 and struggles herself. I have always paid that 200 since leaving home 6 years ago, to make sure she was never out of pocket. I am going to ask if I can reduce to 100.
I am also going to ask my friend if I can reduce 200 to 100 a month.

With all this in mind, don't forget after both wages and child benefit I am already in the red by hundreds of pounds, so these savings would just be chipping away at my deficit. If that makes sense.

Grumpelstiltskin · 24 November 2017 at 1:26PM

Gembo Please spend the rest of today going through everything on your SOA.

Check your Gas and Electric tariffs, can you get them cheaper? Are you in credit and can you reduce payments?

Mobile phones, ring and see if they will reduce, water as I have said check that is correct

TV ring and threaten to leave, see if they will reduce.

Do you need life and mortgage protection insurance?

Groceries as said earlier go through cupboards and fridge/freezer see what you have and just buy this week what is vital.

Then confess to family, but only after you can show you are trying to solve this problem.

Please don't think you have to spend to keep up with other people, you don't.

Pixie5740 · 24 November 2017 at 1:29PM

I understand that you have an issue with gambling which you are now dealing with and that the gambling is mostly behind your £35k of debt but where did your husband's £40k of debt come from? Was he also gambling or has he consolidated some of your gambling debts into debts in his name? Has he been overspending?

Is the £200 you pay to your mum actually a loan or just money you give her to top-u her income?

Yes you can cancel your satellite television package and reduce your grocery shopping a bit but with a monthly shortfall of over £1,000 any cuts to your budget is just rearranging the teaspoons. Yes things will look a bit brighter once you've finished repaying your sister early next year but I think you'll still be insolvent.

Perhaps you should use Step Change's Debt Remedy Tool to see what options are available to you. I second your husband finding out how all types of insolvency will impact his job. You might be surprised as I know people who had protected trust deeds (similar to an IVA but in Scotland) whilst working in the financial sector and it wasn't an issue for their employers.

Help, outgoings are more than incoming :(

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free