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  • FIRST POST
    • stinabean
    • By stinabean 27th Mar 19, 1:53 PM
    • 115Posts
    • 136Thanks
    stinabean
    Need some control
    • #1
    • 27th Mar 19, 1:53 PM
    Need some control 27th Mar 19 at 1:53 PM
    I am starting a new diary as I've not updated the old one in some time and my situation has changed now I am back from maternity leave.

    The situation is me and my partner have to work full time to cover the mortgage and other essential expenses. Of course this incurs further expenses with nursery fees.

    Luckily work have let me edit my hours so I squish a full time week into 4 days, this means the boy is at nursery 3 days a week and a friend is having him the other day.

    However my credit card spending has been out of control and I'm really going to struggle to get going with paying it back. It's not a colossal amount of debt, but it's enough to make me feel hopeless especially as it's subject to interest.

    I'll be holding myself accountable here and recording how much I pay off of each card, and looking for tips and ideas for paying it off quicker!

    As a minimum, this is what it looks like below:

    Halifax - 1655 owed. Paying 54 a month.
    BarclayCard - 1223 owed. Paying 38 a month.
    MBNA - 1643 owed. Paying 41 a month.

    This leaves me with my child benefit money of 80 a month to spend on bits for boy, such as nappies, formula, and clothing.
    I feel bleak. And it'll be a long journey. But I need to start it.
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 27th Mar 19, 2:03 PM
    • 8,373 Posts
    • 19,186 Thanks
    enthusiasticsaver
    • #2
    • 27th Mar 19, 2:03 PM
    • #2
    • 27th Mar 19, 2:03 PM
    Good luck with reducing the debt.

    Are you in a position to move any of that debt to 0% cards? On relatively low repayments and interest being charged it will take a long time to get the debt down. Are you making best use of government schemes for childcare costs like tax free childcare scheme?

    Ideally you would now stop using the credit cards altogether and live within budget especially as you have less disposable income for the next three years until you get your 30 hours free childcare.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • stinabean
    • By stinabean 27th Mar 19, 2:13 PM
    • 115 Posts
    • 136 Thanks
    stinabean
    • #3
    • 27th Mar 19, 2:13 PM
    • #3
    • 27th Mar 19, 2:13 PM
    My credit score is pretty bad, I assume from the low income coupled with credit card spending. I can get a 6 month 0% but not sure it's even worth it.

    We're going through a universal credit claim but they can't find proof of the OH so he's waiting on an appointment etc.

    Definitely not spending more on the cards!

    Do I definitely get some free hours when he's 3, or does it depend on finances etc? 3 would be great as I'm currently picturing having zero money until he's 5 and at school!
    • enthusiasticsaver
    • By enthusiasticsaver 27th Mar 19, 2:18 PM
    • 8,373 Posts
    • 19,186 Thanks
    enthusiasticsaver
    • #4
    • 27th Mar 19, 2:18 PM
    • #4
    • 27th Mar 19, 2:18 PM
    My DD gets free hours for her eldest DD who turned 3 last September. They have two decent incomes but she only works part time but my son in law is full time. There is an upper limit but if you and your DH are on low income you should definitely get it from the term after your sons third birthday providing your nursery offers it. Until then the tax free childcare scheme works for children under 12 as DD gets that for her second DD. You put so much into an account to pay nursery fees and the HMRC tops it up by 20% so you should get that for your son now. I am not sure how it works with UC though as DD does not get that.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • enthusiasticsaver
    • By enthusiasticsaver 27th Mar 19, 2:20 PM
    • 8,373 Posts
    • 19,186 Thanks
    enthusiasticsaver
    • #5
    • 27th Mar 19, 2:20 PM
    • #5
    • 27th Mar 19, 2:20 PM
    https://www.moneysavingexpert.com/family/tax-free-childcare/
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • beanielou
    • By beanielou 27th Mar 19, 6:29 PM
    • 62,688 Posts
    • 272,189 Thanks
    beanielou
    • #6
    • 27th Mar 19, 6:29 PM
    • #6
    • 27th Mar 19, 6:29 PM
    Happy shiny new diary
    You can do this.
    Keep posting.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • jwil
    • By jwil 28th Mar 19, 8:29 AM
    • 10,284 Posts
    • 35,738 Thanks
    jwil
    • #7
    • 28th Mar 19, 8:29 AM
    • #7
    • 28th Mar 19, 8:29 AM
    As long as you are both working 30 hours or more, you'll get the free hours when your child is 3. It's a real help.

    Good luck!

    Have you looked at snowballing the cards? Pay as much as you can to the one with the highest interest and then minimums on the rest. Once that one's gone, throw all the money at the next card etc. Depending on what the interest rates are on the existing cards, it might be worth getting that 0% deal for 6 months, help you throw some extra at the others for a few months.
    "If you can dream it, you can do it". Walt Disney
    • enthusiasticsaver
    • By enthusiasticsaver 28th Mar 19, 8:55 AM
    • 8,373 Posts
    • 19,186 Thanks
    enthusiasticsaver
    • #8
    • 28th Mar 19, 8:55 AM
    • #8
    • 28th Mar 19, 8:55 AM
    As long as you are both working 30 hours or more, you'll get the free hours when your child is 3. It's a real help.

    Good luck!
    Originally posted by jwil
    You don't need to be working 30 hours or more. That is term time only so you can do 22 all year round. Some nursery providers are more fussy than others when it comes to free hours like insisting you take them all or only using them on full sessions. DDs is very flexible and she can use the 22 hours whenever but I know some others are more difficult.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • stinabean
    • By stinabean 29th Mar 19, 8:42 AM
    • 115 Posts
    • 136 Thanks
    stinabean
    • #9
    • 29th Mar 19, 8:42 AM
    • #9
    • 29th Mar 19, 8:42 AM
    As long as you are both working 30 hours or more, you'll get the free hours when your child is 3. It's a real help.

    Good luck!

    Have you looked at snowballing the cards? Pay as much as you can to the one with the highest interest and then minimums on the rest. Once that one's gone, throw all the money at the next card etc. Depending on what the interest rates are on the existing cards, it might be worth getting that 0% deal for 6 months, help you throw some extra at the others for a few months.
    Originally posted by jwil
    Yeah I tried to snowball in the past and it worked ok, but at the moment the minimum payments seem to be all I can do!
    Will look at the 0% again and see if I can do that to buy some time.

    Baby's only (almost) 9 months so it's going to be a while for help but nice to know it's not too far away in the grand scheme of things!
    • enthusiasticsaver
    • By enthusiasticsaver 29th Mar 19, 10:06 AM
    • 8,373 Posts
    • 19,186 Thanks
    enthusiasticsaver
    Yeah I tried to snowball in the past and it worked ok, but at the moment the minimum payments seem to be all I can do!
    Will look at the 0% again and see if I can do that to buy some time.

    Baby's only (almost) 9 months so it's going to be a while for help but nice to know it's not too far away in the grand scheme of things!
    Originally posted by stinabean
    You can use the tax free childcare scheme now. That is for children under 3.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • VadersDad
    • By VadersDad 29th Mar 19, 10:32 AM
    • 31 Posts
    • 57 Thanks
    VadersDad
    Good luck to you. It's a long road but i'm sure you will get there.
    Barclayloan 17.975 Mortgage 37.626 Savings 2,665/1000.

    No CC or finance


    Every cloud has a silver lining!
    • stinabean
    • By stinabean 29th Mar 19, 10:59 AM
    • 115 Posts
    • 136 Thanks
    stinabean
    Pay day today and it was a good amount, but as I was 400 overdrawn it's not a great day!

    All minimum and essential payments will be made thankfully, however nursery will put me back in the arranged but obviously charged overdraft.

    As the months go on, the amount I'm in the overdraft should reduce until I'm out of it. I can't cut down on my spending as I literally don't buy anything for myself so at least I know I won't be frivolous!

    Considering getting a Saturday job to see if that can help us out short term. I'll be exhausted but I'm feeling incredibly stuck and have a strong desire to get out of this situation as soon as possible.
    Another option is to start selling some bits we no longer need/use but I don't see us getting much money for them for the amount of effort in photos and listing etc.
    • stinabean
    • By stinabean 9th Apr 19, 10:27 AM
    • 115 Posts
    • 136 Thanks
    stinabean
    Have sold a few miscellaneous bits which help our day to day money so we don't need to touch the card for a small while, so that's helped me feel a bit positive!

    However I'm currently quite overdrawn, approx 350 of my 500 overdraft.

    I'm trying to find more bits to sell to bump this up a bit to make next pay day better, and the one after that better, etc.

    I've applied for Universal Credit for help with the childcare costs which I'm pretty sure I should get but I've heard nothing but bad things about UC so my hopes aren't very high at all.

    Fingers crossed!
    • Scott-Weiland
    • By Scott-Weiland 9th Apr 19, 10:45 AM
    • 446 Posts
    • 1,037 Thanks
    Scott-Weiland
    Have you considered doing market research surveys too see if you can boost up your income?

    https://www.moneysavingexpert.com/family/make-money-surveys/
    • stinabean
    • By stinabean 9th Apr 19, 3:51 PM
    • 115 Posts
    • 136 Thanks
    stinabean
    Have you considered doing market research surveys too see if you can boost up your income?

    https://www.moneysavingexpert.com/family/make-money-surveys/
    Originally posted by Scott-Weiland
    Ah yes thank you!! I used to do prolific and couldn't remember what it was called - thanks for reminding me to start that up again!
    I didn't make much money from it tbh but every little helps
    • stinabean
    • By stinabean 12th Apr 19, 9:59 AM
    • 115 Posts
    • 136 Thanks
    stinabean
    I've just applied and gotten a 0% balance transfer card for 6 months to buy myself a tiny amount of interest free time for some of my debt.

    Is it best to concentrate most of my money on this as it's 0%, or put most of my money on the card(s) that have interest against them?

    I think both Halifax and Barclays are getting interest now and I'm feeling so overwhelmed. I wish I could take a break from childcare fees and throw that on the credit cards instead!
    • jwil
    • By jwil 13th Apr 19, 3:33 PM
    • 10,284 Posts
    • 35,738 Thanks
    jwil
    Pay off the highest interest first, just pay the minimums on the 0% card.

    I know the feeling about childcare!
    "If you can dream it, you can do it". Walt Disney
    • stinabean
    • By stinabean 15th Apr 19, 9:21 AM
    • 115 Posts
    • 136 Thanks
    stinabean
    Well Universal Credit have now informed me we earn too much for any assistance with childcare. Which means we're screwed. We now spend more than we earn and I'm struggling to find a way out of it.
    • jwil
    • By jwil 16th Apr 19, 8:59 AM
    • 10,284 Posts
    • 35,738 Thanks
    jwil
    Sorry to hear about the UC claim. Did you look at tax free childcare? That will save you a bit.

    Also is there any chance your DH could also work compressed hours? Or could either of you work from home a day a week? You could squeeze another day out of the childcare.
    "If you can dream it, you can do it". Walt Disney
    • stinabean
    • By stinabean 17th Apr 19, 9:09 AM
    • 115 Posts
    • 136 Thanks
    stinabean
    Yeah I think it's all roller into UC where I am unfortunately. It's made a lot of trouble for people who've moved over to it.

    I already work from home, luckily, and they let me squeeze full time into 4 days already. I can't squeeze anymore time in!
    I'm now considering either a weekend job, or looking for a night shift somewhere just stacking shelves or something to help us out.
    Sadly DH works long shifts as it is, there's no way he could do more.

    Failing that I'll see if work have any more responsibilities I could take on for extra money or some sort of added bonus etc.

    Another thing I realised is most, if not all, bills will get paid. All the essential stuff should be fine. It's literally food that we can edit so I may have to look for some good tips for cheap eating and being more organised in that way.
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