I've nc'd for this as i'm worried I may be blasted as having a 'first world problem' but I'm genuinedly losing sleep over this so I'd appreciate any advice, or just someone telling me it'll all be ok [hopeful]...
So, 5 years ago my finances were shit, I left uni with lots of debt and juggled to try to manage it, it resulted in an absolutely shocking credit rating. Over the last few years I've managed to pay all the debt off, but I've also had a baby so it's been fairly slow progress. I've started paying in to a pension and an isa for me and the little one. my earnings have increased well, and last year we really splashed out, we treated ourselves to some new clothes, a family holiday (our first in 3 yrs) and a second (much needed) car. Things were great. We planned to strat saving towards buying a house when we got home.
The problem is that i work in sales, I sell in to one customer and the bulk of my earnings over the last 3 years were commission. I found out when I got back from holiday that they had a spending freeze, it will be short term but after only a few months of no commission and a bit of overspend whilst on holiday we have debt again, and i'm panicking, it feels horrible.
Current situ is:
£3500 overdraft (£5000 limit) £900 credit card (£1000 limit) £6000 car finance (3yrs to pay)
No other available credit due to shit credit rating mentioned above.
£1700 take home (after pension and company car)- me (over the last few years its been and average of £4-5k) £800 ish for DP (self employed, could disappear at any moment)
Outgoings: rent- 650 council tax- 150 utilities- 100 nursery- 350 (2days a week) phone/sky/internet- 80 car- 170 fuel- 400 (I have 70mile round trip commute) food- 300 mobiles (2)- 80 (contract lasts another year) car insurance- paid annually in advance not due until feb
I cant think of anything else. We seem to just bleed money as we've become so used to having it so quickly. It feels like we are only a month away from being on our arses. definitely no commission coming in July pay and august is looking doubtful too The car tax is due next month (£150 for 6months) and we have 4 weddings to attend plus presents etc over the next month.
Is it awful? I could cry... any advice gratefully received...
Its good you're getting that reviewed, but ultimately, it's hard when you have both people in a couple with insecure/variable income, unless you have a large reserve of spare money to cover lean months.