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Why do i never have any money...???

(110 Posts)
Remmy123 Tue 21-Jan-14 15:09:26

Hi all,

This is my first post but I have been a long time lurker, husband and I have been wracking our brains to work out exactly why we struggle so much financially.

This is not something we can talk to openly to our friends as finances are obviously personal, and I have gained alot of advice from this site so far...

Background:

Husband income after tax PCM: 3,400.00-3,600.00
My income after tax PCM: 900-1000

Outgoings:

Mortgage, council tax and utilities: 1,800 (on a very high interest rate due to end in September so will lower dramatically we hope)
Car loan: 130.00
Credit card: 100.00
Next directory: 50.00
Food: approx 600.00
Nursery fees: 300.00

We are overdrawn at the end of the month by £2,800 – is this where we are going wrong????

We go out once a month if that, hardly ever buy clothes, we get the end of the month and we literally have no money and have to borrow at least 200 from my mum and pay back we cannot afford a holiday this year, we really are very tight and get bargains on everything, i never buy new make-up, etc.. its depressing

We are so frustrated as we both work very very hard and when we work it out it seems we should be comfortable not skint

We must have totally over-stretched ourselves with our mortgage but ironically we have had the same mortgage since 2007 and managed when I was on mat leave and husband income was at l east 400 less PCM.

I could bang my head against the wall!

Thanks to those who can help or see where we are going wrong...

Remmy123

Fluffycloudland77 Sun 26-Jan-14 16:38:59

Find out.

Viviennemary Thu 06-Feb-14 19:59:51

You have to keep track of your spending. Write down every direct debit and other standing order and add it all up. Write it on a spreadsheet. No matter how much money you earn you still have to live within your means. On the face of it you have a lot more than many people. So it's all a matter of keeping track.

FootieOnTheTelly Thu 06-Feb-14 20:14:06

You mentioned that it was your DH and DSIL's birthdays.... can you put buying presents on hold until you get your finances back on track. Tell your DH that his virgin subscription IS his birthday present.
I would also not spend a penny on things like the fence and shed until you have some spare cash.
As mentioned by lots of other posters your mobile contracts are really high.

sarahquilt Thu 06-Feb-14 20:16:47

600 is a lot on food.

PollyPutTheKettle Thu 06-Feb-14 23:21:00

I could have written your post. We have 3 bank accounts; one personal account each and a joint account where all shared bills go from. Every month we are hugely overdrawn on each account despite having a budget planner. The trouble is you can plan all you like but unless you actually track your spending the plan does not mean anything.

As of this month I have started recording how much we are spending. I have a specific allowance for food and savings which I tally up every few days. It's been eye opening to say the least. I can see where we have been going wrong now. As a consequence I much more aware of what we have and therefore won't waste it. I have managed to pay £1000 of debt this month!

Metalgoddess Sat 08-Feb-14 10:18:32

Wow £600 on food?! How many of you is there to feed? We spend £200-240 for myself, dh and 2 dcs ( and a cat).

Burma Mon 17-Feb-14 20:21:13

Don't feel so bad, there are five of us and we spend £800 on food blush.

Started to shop at Aldi too to try and bring it down as realise spending ridiculous amounts on food.

OnIlkleyMoorBahTwat Tue 18-Feb-14 17:33:43

Are you sure about the petrol - 40-50 per month isn't very much?

Also does your DH get back all the 'work expenses'. Eg if he buys a couple of coffees a day that he pays for himself, that could be £100 pm or more.

Do you have lots of expensive days out or are you always decorating/improving your home?

Do you spend a lot on gifts or toys for your DCs?

From what you have said so far, it is baffling where the approx £1k pm that you should have spare goes confused sad. You aren't piling it up in a savings plan you have forgotten about are you?

nobodysfool Fri 21-Feb-14 21:29:53

Really helpful info smile

YouAreTalkingRubbish Fri 21-Feb-14 23:52:06

I hope the OP is getting on ok smile

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