To be fed up of having no money?

[financiallyembaressed]

Regular on a name change. We literally are living off credit cards from day 10 after payday. We are up to our limit on our cards apart from one that will be soon. I don't know what we are going to do. Tips appreciated.

Dh works ft. I am a sahm looking for work but with 4dcs it's tough. I also have health problems and depression.

Feels like we are stuck.

Anyone?

How long has this been going on for? Has your debt level been slowly creeping up or is this a sudden thing?

Thanks for replying. It's been creeping up since we moved 18 months ago.

Feeling totally over whelmed.

I feel exactly the same.

I feel like I'm drowning sometimes.

I will be watching with interest.

What exactly is it that is crippling you financially? What can you cut back on?

Maybe if you posted your incoming and outgoings we could see where you could save?

Ill have a look at cap. Thanks

Mortgage, loan for deposit on house. Bank charges.

That would be helpful re incomings/outgoings....I can't right now because need to feed baby.

I don't know what we could cut back on. We don't have much to start with.

Sorry, totally. I'm feeling sick just thinking about it.

Your problem has 2 parts,

1. The amount you spend

You need to make a list of all of your expenditure. Separate them into

a) essentials that cannot be altered (rent/mortgage/card payments)
b) essentials that can be reduced (food shopping, utilities)
c) non essentials that are desirable (clubs, activities)
d) non essentials that you can easily do away with (coffees, take aways, etc)

Get rid of all the non essentials that can be done away with, STRAIGHT AWAY.

Add up what cannot be altered.

Add up what can be reduced, and see how you can reduce them. Go onto switching sites to see if you can save money on insurance, utilities, etc.

Go one level down on your shopping - if you buy branded, change down to store brand. DRAMATICALLY reduce the extras, eg sweets and treats. Buy lesser cuts of meat. Explore meal options that cost less (loads on MN!)

See what's left out of your budget.

Add up the non-essentials that are desirable -if there's some money left, you can keep some, if not, then they have to go.
Re think the non-essentials that are desirable - some clubs and outings may have to go. Think of which ones are the best and most cost effective and keep those, but look at ways of doing them cheaper.

2. Debt You need to get the CCs under control. If you can, switch them to a card that will give you an interest free period using them. THEN STOP USING CREDIT CARDS.

Make sure you have paid your essential bills, done a food shop with sufficient essential food to last before you buy/spend on ANY extras.

If you have no money left, then you have no money left.

dont be sorry. asking for help is a good start x

Additionally, look at how you could earn extra money. The lead in into Christmas is the perfect time to get some Christmas work. If cost of childcare is an issue, then try babysitting if your DH is home of an evening. Lots of extra Christmas parties and events that people want to go to and need babysitters for.

Advertise at your DC's school and nurseries, websites etc.

A good start would be contacting a charity like CAP.
They can help you with your creditors and help you make a budget you can stick to.
They may even be able to get some of your debts written off.
Good luck x

Have you looked at care work in nursing homes?? could you manage a friday/sat night shift every week? that may help you x

Get a lodger in.

Can you reduce mortgage payments/switch to interest only?

I recommend the dealing with debt board on motley fool.co.uk. There are some really good people on there who can give you advice. The first thing they will suggest you do is a statement of affairs (SOA) I.e. a list of all your outgoings on a monthly basis e.g. Rent, utilities, food, insurance, petrol, clothes, child expenses including annual bills e.g. car insurance and any payments for loans, credit cards etc. this helps you understand where you really stand financially. they will then make suggestions on how to improve your situation.

Good luck!

There are a few jobs you can do with a baby in tow...delivering leaflets, mystery shopper, cleaning. Babysitting of an evening when your dh is home. Good luck.

I was going to say CAP as well. They've helped loads of people I know.

I'm not sure that a loan for a house deposit was a good idea but if this was from a relative rather than a bank, would they be prepared to take a payment 'holiday' while you stabilise? Also weekend work? Retailers may be looking for Christmas staff. What did you do for a living? Can you do any freelance stuff from home?

I second getting rid of the cards. I haven't used any form of credit for over 7 years, best thing I ever did. Just to add, have you tried appealing to your bank with regards the charges? I once got a years worth of charges refunded when I explained my financial difficulties to them. It's worth a try.