Money woes

[wanderingcloud]

We're in a gigantic hole of debts and bills and we can't sort anything out without money.

We both work full time already, as teachers so not really able to take on additional work (although we do some exam marking in the summer)

We don't have anyone who can help. More and more bills arriving and no way to pay them. I budget already, we've been on debt plans for years, no new credit since 2013 but we're no closer to clearing it.

I don't know what to do.

Aibu to think there's no way out of this for us?

Often in situations like this the thing that makes the biggest difference is increasing your income. You have limited options to do this. Tutoring is one possibility. A weekend evening shift somewhere is another. What about a lodger? Could your children share a room so that you could have a lodger (obvs this is without knowing any of your other circumstances so it may not work). My MIL has had to take in a lodger twice in her lifetime. It was short term pain that did help.

Don’t discount the private school option with cheap accommodation and a readymade community. If you don’t like the idea of private school can you aim for a promotion, head of year or department? Pay would jump, outgoings don’t need to. Our situation isn’t great but know this is our last year before childcare costs start to drop considerably, there is light at the end of the tunnel, hoping to combine that with a promotion and our debts can disappear quite quickly, hope you can manage something similar.

Have you heard of Dave Ramsey debt snowball? There's plenty of information online and videos on YouTube. It's a plan for how to clear debt quickly

WanderingCloud I feel for you.

It seems you've already done everything you can to cut costs, but are still struggling.

That's a good point - is there light at the end of the tunnel in terms of childcare reducing anytime soon.?

Op, making savings is always better because they aren’t taxed like extra earnings are.

Can you buy own label food rather than brands, cut out gym, give up alcohol for six months, holiday at home, take packed lunches to work, scrap Sky..

Can you downsize or get rid of one car?

Have you applied for or are you eligible for 30 hours funding for nursery age child? Think you can get it at 3.

Could you do additional training or apply to become a child minder during school holidays to earn extra income? If you and DH did it you could look after more.

Having four DC in childcare must be a huge strain - are you actually earning enough to cover childcare?

How much do you owe?

Tell Stepchange you are struggling, ask for a review, They are so helpful in my experience.

Their usual advice is that if a debt management plan wouldn't have you debt free in 6 years or so, an IVA or bankruptcy would be more appropriate.

I was thinking the same, Barbara.

I'm also wondering if you might be better (or at least, no worse) off if one of you gave up work, OP. You wouldn't have to fork out for childcare and could even be entitled to some help from Universal Credit if you're renting and your rent is high.

It might be worth checking it out on tunr2us or entitledto.