To be permanently skint, despite being on a good salary?

[cherriesandapplesandberries]

On paper, we have a good combined income of around £85,000, although it varies slightly and can even go up to around 90 on a good year.

But we seem to be permanently skint, and I don’t mean not much money, I mean absolutely nothing in the bank accounts, scrabbling round for loose change, stressing about how we will get to work, skint. This isn’t a begging thread by the way, I know sometimes people post on MN wanting others to offer them money and I don’t, I’m just trying to explain how it is.

We do have debts, loans and credit cards plus obviously the mortgage, childcare fees, cars which cost then obviously the needs of a growing family.

I know back when I was a young ‘un I’d have fallen about laughing at the idea my current salary isn’t enough to live on, but I just seem to be struggling all of the time!

You not he

I’m assuming a car is required for any job so that a given . Childcare hours tend to be 7-6 regardless of how many hours you work . I imagine longer hours would require a nanny .
More expensive clothes aren’t a necessity and hardly something you’d be buying if you have debt , regardless of income . If you do then more fool you . Stop making excuses for bad money management.

And before 2013 where have you traveled to ? A 6 year old Audi is considerably more expensive than a 6 year old Renault , especially if you bought it brand new . You need to own your situation, then deal with it .

I can’t keep repeating myself.

Well, I can, but it’s silly.

Childcare is £1500, pretty much DHs salary.

I honestly don’t see the relevance of writing about where I travelled to in 2013, seriously

Apologies, I got the pension contributions wrong

Try around £4500 pm income, but likely to be more as its unlikely that they're both in pension schemes that require a minimum of 10% salary contribution.

And before 2013 where have you traveled to

What difference does that make? 🤔

The OP can’t exactly get a refund on previous travel.

She’s explained the debt was due to unexpected medical costs

The problem is it’s clear the OP doesn’t actually have a handle on her current income and outgoings

Manage perfectly well on £18k with two kids a house I can afford . paid off the mortgage no debts if I can't afford it I don't buy it . old car few cost a few hundred pounds . I don't see a problem if you live within your means .

I honestly don’t see the relevance of writing about where I travelled to in 2013, seriously

One thing we do agree on OP 😂

It’s relevant because if you’ve been earning £50k or similar for several years and chose to piss it up against the wall when you should have been saving it for having a family . Then you only have yourself to blame .

Childcare is £1500, pretty much DHs salary

Well, there will be at least £500 pm left, or else he doesn't earn £35k. Or else he's pissing money up the wall and contributing to your financial woes.

But either way, you have all your salary to pay the mortgage and everything else. You can't double count your childcare costs to prove your point that your lifestyle isn't what you hope it would be, or you don't manage your money as well as you could do.

Because that's the problem for a lot of people who 'feel skint'. Once you can cover your basic costs, a lot of how you feel financially is what you do with your money. Some people can make the same amount of money go much further than others, by simply watching their spending and shopping around. Little tweaks can add up to a difference of hundreds of pounds a month with little difference in apparent lifestyle.

It’s relevant because if you’ve been earning £50k or similar for several years and chose to piss it up against the wall when you should have been saving it for having a family . Then you only have yourself to blame

RTFT

it’s been explained that that isn’t how the debt occurred - it just needs dealing with now

As others have said your combined income per month is £4200 but you have said you have student loans so lets say £3800 and the rough calculations you are giving shows a spend of £2500 where is the other 1300? or am I missing something?

For £3200 a month get a live in nanny ffs. Read the whole post and this lady is off her rocker

You didn’t read it very well Motorbike if you still think the OP spends £3200 on childcare! This has been clarified multiple times - her childcare bill is £1500 (with mention of a possible further £200 but no idea what that is for).

Medical costs could have been paid for with savings if she’s had any . That was her rainy day. Prepare for yours .

I still dont understand how in a joint income of £85k you are only taking home £3,900 a month.

Me neither. I'd be checking the tax codes. A colleague of mine was always skint. When she asked me to look at her payslip, as she thought her sick pay had been calculated incorrectly, I spotted that she was on BR and had been overpaying tax significantly. It went back 4 years and she got a massive refund!

Could 2 x student loan repayments explain it?

chose to piss it up against the wall

Never in my life have I heard travel being described as such. Travel broadens the mind, educates, and makes the world a more harmonious place. Only those who have never travelled would describe it as the above.

Blimey, I’ve given the OP a bit of a hard time because her numbers don’t add up but I really don’t see how pontificating about how she should have had massive savings for medical costs is in any way helpful

Very few people could cover significant and unexpected costs like that

Thanks bear

To be honest, we didn’t have particularly long or meaningful or expansive holidays. One trip to Barcelona, one to Greece, one to Croatia. That’s it.

I get 50k as 3127 after deductions, 10% for pension which would be 2790 & if paying any student loan it could be reduced by another £200

Never in my life have I heard travel being described as such. Travel broadens the mind, educates, and makes the world a more harmonious place. Only those who have never travelled would describe it as the above.

Bullshit . You’re trying to insult me now ?
Travelling is a luxury and not a god given right . You don’t become more intelligent by going on holiday a few times a year .

Wow. Many posters seem to have difficulty in understanding what op said

She pays the childcare of £1500 Loans £500 And petrol food cc £500

Her hubby earns just over they hence her comment that what he earns is paid in childcare

Mortgage I assume is 1300 (tho not sure why you won’t say. You have with other bills ) leaving 400 Towards food and bills

April should be better. I would consider remortgaging. Buying self out and Lower rate , add onto mortgage if Any fess is cheaper then mortgage is now

Very few people could cover significant and unexpected costs like that

Without knowing what they were or how much it was , we’ll never know .

I know you can't change it now OP but did you buy that car brand new in 2013? Buying brand new you are paying a premium purely to be the first owner. It's the most expensive way to own a car. Is it an expensive brand of car? E.g. Audi, bmw, Merc?

Without knowing what they were or how much it was , we’ll never know

I do agree with this to a certain extent.

Based on the fact their must be at least 3 loans (£80 and £20O ending soon plus the other £220 to make up the £500) plus credit cards it implies the debt accrued over time and not in one hit

Childcare hours tend to be 7-6 regardless of how many hours you work . I imagine longer hours would require a nanny

Yes and a nanny would cost more than the childcare hours you describe wouldn’t it @Purpletigers

There not their