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Original poster

Can I throw myself at the feet of mumsnetters and will you help sort my finances out?

145 replies

peckarollover · 06/01/2006 15:57

Not sure if anyone can remember my How Do I Tell Him thread of last year?

Basically I overspend massively (its probably fair to say Im a shopaholic), also far too generous with loaning money to family/friends etc.

Gave up work to be at home a year ago so survive mostly on one income though I do now childmind too.

Im sick of turning a blind eye and even though Ive done it many times before I really do now want to sort things out.

I have improved slightly as dont hammer credit cards as much as I did.

I am wasting small fortunes in bank charges not because we have no money but because its in a different bank or I have cheques mounting to hundreds of pounds sitting in the drawer.

HELP ME please

OP posts:
Kittypickle · 09/01/2006 18:49

Next thing to do is to cancel DS's nursery. If you had done this when you said you were going to do you would be £1200 better off than you are now. Also, you need to take into account that although you have paid the car insurance, this will need to be paid again, as will MOT, service etc and you are going to have to find a way to pay for them, so calculate them into your monthly budget. Ditch Sky, go and buy a freeview box instead. And you HAVE to go through the figures with DH.

Gingerbear · 09/01/2006 18:52

I have virgin pay as you go mobile. Call costs higher, but you pay by DD each month, so no need to top up card. My bills are 40% cheaper this way. Also using home phone more than mobile (or sneakily - at work for bank/gas/elecricity etc calls during business hours)

Original poster
peckarollover · 09/01/2006 19:03

Im on uswitch

Anyone with talk talk for homephone?

OP posts:
Gingerbear · 09/01/2006 19:23

looking at switching from onetel at the moment. here is what moneysavingexpert has to say about home phones

Original poster
peckarollover · 09/01/2006 19:57

phew

home phone done

i followed mse martins advise and have bt line rental, justdialsaver for free evening and weekend calls and 1899 for daytime and mobiles

OP posts:
popsycalindisguise · 09/01/2006 19:58

you need to tell me about this
bt have stopped dh's work thingy so dont get free rental etc anymore

Surfermum · 09/01/2006 20:01

What interest rates are you paying on the cards?

Original poster
peckarollover · 09/01/2006 20:13

justdialsaver - register with these people and get free uk weekend and evening landline calls without monthly fee

1899 - join this and dial 1899 before mobiles and daytime calls - daytime calls 0p per minute mobiles 10p per minute peak and 3p per minute off peak

so theoretically only paying 10.50 a month line rental plus the cost of cheap mobile calls

OP posts:
Original poster
peckarollover · 09/01/2006 20:14

interest rate on cards are

hsbc - negotiated 3.9% for life of balance
barclaycard 6.9% for life of balance

cleared the rest with loan from alliance and leicester at 6.9% fixed for 5 years

OP posts:
Laura032004 · 09/01/2006 21:50

Are you only paying back the minimum payments on the credit cards? Can you work out when (by making the payments you're making) they will be paid off? That seems to help set it all in your mind - one day you will be debt free

Hubby's lunch - could he not take packed lunch? Have swapped DH from packed lunch to soup and bread every day. His packed lunch would probably come to £3 per day (four rounds of sandwiches, yoghurts, cake, lots of fruit...), but he thinks soup and bread is great, and that costs less than 50p a day.

Have you sold on E-bay before? It's very easy, and even if you only get a £1 or so an item, it soon mounts up. It will be car boot season before you know it, and you can easily make £200 if you take a car full.

julienetmum · 10/01/2006 10:16

Get onto the \link{http://moneysavingexpert.comamoney saving expert} website now and fill in the online spreadsheet.

There is a list of 10 things to do to make sure you are notpaying over the odds. You need to switch your bank account to take advantage of a 12 month interest free overdraft (Alliance & Leicester is the best deal at the moment plus if an existing customer refers you you both get £50 credited.) and consider using an introductory rate interest free credit card. Its all there on the website along with gas/electricity/phone price compasisons.

Do you have Sky. If so keep a record for 2 weeks of which channels you actually watch and get rid of the rest. You could even try phoning up to cancel and they may offer you a special deal to prevent this (worth a try)

We have totally cut out all takeaways and buying food out (we both take sandwhiches to work)

It is a BRILLIANT website and the savings you can make are astronomical.

Surfermum · 10/01/2006 11:19

Ok, so if you can't get 0% cards - might be worth another try - phone HSBC and see if they'll let you transfer the Barclaycard balance and if so what rate will they offer you. Then phone Barclaycard and say what rate HSBC are offering you and see if they'll beat it if you transfer the HSBC balance to them. This was a tip from Martin whotsit from Money Saving Expert on Radio 2 on Friday.

Original poster
peckarollover · 10/01/2006 22:01

I DID IT I DID IT I DID IT

I TOLD HIM THE TRUUUUUUUUUUUUTH!

OP posts:
LadySherlockofLGJ · 10/01/2006 22:01

And..................

Well done BTW

Original poster
peckarollover · 10/01/2006 22:09

............he took it really really well

Praised me for how well I had handled things and acknowledged he had left far too much to me so thats good

God knows why he was praising me for f*cking up tho!!

Anyway onwards and upwards

Prufrock is doing wonders with me on msn and I feel like Im getting there even though I find it very emotionally wearing for some reason

OP posts:
LadySherlockofLGJ · 10/01/2006 22:11

Onwards and Upwards..............God I love MN

Surfermum · 10/01/2006 22:12

That must be a huge relief for you. Well done you.

Laura032004 · 11/01/2006 17:01

Glad to hear that pecka - I'm sure it will make things easier when you are trying to make economies on things.

Original poster
peckarollover · 11/01/2006 18:31

My sister has just handed me £100 that she owes me and almost immediately by brain starts going "should really go off the debt, but no it will just disappear into thin air if I do that - will keep it and spend it" sounds stupid because I KNOW the debt needs to come down and every little helps but I cant seem to get that really through to myself

Its like a friggin' devil on my shoulder

OP posts:
charliecat · 11/01/2006 20:49

It is indeed a devil on your shoulder, where did you put the 100 quid in the end?

Original poster
peckarollover · 11/01/2006 21:20

Its in my back pocket!

OP posts:
charliecat · 11/01/2006 22:01

It needs to go into one of those paying in envelopes. Or pay a bill with it or something. Make triple sure this month you dont get any bank charges.

Original poster
peckarollover · 12/01/2006 16:03

Update for today

Have been onto Ex and he is upping my maintenance by 25 a month. Not lots but every little helps!

Have also been to see a playgropu today to replace DS nursery so will save 100 a month on that too.

OP posts:
Prufrock · 12/01/2006 16:23

And did you take the opportunity to ask ex to pay it into your newly organised "account for all income"?

I am so proud of you for tackling this - and don't feel that it's your "fault" alone - it's not just you that spent the money so I think your dh is only being fair in accepting blame.

crunchie · 12/01/2006 16:34

Pecka I havben't been on your thread before but you are starting to do really well

I am sure with prompt paying in of stuff and closing down those old rarely used bank accounts you should be able to get much more of a handle on things.

FWIW dh and I have a joint account, and a sole account each. ALL household expenses go out of teh joint account and I put in exactly what I need to each month (on the day I get paid) to cover it. EVERY bill is on DD, so it is all monthly.

This way any leftovers is my money, although I am trying to do a budget for me, atthe mo, of £50 a week pocket money. By actually being aware of that I am easily able to decide what to buy and what NOT to waste money on. Last week I spent less than £10 all week!!

Good Luck, I know it must seem like a huge mountain, but at least the debts aren't getting bigger, by this time next year have a goal to have cleared of £5K or something. This is just £13 a day to save or £96 a month. I bet you could find £96 a month that you have been spend on C**p if you look at your online bills etc

Good luck