Financial Pressures Private Renting

[twiggy19]

Hi guys, just wanting to hopefully get some tips on how you cope monthly with finances!! Hubby and I both work full time, between us bring home £2,500 approx. No tax credits.

Rent £800
Council Tax £150
Bills..
We do have some debts but are paying off the least possible. Including a lovely overpayment of tax credits from last year of nearly £2,000!!
By the time rent, bills, food and fuel are paid we end up borrowing money to get by... in turn adding another debt the following month!?

What is the answer here.... lol it's driving me insane. Did you stop private renting?? If so how... Hope to speak to some of you soon 😊 x

The answer is move somewhere cheaper and pay less rent.

Also, how much are your bills? Anything unnecessary like sky tv?

Can you post a breakdown of your outgoings OP ?

Yeah, honestly that has been first thought all along but far easier said than done. We both work round here, little one goes to school here... If we moved aswell... Travel costs to work/school would outweigh the rent decrease. It's catch 22 ?? X

You do really need to post your outgoings if you want advice on how to cut back.

Bills are ? In theory it should be manageable but you need to quantify what your other outgoings are and reduce them. Break it down in detail, and highlight essentials. If you are making minimum payments on debt you are still accumulating interest charges not reducing the balance. Have you tried taking advice from Stepchange or similar ?

According to what you've provided so far you have £1550 left after rent and council tax. What is the breakdown of how this is being spent?

Sock...
Yeah will do in a little bit. X

Understand about needing outgoings to offer any type of advice. I will do this in a bit. Thanks all x

Can you not get on the property ladder? - £800 is as much as a mortgage repayment

Go to Cituzens Advice who will go through your budget with a fine tooth comb and advise what your options are with regard to your debts. You can renegotiate your repayments to something affordable. Paying the bare minimum is madness, just kicking the can down the road. You need proper debt advice.

You dong have to move areas, you could rent somewhere smaller.

What have you got at the moment?

Brand down, not heinz beans, chose value, or shops own. write down every penny you spend.