Thanks for the replies. Diziet, I agree re: keeping some savings as an emergency fund & then using rest to clear some of Credit card debt. I think the problem is I am nervous of doing this & then finding we need the money, so unsure what would be a realistic amount to put towrads debts.
The cards are already gone & I am anxious to clear the outstanding debts as quickly as possible.
I am working part-time but things aren't too good for the company so no prospect of increased hours at moment. Am looking for better paid but little around. Also, current hours are good for me as they fit in well with school, etc.
GreenQueen - sorry - the figure of €575 is incorrect! It should be €330 per week. Would estimate €80 on diesel, €130 on groceries. Takeaways - maybe €20 once a fortnight & we don't go out to pub, cinema or anything like that.
Any suggestions would be most welcome.
Thank you so much for the help & advice.
Bluebells - I have already set up a budget account with my bank - a set amount is transferred to it every week on payday & this covers all the direct debits & standing orders.
Diziet - thank you for that link. Re: diesel - we live in fairly isolated area - 5 miles to school, 10 miles to town, so mileage racks up quickly enough. Some of that would be used by my partner, which is reclaimable against tax.
Would have to think hard about increasing working hours, although sprog is 12, I wouldn't feel happy leaving them at home alone with no neighbours nearby & also isn't a "mature" 12 year old so would worry what might happen! After-school childcare is not an option as there isn't any readily available locally & cost would probably negate any increase in income. Sorry - that sounds very negative.
I did see that you mentioned a budget a/c, but then you mentioned car tax, service etc., and wondered why these are not budgeted for in the a/c. The CU Budget A/c includes everything - from mortgages to TV Licences.
Hi Bobart, looking at your posts the first question that jumps to my mind is :
Are you looking cut your monthly expenditure to a minimum and take whatever hit on the long term cost of your borrowings or are you looking to try and keep your expenditure on debt at a similar level?
Also, while it is a great idea to budget you should also look at changing your utility provider. If you are after a short term cost reduction then from an advice point of view I would suggest approaching a new supplier for utilities and writing to existing debt providers asking for a drop in payments.
no advice, just good wishes, you are on the right track and knowing that is half the battle.
westgolf
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