Jump to content

I need help!


  • Please log in to reply
10 replies to this topic

#1 alittlebit

Posted 11 April 2012 - 11:50 AM

Hi



Iíve gone anon for this Ė Iím not very well known but just being cautious.



Iím in a bit of a Ďpickleí with my finances, and hoping you guys might be able to give me some direction.  I am usually pretty good with money and had a very strict budget, which worked but it has all fallen over due to unexpected and unbudgeted expenses plus a lack of time.  Iím feeling a bit lost Ė I know weíre not in a huge amount of trouble (well I hope not!), but would like to get back on top instead of playing catch up, and have some savings in the bank again.



First Iíll list our income, then whatís overdue and then our usual expenses:



Income:

Me: 1893.00 per fortnight

DH: 1270.00 per fortnight



Regular Expenses:

Mortgage: $2000 per month (I have a split loan and pay a lumpsum payment monthly, and two smaller payments fortnightly)
Loan: $105.00 per week


Petrol: $80.00 per week

Food: $160.00 per week

Childcare: $470.00 per fortnight

Mobile phones: $90.00 per month

Internet: $50.00 per month

Interest Free furniture: $200.00 per month

Electricity: $150.00 per month

Phone: $70.00 per month

Gas: $110.00 per month

PHI Insurance: $83.00 per month

House & contents insurance: $110.00 per month

Car insurance: $34.00 per month



At the moment, I have outstanding childcare bill of $900, school fees of $440, electricity is due next week and I think thatís about $500 (or $600?).  There is only about $1600 in the bank at the moment and the mortgage is due to come out tonight ($1600).  DDís birthday is next week, so we donít get paid before then.  Iíll need to shortpay the mortgage to get her present, let alone food etc. for the week. I think I can redraw about $200 from the mortgage as well if I need to.



Basically I need to be able to get back on track before the next big mortgage payment is due (12th of every month).  I know itís not ideal, but I donít mind short paying it this week (I get paid next Friday 20/04 so will be paid in full then) if it means I will never have to do it again IYKWIM?



Iím not really after anyoneís opinion on how we got into this mess Ė just after some help on how to get out of it.



Thanks in advance J

Edited by alittlebit, 11 April 2012 - 11:51 AM.


#2 alittlebit

Posted 11 April 2012 - 11:51 AM

Sorry the post has gone a bit funny - I did it on an email and then copied and pasted it.

#3 PrincessPeach

Posted 11 April 2012 - 12:06 PM

Are you able to contact the bank, make half the repaymnet when it is due & the other half of the repayment next friday, or better still, see if they can delay the repayment until next Friday.

Usually being upfront with your lender results in more favourable treatment than not.

#4 MummaDiva

Posted 11 April 2012 - 12:24 PM

Absolutely contact your lender.  Ask if you can forego one payment this month (which will give you some leeway for basic living expenses), and pay it back spread out over the next three months or six months.

Also, talk to your day care immediately. You may be able to pay off the outstanding bill over a few equal payments.  Make sure you stay on top of your childcare bill - if they get sick of you not paying, you may well lose your place, then one of you won't be able to work, and you WILL be in huge trouble then.

If the school fees are for a school in the public system - just talk to the school and make a part payment plan.  You can probably take the rest of the year to pay that down, maybe $50 a month to start.  I think even the private schools will show some leniency.

I would see if you can pick up an extra $200 - $300 of work a fortnight, and slowly dig yourself out of the debt hole you are in.  If you can't pick up more hours at work, one of you may well need to get another job - just for a few months until you get your debts paid off and savings plumped up.

#5 Charlies Angel

Posted 11 April 2012 - 12:27 PM

Arrange split repayment on your home loan.

Pay childcare, school fees on credit card to buy some 'breathing space'. DO NOT add anything else.

Dramatically slash food costs over next month (use up all staples/ extras in your pantry).

Go lowkey for your DD's daughter - ie make a big fuss but not OTT on presents etc.

Arrange direct debit of surplus funds (and there should be ~$500 each fortnight) firstly into the credit card to pay for above expenses, and then into an online savings account so that you don't find yourself in this situation again.

#6 alittlebit

Posted 11 April 2012 - 12:39 PM

Thanks for your replies.

MummaDiva - I kind of already have a bit of extra money coming in with DH's overtime.  He worked over Easter, and will be working this coming weekend, so we'll probably be about 1k or so richer on the 25/04.  I'm not interested in picking up anymore work - I don't see the kids enough as it is sad.gif.  I work FT and so does DH, with some weekend work thrown in as well for him.  He earns more than me, but we salary sacrifice his income with one of our cars, which reduces his wage.

Ohh I just realised it's mortgage day tomorrow - not today.  I thought it would be too late to do anything this month.  If I can call them today and see if they take half of the payment out, and defer the next payment until DH's overtime comes in on the 25/04... that might help?

I will do as you suggest and contact the school re a payment plan.

Charlies Angel - I don't have a credit card, so I won't be able to do that.  I will do as you suggest though and try and get my food bill down.  I find it hard to make things from scratch as I'm always so busy.  

Even though I'm starting to get behind, should I start saving now anyway?  I feel a bit silly getting payment plans etc., and then saving some money in the bank!

Thanks for your help.

Edited by alittlebit, 11 April 2012 - 01:04 PM.


#7 Liadan

Posted 11 April 2012 - 12:55 PM

The only advice I have, is that for MOST of my expenses, I pay them weekly when I get paid, so for example, my phone bill, I pay just over 1/4 of it each week. Because I do this, I end up being ahead with my bills, which means that if/when I have unexpected expenses, I can reduce a payment here or there without having to stress too much.

It is also easier for me to budget this way, I don't have to save for next weeks bill, or forgetting that I'll have this upcoming expense, and forgetting to budget for it.

#8 alittlebit

Posted 11 April 2012 - 01:02 PM

Hi Liadan

Yes, I used to do this too!  I actually loved getting bills lol.  As I said, it all fell over the last few months.  Looking forward to getting it back up again original.gif



#9 MummaDiva

Posted 11 April 2012 - 01:21 PM

If the payment is tomorrow - ring the bank now!  

I think that little bit of extra income from your DH should help you stay out of too much trouble - as it will pretty much cover the outstandings that you have with the schools.  If he can do this just for a few more weekends, I think you should pretty much be on track.

I wouldn't be concerned about putting away a great deal of savings straight away - just pay off the bits and bobs that need to be paid, then start worrying about savings.    If you manage to get a payment plan in place, even if it's interest free, pay it down with any extra money so that you give yourself some wiggle space in your overall budget.

When you are in the clear, and you are breathing a little easier, build your savings into your budget - take your savings out with your mortgage repayments.  Try to build up a reserve of at least three to six months pay - I know it's easier said than done, but, if you're anything like me, once you've got the breathing space, you'll be less stressed, and a happy more motivated mother.

#10 MummaDiva

Posted 11 April 2012 - 01:29 PM

Just to add, once you're breathing easier, the first things I would tackle are the $105 pw loan and the furniture loan.
If you paid these off, this will give you an extra $150 a week - in the case of this month, if you didn't have these expenses, you would be able to pay for groceries and a birthday present.

Though financially speaking, paying down a mortgage with a higher interest rate will save you pennies, if you get a boost of income like a tax cheque, etc, this is what I would be ploughing any "gift from god" money in to.  I personally would rather save my sanity (I hate loans and things hanging over my head!) than a few pennies.

#11 middle

Posted 13 April 2012 - 01:56 PM

Ring centrelink to get your rebate paid directly to the child care centre.  ring the electricity company and ask for a payment plan. as i work in a bank try and make sure you make your mortgage payment as it may come back and bit you later on when you may need to borrow again




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

How to talk about your pregnancy at work

The workplace isn't always a friendly place for pregnant women. Yet working women inclined to conceal a pregnancy from prying coworkers may be better off opening up and carrying on, according to a new study.

Tell us your story to win!

To celebrate Mother's Day this year we are giving you the chance to win one of five great prizes simply by telling us your story.

Where to get help to help your baby sleep

There is so much pressure about having a baby who sleeps 'all night' , it's no wonder you worry about your baby if she wakes in the night.

Vintage baby names having a comeback

What makes some names have comebacks while others silently fade into oblivion? A few factors come into play.

When your partner doesn't want you to breastfeed

Dads can have many reasons for not wanting their partners to breastfeed their baby, but both parents should learn more about it before making a final decision.

Model mum Sarah Stage shares post-baby selfie

Most new mums would recoil at the thought, but Sarah Stage has shared a post-pregnancy selfie just four days after giving birth.

I'll admit it: I have last child parenting fatigue

If you're a new mum and feeling ignored by the older mum/the old hand/the has-been, please know, it's not you, it's me. Blame the last child parenting fatigue.

Exhaustion is not the same as tiredness

Having a new baby isn't tiring - it can be downright exhausting.

Five posterior babies, four home births

I was on a high. I'd done it all by myself with no help from anyone.

Mum's list of birthday gift demands goes viral

We're big fans of kids' birthday parties - but this is one bash we're glad we didn't get an invite to.

Kate Middleton to receive 'loyalty discount' for second birth

Everybody loves a bargain - including the Duchess of Cambridge.

Fish & chip shop owner's sad note goes viral

A lengthy note put on the window of a fish & chip shop has gone viral due to the writer's serious doubts about the romance of travel.

Pregnant women need good nutrition advice, not judgment

Pregnant women are under pressure to do all the "right things" to have a healthy child. It results in women feeling judged about their decisions.

When your child wants you to have another baby

Giving your child a sibling when you don't want to have another baby can be a complex issue.

William Tyrrell's mum speaks out: 'We hope he is still alive'

The mother of missing toddler William Tyrrell says she has a vision that somebody "picked him up and moved him on ... that's the only way ... to explain for him not to be there".

Family comes first for 23-year-old Tommy Connolly

Most 23-year-old blokes spend their hard earned cash on fun times with mates or romantic dinners with their girlfriend, but not Tommy Connolly.

Newborn all-girl quintuplets 'doing great'

The first all-female quintuplets born in the United States were delivered last week, at 28 weeks and two days.

Model mum's big baby silences critics

He may be less than a week old, but baby James Hunter has already helped his model mum silence her critics.

Jammy, Hula Hoop, Rage: Reddit reveals most unusual baby names

A recent Reddit thread has revealed some of the more creative names in the world.

Woman awakens from coma, learns she gave birth

A US woman awakened this week from a four-month-long coma that doctors had feared would be permanent and learned that she had given birth to a baby boy, according to her family.

'Give us a break': mum sent shocking letter over Facebook baby pics

Posting a lot of baby photos doesn't make you a bad person. It may make your Facebook feed a little irritating, but it doesn't make you a bad person.

In defense of the dads who do so much

It's time to shift the focus off what dads aren’t doing and shine it on what they are.

The modern cloth nappies too cute to cover up

If you're only just joining the modern cloth nappy movement, or would like to spruce up your collection, we have to introduce you to Designer Bums.

How breastfeeding can affect your libido

When you’ve just had a baby, having sex isn’t usually top priority. In fact, for a lot of women it rates about as appealing as changing another dirty nappy.

Should pregnant women be allowed to use 'parent and child' car parking spots?

Is it acceptable to use these car parking spots when pregnant? How many of us would admit to doing it?

Healthy baby from sperm taken 48 hours after a man died

Fertility doctors have described their "most extraordinary case" - creating a healthy baby from sperm taken 48 hours after a man had died.

Sign up to our 30 days of #PlayIQ challenge

Sign up to receive 30 amazing tips and ideas for play with baby during the month of April and submit a picture or tip on our social wall for a chance to win an amazing Fisher-Price prize pack.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Last chance to win a year's supply of toys

You have less than a week left to win your child one of five Fisher-Price toy packs valued at over $600 each - hurry, enter today!

Childcare is a big problem, but there's more to it

Let’s keep talking about these issues and not allow them to be put into a neat little box that’s labelled ‘Fix childcare and everything is solved’.

Pink's awesome response to body-shaming trolls

When trolls felt the need to comment on 35-year-old singer-songwriter Pink's weight, her answer was an awesome ode to body love.

Fertility clinic offers egg donors $5000

A national chain of fertility clinics is offering egg donors a $5000 payment to cover their expenses, a first for Australia which is raising concerns the money could act as an inducement.

Baby boy abandoned in India amid fresh surrogacy concerns

Australian officials could do nothing to stop an Australian couple from abandoning their baby son, born through surrogacy in India, after they decided they did not want to bring him to Australia.

Herd immunity and community responsibility: how free-riders can make kids suffer

Individual choice works for haircuts and handbags, but not for preventing infectious diseases that kill kids.

Photographer captures 'unexpected beauty' of birth

If there is one thing Leilani Rogers knows about childbirth, it is that no two deliveries are ever the same.

Expectations vs the reality of making a toddler's clothes

Note to self: less sewing, more life. Not the party dress, but the party. The toddler, as usual, has it all figured out.

Mum meets 'dead' daughter 49 years after birth

In 1965, Zella Jackson-Price was told her premature baby girl had died shortly after birth.

How pregnancy probiotics can help you and your baby

New research suggests that taking specific pregnancy probiotics could be the answer to a range of common pregnancy side effects.

53 creative pregnancy announcements

Announcing that you're expecting can be a time to express your creativity, sense of humour and imagination. Check out how other parents and parents-to-be have broken the news to friends and family.

IKEA hacks for the nursery and kids' rooms

Are you one of those that know the whole IKEA catalogue by heart? Love their stuff but want to personalise it? Here's some inspiration to help you realise the potential of IKEA furniture and fittings.

36 baby names inspired by food and drinks

A French court may have ruled out Nutella as a baby name, but that doesn't have to stop you from taking inspiration from the supermarket (or bottle shop). See what parents in the US have chosen for their delicious little ones.

 

ENTER NOW!

Win a year's worth of toys

Last week to submit a picture of your baby at play for your chance to win. Visit the Play Wall to view our recent entries.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.