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

 

For and against

Should Blue Ivy have been at the VMAs?

Many were quick to condemn Beyonce and Jay Z after appearing on stage at the MTV Video Music Awards with their two-year-old daughter, but others thought it was a sweet family moment. What do you think?

Toddler attacked at gym creche

Two-year-old girl Eva Ness was left with a black eye and bite marks on her face and body after an altercation with an older child at a health club's child-minding facilities. Now her parents are calling for the centre to be closed.

Pregnancy a tricky matter of timing for FIFO couples

Manipulating rosters, coordinating 'conjugal' visits, working on site with your partner; getting pregnant can prove stressful for FIFO workers.

WIN a $100 RedBalloon for Dad

Enter now for your chance to win 1 of 5 $100 RedBalloon experience vouchers. Helping you make Dad's Day EXTRA HAPPY.

Carseats have twice as many germs as a toilet

Most parents know their child's carseat is not always squeaky clean, but they might not realise just how dirty it really is.

Doctors remove foetus from 'medical marvel' after 36 years

Doctors in India have removed the skeleton of a foetus that had been inside a woman for 36 years.

Nine months in six seconds: new parents' Vine clip a hit

We?ve seen some memorable time-lapse pregnancy and birth announcement videos before. Now one new couple has taken it to the extreme, capturing it all in just a six-second Vine video.

Sonia Kruger speaks of baby joy

Celebrity mum-to-be Sonia Kruger has spoken candidly about using donor eggs and IVF to fall pregnant at age 48.

Dressing to not impress: life through the eyes of a three-year-old

When it comes to getting dressed, my three-year-old has only one criterion: ?I don?t want to look beautiful.? And now I've worked out why.

Special nappies made with love for angel babies

Angel Baby Nappies make and provide tiny bereavement cloth nappies for pre-term stillborn babies and premature babies who pass away in the NICU.

Inside the brain of a tantruming toddler

What's going on in your child's mind in the lead-up to a tantrum? And what?s the best way to respond?

5 secrets to a long-lasting relationship

When it comes to keeping your relationship strong, it?s what you do - and not what you want - that really matters.

When 'furbabies' meet real babies

I am obsessed with my dogs, and can't imagine loving them any less once my baby arrives. But that doesn't stop everyone from telling me I will.

The least popular baby names of 2013

Looking for a baby name that?s nowhere near the top 10 ? or even the top 1000? Try the bottom five.

'I was so sleep deprived I crashed my car'

There are no laws regulating driving while tired, but statistics show that driver fatigue is one of the top three contributors to the road toll.

Why are there so few sexy maternity bras?

Rather than feeling ashamed of their post-baby bodies, women should be free to buy lingerie that makes them look attractive and pretty - no matter what stage of life they're in.

Toddler Alliyah one step closer to first trip home

She has lived the first 14 months of her life in a hospital intensive care unit, but Alliyah Broadby's parents hope to finally take their little girl home with them.

'Put people before IVF profits': IVF pioneer Alan Trounson

IVF could be done for hundreds of dollars in Australia instead of $8500 if clinics stopped charging what ''the market will handle'', a pioneer of the technology says.

Expectant parents urged to swap the pub for bub

Nearly one in five women drink while pregnant, but a current campaign is trying to drive down that unhealthy statistic.

Nutella supplies threatened by bad weather

There's bad news for fans of Nutella, the gooey, chocolatey hazelnut spread.

The cost of growing your own vegies

Does it make financial sense to grow your own veggies, or are you better off ordering produce from the local food co-op?

Breastfeeding mums less likely to suffer from PND, but all need support

A new study has shown the a complex relationship between a mother?s intention to breastfeed, her ability to do so, and postnatal depression.

Win back some precious time and get FREE coupons

Membership to eBay's Bubs? Corner is free and includes a $10 coupon to spend on nappies each month - a win for multitasking mums!

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Win back some precious time and get FREE coupons

Membership to eBay's Bubs? Corner is free and includes a $10 coupon to spend on nappies each month - a win for multitasking mums!

Do you suffer from Precious Firstborn Syndrome?

Testing ?no more tears? shampoo in your own eyes, warming cucumber sticks so they're not cold straight from the fridge, waking a sleeping baby to check they?re still breathing: these are all symptoms of Precious Firstborn Syndrome.

Ezra's tragic death not in vain, mum says

Little Ezra was a "Harry Houdini" who loved trying to escape the family home. Now, after his tragic death, his parents are doing what they can to help others.

7 mistakes old hands make with new babies

As I sat across the table from my friend ? me, a seasoned mother of three; her, a brand new mum ? I thought of all the mistakes an old-hand parent can make when visiting a newborn baby.

Video: When adults act like children

Ever wondered what would happen if adults were allowed to act like children? This dad's hilarious video clip will give you an idea of what life would be like.

Mums hit hardest as flu cases skyrocket

The number of confirmed cases of influenza in Australia has doubled the number for the same time last year - and women are 25 per cent more likely to get it.

The mum who had four babies in nine months

Feeling exhausted due to the demands of caring for a baby? Imagine the life of this mum, who gave birth to three boys and one girl in just nine months.

Everything baby at Big W

Lowest prices on everything baby, only at Big W. Sale starts August 4 and ends August 20 2014.

Smiggle is painting the town red!

We have 3 Red Smiggle prize packs to give away! Enter by posting a photo of something red to your Instagram.

Going viral

Mum gives birth at school

After four decades in the industry, pest controller John Birkett couldn't believe what he found in one woman's bedroom.

Personalised baby gifts

We've scoured the internet to find gorgeous personalised keepsakes and nursery decor to record baby name and dates. They make great gifts for christenings, name days and birthdays! (All prices in AU.)

 

Mind, body, beauty, life

Making time for me

We look at your wellbeing, covering health, relationships, beauty and fashion, mind and body.

 
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.