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

 

Special Ticket Offer, Save $8!

The Essential Baby & Toddler Show is back this April! Save $8 off the door price for a limited time only!

Why I breastfed my son until he was three

The fact that I not only breastfed my son, but breastfed him for three and a half years, seems pretty incredible in retrospect.

Do babies and young children see ghosts?

Do babies and young children see ghosts? If you’ve pondered the question, you’re not alone.

15 years with Essential Baby: meet Therese

"Life has a funny way of giving you what you need when you need it the most."

Mum causes a stir by taking a stand against leggings

A mum has found herself the subject of debate after claiming tight bottoms cause lustful thoughts in men.

Don't set a parenting goal for 2015 - do this instead

The problem with goal setting as a parent is the measure. How do we really know if we’re succeeding?

5 pregnancy myths that just won't go away

When you're expecting, it often seems like everyone is keen to offer advice about what you should and shouldn't do in the interests of your health and wellbeing.

RPA hospital contacting mums after discovering vaccine storage fault

Sydney's Royal Prince Alfred Hospital (RPA) is trying to contact women who had babies at the facility after discovering a fault in a refrigerator containing vaccines.

'Nutella' not a baby name, French court says

A French court has blocked parents from naming their baby girl after the hazelnut spread Nutella, arguing it would make her the target of mockery.

Why I'm never calling myself 'just a mum' again

I’ve grown three human beings. I feed them, dress them, teach them, care for them and love them 24 hours a day. Yet for eight years, when I meet new people and they’ve asked me what I do, I tell them: “I’m just a mum”.

Rosie Batty named 2015 Australian of the Year

One year ago, Rosie Batty could not have imagined she'd be where she is. Tonight the grieving mum who put domestic violence on the national agenda was named Australian of the Year.

Five reasons to hug more

Hugging – some of us thrive on it, even depend on it – and then there are those who don't care for it really. So, are they missing out?

Help - my three-year-old has started throwing tantrums

My daughter never went through the "terrible twos" but began throwing wild tantrums shortly after her third birthday.

That's commitment

First peek at Sonia Kruger's daughter Maggie

"She smells so good, I could eat her," Kruger tells co-host David Campbell.

Mum assists in own caesarean surgery

A mum who partly delivered her own twins during a caesarean has encouraged other women to take control of their birthing experience.

How to handle common childhood regressions

Regression can be a natural and common part of development prompted by a variety of factors, but that doesn't make it less frustrating.

Disgruntled dad's pram ad goes viral

When buying a second hand pram, there are lots of things to take into consideration. 

Man discovers he's a dad after finding 55-year-old letter

Discovering you are about to father a baby is startling enough - never mind finding out you have a 61-year-old son.

15 thoughts mums have during a tantrum

Ranging from mild to feral and triggered by events both minor and major, tantrums certainly keep life interesting.

Natural pain relief in the early stages of labour

While managing labour pains on your own can be daunting, there are a number of natural pain relief options to help you cope until you are admitted to hospital.

Win an Octonauts prize pack

To celebrate the launch of Octonauts Live! Operation Reef Shield, a spectacular underwater adventure live on stage, we are giving away an amazing Octonauts prize pack to one lucky fan.

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

Forgotten Baby Syndrome claims the life of toddler

One baby dies every eight days in the back of a car in the US, victims of 'forgotten baby syndrome'.

For a brief time, I was touched by an angel

For a brief time, I was touched by an angel. You stole my heart, and changed me into the women I am today.

Chinese woman gives birth to quintuplets

After six years of trying for a baby, a couple’s dreams have come true many times over after the mum gave birth to quintuplets this week.

Chrissie Swan has reached her "sex quota"

Chrissie Swan says she and her partner have sex once a year due to her fear of falling pregnant.

Stars help save choking babies

It's an important lesson to learn, but one that busy new mums and dads might overlook until it's too late.

New Girl star Zooey Deschanel pregnant

Actress Zooey Deschanel is expecting her first child with her producer boyfriend Jacob Pechenik.

16 times 'dad reflexes' saved the day

Of course, in some cases they may be the ones who actually got their child into a precarious position in the first place, but we'll ignore that for now.

Couple's 'non-traditional' pregnancy announcement goes viral

Knowing you are not the father of your pregnant wife's baby would usually indicate a rocky relationship ahead for traditional parents.

The trials and tribulations of identical triplet newborns

Pip Donnelly is still playing spot the difference with her newborn identical triplets, Isabelle, Georgina and Frankie.

Win an Octonauts prize pack

To celebrate the launch of Octonauts Live! Operation Reef Shield, a spectacular underwater adventure live on stage, we are giving away an amazing Octonauts prize pack to one lucky fan.

Earthquake baby thriving five years on

Jenny Alexis is lucky to be alive after spending four days buried in the rubble of the 2010 Haitian earthquake, but now she's a thriving five year old.

Please don't say I'm lucky because I was adopted

On the one hand I was having a regular life with friends and sports and sleepovers and school. But I was also always wondering: Did my mother love me? What was wrong with me?

An open letter to non-parents who offer advice on child-rearing

Kitty, when you’re the parent of my child you’re welcome to wade in with an opinion – but until then, I’d prefer you to have a supportive ear and a glass of wine ready.

Couple arrested over baby gun video

A US couple faces charges after investigators say they found mobile phone videos showing the woman's 12-month-old daughter putting a handgun in her mouth.

NSW Health dumps 10-year limit on frozen embryos

A 10-year time limit on storing frozen embryos that were created with donor sperm has been dropped by the NSW government.

How my happy-go-lucky husband became a monster

Sharan Nicholson-Rogers watched her husband change from a happy-go-lucky police officer into an unpredictable man prone to violent and emotional outbursts.

Dads-to-be experience hormonal changes, too

Dads-to-be experience hormonal changes in line with their pregnant partners, a new study shows.

'They were just doing their job': mum of toddler killed in police chase gone wrong

"They were just doing their job. I feel so sorry for them. It is all just too sad."

Miscarriages to be formally recognised by NSW government

Women who miscarry will be able to obtain an optional "recognition of loss" certificate as a formal recognition of their often heartbreaking loss.

Cafe cubby house 'too noisy' for neighbours

Teenage parties, domestic disputes, or raucous late night pubs are the things that usually come to mind when you think neighbourhood noise complaints.

Dad films baby playing with snake

Most parents would not consider a snake an appropriate playmate for their baby, but a US dad who filmed his daughter playing with a python has defended himself against criticism.

Clever breastfeeding products

Check out this range of products designed to help make your breastfeeding journey more enjoyable, manageable and convenient.

 

Back to School Offer

Findababysitter.com.au

We've got you covered for this school year. Use www.findababysitter.com.au to meet local nannies now.

 
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.