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money money. Fake money and credit cards.

February 6, 2007
by

Every now and then, my finances get me down. We don’t have lots of cash. Far from it. I’ve just been on maternity leave (notoriously low in the monetary offerings!) and now we are suffering.

I have got to the point where I know that even what I get paid at the end of this month won’t even begin to give me enough to live on until the end of next month. Albeit, I get paid the last Friday of every month so March is a *long* month – but it can get frightening.

I am vowing this year to take care of my finances and I vowed to get rid of the credit cards and to start living on what I actually earn but I think I am so far beyond what I actually earn sometimes that I’m not sure where to start..

I am a reasonably intelligent woman and I’m not so thick that I have spiraled into debt that I’m not able to control. I only have 3 credit cards. It’s just that the amount of credit that is on them 😳 means the payments have to come straight back off them in order for us to be able to live at the moment.

Scary 😯

I have a couple of bank accounts and I used to be able to effectively save in one and move money around in order to keep things going if it got a bit short in the other – but all this has come to a stop over the last 6 months due to maternity leave and no substantial regular wage.

I need my p60 at the end of the financial year in order to re-mortgage, which I can do but it’ll mean probably losing the rest of the equity in our house. I can’t re-mortgage before that because I only have payslips that show statutory maternity pay. (not much)

As far as I recall – they are really only interested in your last three months payslips.

So – I wish I could have someone to come and take away all the worry (and the debt)

So what do I do? Anybody a financial advisor out there? 😮

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9 Comments leave one →
  1. February 6, 2007 10:06 pm

    I’ve got a friend who knows all about such things, though hers were beyond manageable really and drastic action was required. Want me to point her at you?

  2. February 6, 2007 10:22 pm

    yeah – not beyond manageable. But could do with some help..

  3. February 6, 2007 10:48 pm

    Ug…I’ve sooooooooooo been there my friend. We no longer have any credit cards. We’ve sold a LOT of stuff. We bought a house that’s almost 100K less than our last one! Major down sizing. We no longer have my Tahoe, and I drive a very modest and older minivan. Now that we’re back on our feet…as long as more medical costs don’t kills us…we’re putting money into IRA’s and college funds. It feels good to know for the first time ever that we have money put away that is earning more money. I’d highly recommend investing in some conservative (is stock the right word???) stocks that are in it for the long haul. It’s supposed to double every 7 years approximately. We can take it out if we have to. And if there are months we can’t afford to put money in, then it’s no big deal. We could stop today and the money would continue to grow if don’t touch it.

    That doesn’t help get your bills paid until the end of the month, but it’s worth it if you ever get out of the cycle. We’ve been hit so hard financially and have had some very unpleasant consequences that were beyond our control, but you get through it. Best of luck! I’m sorry for you! I know how bad it feels!

  4. February 6, 2007 10:56 pm

    ah – thanks jen. It’s hard. I did get us all out of it a few years ago but it’s crept back cos of the babies…

    depressing.

    Unfortunately – I don’t have anything to sell…. 😆 or I would!

    I read about your potential medical costs – it’s a bummer and it led to a very long discussion in my living room about medical system in US. I hope everything works out OK. My problems pale in comparison x

  5. February 6, 2007 10:56 pm

    curse the babies!!! The fat, the debt!! tsk.. damn cuties 🙂

  6. February 8, 2007 4:25 am

    February is the slowest month for delivery in the year. And since I’m working less, I’m making shit this month. I can’t wait until I can knock over a bank or something …

  7. February 8, 2007 8:05 pm

    funny 😆 if you get round to that can you cut me in..?

  8. HelenHaricot permalink
    February 10, 2007 9:18 pm

    not the friend merry was talking about, a different one.
    actually, I got a mortgage for way huge amount without any payslips on mat leave, as I asked my employer to write a letter confirming my annual salary, and that i was salaried, so this was a reliable amount. they did it for me [though unfortunately for me it was less than reliable].
    so you prob can remortgage too.
    Also, and feel free to tell me to but out! I think a good discussion as a partnership to see if any extra money can be brought in, from ebay sales, after hours tuition fees, less nursery use, part time work, wahtever is needed in the short term to get rid of the credit cards.
    i have been cc shuffling for a while, and move from 0% to o%. m and s money still have no-balance transfer fees if that is an option. I always immediately cut up the empty card, so there is no temptation to re-use it.
    Also it is much cheaper to work out a months food in advance, buy all the ingredients needed in one swoop, make and freeze it in portions so that there is only the add-ons to buy – and only buy what you really need. Your fridge should be nearly empty and your freezer full! only buy ready made with BOGOFF if actually a good deal – as it often isn’t. even pizza is easy to make and the bases freeze. This all sounds tedious, but cuts 100pm off our food budget, we still think we eat well.
    Also, do an excel or spreadsheet budget – look at what you have been spending [if you don’t know what on, make this month the month to see, and then the quarterly annual costs. make an ideal budget from these, look at the difference and then see where you can make the sacrifice [newspapers.magazines.stuff for the children.alcohol] see where you are at that point. is there any more you can shave off? then again have a discussion on how you can possibly as a family bring more income into the home, or use what you have more economically.
    I have a stay at home husband who does the childcare, and periodically i really wish i wasn’t the bigger wage earner, that i could stay at home. but it makes no financial sense that way. however, the shortfall we need I wish he had managed to earn rather than me again – even if I can still earn it more quickly, I just want to say enough.
    I am now v good at budgeting, and mostly sticking to it. hope this has been predominantly helpful, not sucking eggs!!

  9. February 10, 2007 10:42 pm

    not at all! All suggestions welcome. 🙂
    I am rubbish with cc. I should cut them up. I’ll talk to my boss about a letter for salary but last time I went for a mortgage on mat leave it ended up being a real issue. Woolwich that was I think.
    Anyway. Food shopping we’re not bad at. To be honest we don’t eat anything but homemade curry or pasta bake so that’s not expensive. It’s buying the things we shouldn’t that we’re rubbish at…
    I am an excel geek – so I think the suggestion of a spreadsheet is the way to go.
    Thanks Helen x 🙂

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