Really struggling

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regulus

regulus

regulus

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ChCh, NZ
For the first time in my 28 years of life, I can say I'm now struggling financially. Despite a huge income between me and the missus. I've overextended myself on mortgages and paying for a few other things (voluntarily) that is starting to eat a hole into my wallet. I've never had to cut down before on anything, but it looks like we're going to have to start doing that. Things are looking ok at work, but there is these rumors. Nasty ones that leave me that extra 30min awake at night. If I lose my job, it's goodnight and curtains out followed by muffled gunshots in the basement.
I have a few big expenses coming up it's big, very big. Also have a world trip coming up that may have to be canceled unless it starts raining money later tonight. Luckily, zero credit card or other loans debts. Only the mortgages.
Life is a funny old thing, on top one moment and in the **** the next.
I hear of more and more people, even close to me, struggling their nuts off. This recession is starting to feel real now.

.........So, this is what it feels like huh. :(

You may now post the Jesus pic. thanks.
 
That's been my situation for a couple of months now. Haven't bought anything for myself in ages, hate not being able to afford even a couple of smaller luxuries in my life, all my money is just going into paying bills and then when I think I've found my feet something with my car goes wrong etc. and I'm back at square one. Sucks :(.
 
Economic crisis. Recession. Credit Crunch. Etc.

I know it's easier said than done, but say you DID lose your job and income and all that guff. What's the WORST that will happen?

You go bankrupt? You lose your house? Lose material posetions?

You haven't mentioned kids, family or the need of wealth to pay for healthcare, food or to "provide". (I see this as the biggest concern for any adult anything else comes a far behind second place).


I'm not having a go, I'm trying to make you see a bigger picture. Some people earn 8k a year and are happier than people who live in mansions and infinate wealth....go figure :)
 
DailyGeek said:
Cancel the world trip surely?
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Yes, might going to have to. Thing is, it's been planned THREE years in advance and is really a celebration of her dad's upcoming retirement. They're looking so forward to it. I'm looking at the 6k it's going to cost me. I have it, but it would be wiser to keep it surely.
 
Think about things you could cut down use of

- Going out
- Cars (driving less and walking more)
- Shop at Aldi (me and the Mrs do half our shop there and it saves us £30 per week!)
- Cut down on Gas and Electric use, think do you really need the heating going on for that extra 30min/1hr or could you do without and just wear a sweater?
- DON'T BORROW ANY MORE
- Set an appt with the bank and agree a payment program to stop the cut getting deeper
- Borrow from family (last resort)
- Change jobs or request a payrise
- Tell your Girlfriend to stop buying clothes/shoes/handbags/fashion accessories

All the above will probably save you at least £200 per month!
 
Sorry to hear that - but there are various things you can do to prepare. For starters, make a list of incomings and outgoings, and keep an eye on how this changes over the next few months.

Contact the national debt line, and speak to someone there. I've had to scrape myself through a very awkward time when my business failed. I nearly lost everything, but somehow things are never quite as bad as they appear.
 
If you've got a massive income but you're struggling then you obviously need to address something.

Yes I appreciate most people will spend what they get, but if you're pretty well off it's likely you are spending money on a fair few luxuries.

Write down exactly what your monthly outgoings are or make a log of it for a month and look to see where you really don't need to spend as much.
 
My biggest problem is my sister. I'm paying for her flat, university fees and £100 a week spending money and mobile phone. I lose about 1k a month on her. If I can get that back, it'll help. Problem, I cannot do that to her.

I'm not in the jam yet, I'm just saying, if things go pear shaped now at work, I'm really screwed. Have about 20k in savings and that will only last about 6-7 months.
 
regulus said:
My biggest problem is my sister. I'm paying for her flat, university fees and £100 a week spending money and mobile phone. I lose about 1k a month on her. If I can get that back, it'll help. Problem, I cannot do that to her.
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This is where you are going wrong.
 
RaohNS said:
Think about things you could cut down use of

- Going out
- Cars (driving less and walking more)
- Shop at Aldi (me and the Mrs do half our shop there and it saves us £30 per week!)
- Cut down on Gas and Electric use, think do you really need the heating going on for that extra 30min/1hr or could you do without and just wear a sweater?
- DON'T BORROW ANY MORE
- Set an appt with the bank and agree a payment program to stop the cut getting deeper
- Borrow from family (last resort)
- Change jobs or request a payrise
- Tell your Girlfriend to stop buying clothes/shoes/handbags/fashion accessories

All the above will probably save you at least £200 per month!
Click to expand...
I never go out
I drive work car and use their fuel
Shop at Asda and Iceland (i know.. )
Gas and Leki kills, I must say
I've never borrowed anything in my life
No appointments needed, no debt
Dad will help, but the lecture will be brutal
Can't change job, already over paid.
 
regulus said:
My biggest problem is my sister. I'm paying for her flat, university fees and £100 a week spending money and mobile phone. I lose about 1k a month on her. If I can get that back, it'll help. Problem, I cannot do that to her.

I'm not in the jam yet, I'm just saying, if things go pear shaped now at work, I'm really screwed. Have about 20k in savings and that will only last about 6-7 months.
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Maybe worth mentioning to your siser that times are hard and she could help pay her own way through Uni for a bit or partially? I.E - Cut the damn mobile and shopping and make her pay for it herself? Talk about lucky!!!!!

Christ, even if you kept up the fee's and rent you'd still be doing her ENOUGH favours. Save yourself the £500 a month and cut the shopping and mobile. Make her work part time, pay for it herself. As you know, it's what REAL people do.

I don't know your family circumstances that may justify it, but surely everyone needs to pull their own weight a bit?
 
Not a nice thing to cancel the trip, but be grateful that you've no loans or credit cards. Once you get into the habit of cutting back you get used to it.

Does your sister have a job at uni? If not she may have to, even if it's something small like £60 a week that'll help a lot.
 
regulus said:
My biggest problem is my sister. I'm paying for her flat, university fees and £100 a week spending money and mobile phone. I lose about 1k a month on her. If I can get that back, it'll help. Problem, I cannot do that to her.
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Bagsy the nosey OCUK member, why has it fallen upon you to pay for your sisters education and upkeep?
 
Wardie said:
If you've got a massive income but you're struggling then you obviously need to address something.
.
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Agreed.

The OP needs to go over to moneysavingexpert.com and browse the advice therein.

Me and the wife have a nice income but haven't abused it on material possestions, expensive cars and so on. By saving for a rainy day and having a sensible spending plan means the current ecconomic climate hasn't had any effect and also means we can get by on one income.

It was annoying when times where good and all my friends and family kept spending and spending but it has paid off in the long term.

It's not like we don't have any luxuries* but it meant they had to be earned (and saved for) - not on the tick.




* Our house looks like an Apple Store and the bike shed has a few pounds worth of biycles in - everybody has a weakness! :)
 
regulus said:
Also have a world trip coming up that may have to be canceled unless it starts raining money later tonight.
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There is no "may". If your circumstances are dire, the world trip is definitely off. No two ways about it. Get yourself sorted now, and enjoy a holiday later when you won't have a huge debt hanging over your head.

It sounds to me as if you've over-extended yourselves with a mortgage you really can't afford. Down-sizing is your best option here. It will keep you in the market (handy for the future) and keep a roof over your head (handy at any time!)

When I lived in Australia, I once found myself over-extended on a new house build; there was no way I'd be able to afford the mortgage once the house was complete. Fortunately building had not yet begun, so after a great deal of soul searching I pulled out of the contract (losing about $1.5k in the process) and bought a fully renovated "second hand" house with twice as much land, for $34,000 less.

In situations like these it's important to bite the bullet and realise that you can't have everything you want in life.
 
Cuchulain said:
Bagsy the nosey OCUK member, why has it fallen upon you to pay for your sisters education and upkeep?
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I promised her I would. She have a social anxiety disorder and a whole load of other problems. She can work, just not with people. She is studying to become a vet, so once that's done, she said she will pay me back. She study 24/7 and is devoting her life to this, I'd hate to throw her life into array and tell her to get a job.
 
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