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Is this a realistic SOA for starting uni?
Comments
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If you can't afford to live at home for £150/month, how are you going to afford to pay rent and live independently? You could end up losing a friend if you can't pay your share.
Your additions card is 38.9% apr, new look isn't the priority.0 -
At the moment i can't afford it, as i don't have my student loan, when i go to uni in September i will get £340-£360 a month extra. Plus my friend is going to the store manager tomorrow to see about getting my hours put up to 16hrs a week, otherwise she won't be able to live in Glasgow, and will have to move in with her sister in Perth. Meaning she will have to leave Morrisons, which i doubt they will let happen, as she is going to be the dept manager from the 10th of August.If you can't afford to live at home for £150/month, how are you going to afford to pay rent and live independently? You could end up losing a friend if you can't pay your share.
Your additions card is 38.9% apr, new look isn't the priority.
So hopefully i will be bringing in £850 a month, by the time i move in with her. Like i said this is all just talking at the moment.
Yes, but the New Look card is the only one i could afford to pay off in full at the moment, so thats why i am planning on throwing the cash from extra hours i got this week at that.0 -
Your budget has 4 debts with zero repayments, and various other holes - what about makeup, clothes, cigarettes, TV, games, presents. What you might bring in, is far less relevant than what you know you will bring in. You had a student loan last year, when your outgoings were low, struggled, and haven't made a dent on the debt - it's not going to get better if you increase your mandatory outgoings, it will get worse.
I know it's just an idea atm, but some realism is required to assess the viability properly.
The smallest debt is not the best one to clear first, it is the one with the highest apr.0 -
Your budget has 4 debts with zero repayments, and various other holes - what about makeup, clothes, cigarettes, TV, games, presents. What you might bring in, is far less relevant than what you know you will bring in. You had a student loan last year, when your outgoings were low, struggled, and haven't made a dent on the debt - it's not going to get better if you increase your mandatory outgoings, it will get worse.
I know it's just an idea atm, but some realism is required to assess the viability properly.
The smallest debt is not the best one to clear first, it is the one with the highest apr.
Yes 4 of them do not have any repayments, as one is my current student bank account, the other one is my old one which i dont start paying back till Feb. The carphone warhouse i just found out about today.
That is why i posted this SOA i just wanted some opinions on it, so i can decide what to do.
I am planning on paying off the new look card first, because it is the smallest and i will be able to pay it off in full, the other ones i won't be able to pay off in one go. And i feel if i can get one of them cleared it will motivate me to work on the rest.
I do appreciate your comments0 -
Stay at home and clear some of your debts with the money.
In March 2009 you posted an SOA with an income of £735 and pre-debt outgoings of £310 and a total debt of £3174.
Four months later you were back with an increased debt despite having had a monthly surplus of £400 for some time. You need to be completely honsest with yourself before you move into a friends house and risk wrecking their credit rating when you can't afford to pay your share of the bills because you just had to have this seasons MAC colour collection at £300. Your SOA is not realistic for your needs.
Wheres the allowance for the £80 gym membership that you mention taking out when starting Uni on another thread or the holiday that you're planning on going on with your friend? Then theres the clothes that you keep buying but haven't included in your budget. You can't afford to live at your mums on £200 a month all inclusive as you had her reduce that to £150 a month. What makes you think you can afford to live somewhere costing more than double this each month after bills and food?Saving for a Spinning Wheel and other random splurges : £183.500 -
I would say that the gas and elec looks low to me for a shared house where people might be coming and going at different hours. I'd say it's worth checking out.
Could you combine with your friend in terms of groceries? That might save a few £. And will you have a pot for communal goods (loo roll, washing up liquid, tea, coffee, milk etc). If so who is in charge of spending it? It's frustrating if you're trying to be frugal and one of you keeps spending £2 on a 2 pack of toilet rolls at the local convenience store rather than going to a supermarket once a month.
You should try to investigate a 0% credit card or overdraft to pay off the storecards though if you think you can manage not to use it for other stuff
the rates of interest you're paying are ridiculous! 0 -
PS what about books/photocopying?
And depending on the area you're moving into and what all you have, it really would be worth thinking about contents insurance. Student houses are magnets for burglars. Could you be covered via your parents insurance policy even?0 -
belfastgirl23 wrote: »I would say that the gas and elec looks low to me for a shared house where people might be coming and going at different hours. I'd say it's worth checking out.
Could you combine with your friend in terms of groceries? That might save a few £. And will you have a pot for communal goods (loo roll, washing up liquid, tea, coffee, milk etc). If so who is in charge of spending it? It's frustrating if you're trying to be frugal and one of you keeps spending £2 on a 2 pack of toilet rolls at the local convenience store rather than going to a supermarket once a month.
You should try to investigate a % credit card or overdraft to pay off the storecards though if you think you can manage not to use it for other stuff the rates of interest you're paying are ridiculous!
We will both be putting money in a week for coffee, bread, butter, milk etc. As we both only drink the same coffee
As i said the flat is across the road from our work (Morrisons) And the conveience stores are much further away. So we will always be going to Morrisons for little things, plus getting our 10% off
I can't get a credit card or another overdraft, my credit rating is terrible!!!0 -
belfastgirl23 wrote: »PS what about books/photocopying?
And depending on the area you're moving into and what all you have, it really would be worth thinking about contents insurance. Student houses are magnets for burglars. Could you be covered via your parents insurance policy even?
It's not a student house though. The 3 of them there just now, are not students and work full time. But one is moving in September to go to England to start uni, and an other is moving nex month to move home to Fife. I'll be the only student that place has ever seen!
It's a newly built flat...think its 3 years old. In a really nice area. 2 ensuite bathrooms and everything. Even the buzzer to let people in downstairs, has a camera so you can actually see who it is
Erm, not really sure what contents insurance is sorry?0 -
littlepinkstars44 wrote: »It's not a student house though. The 3 of them there just now, are not students and work full time. But one is moving in September to go to England to start uni, and an other is moving nex month to move home to Fife. I'll be the only student that place has ever seen!
It's a newly built flat...think its 3 years old. In a really nice area. 2 ensuite bathrooms and everything. Even the buzzer to let people in downstairs, has a camera so you can actually see who it is
Erm, not really sure what contents insurance is sorry?
Contents insurance covers the contents of your home if you are burgled. It also often covers accidental damage to contents. Some policies will also cover a certain amount for personal possessions outside the home (eg mobile phone, ipod, laptop etc) For most students they don't need a huge amount of contents insurance but it is worth having just in case the worst happens. There'll be a load of info on the insurance pages on this site. What it effectively means is that if someone breaks into your flat and steals your ipod and laptop, you can claim for this on your insurance. Not worth worrying about though if you don't have a lot worth stealing or if you feel there's no chance of that happening 0
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