income/expenditure and debt advice please?

samantham06 · 18 January 2017 at 12:29PM

Hello,
I currently have a large amount of debt (10k I reckon) and its causing me a lot of anxiety.
Here is a breakdown of my income and expenditure, if anyone is kind enough to give me any tips, I would be most grateful! Looking to shave costs where I can and hopefully pay off some debt!
Not very clued up with all this stuff.
Sorry couldn't import budget planner- wouldn't let me!

Income: Approx £1300 per month. (Mixture of earnings and salary).
Single mum- one child, 2 dogs and a cat. (and a kid aged 9!)

Outgoings:
Water: £25
Rent: £60
Electric and gas: £65
Pet insurance: £25
Life insurance: £5
Car insurance: £50
Sky: £25
Xmas savings: £30
Tax credits overpayment: £5
Wescott debt: £5
Student loan overpayment: £5
Mobile phone: £40
Car tax: £15
Tv licence: £15
Pension (private): £20
Childcare: £30
Council tax: £15
Credit card repayment: £80
Loan repayment: £170
Childs trust fund: £20
Food shopping: £240
pet food: £15
Coffees/lunch out: £40
Meals out: £60
days out: £20
Birthday saving: £20
Holiday saving: £50
Petrol: £130
Clothes: £45
Kids cub fees: £30

Tried to be as comprehensive as I could be!

Debt outstanding:
Credit card: £675- (paying £80 a month) Tesco 0% until Sept 2017.
Loan: £5900 - (paying £170 a month)- 35 months remaining. (ZOPA- 5k at 17.9% over 36 months- for new car)
Old debt- £1700 (paying £1 a month)- 10 years ago!
Student finance overpayment: £2600 (£5 a month - BUT really need this paid off as its stopping me getting any support to do my masters!)
Old credit card debt: £1500 (£1 a month)- again, 10 years ago!
Tax credits overpayment: £500 (£5 a month)

Really would like to get these debts- or SOME cleared off asap, as they worry me.

Any suggestions, or advice on anything is very gratefully received! New to all this.

runforlife · 18 January 2017 at 12:34PM

Try putting all your figures into this link for a fully detailed statement of affairs. It really makes you focus and ensures you miss nothing out

http://www.stoozing.com/calculator/soa.php

StokieBecks · 18 January 2017 at 12:40PM

Your food shop seems quite high. Does that include all your cleaning and toiletries etc too? Make sure you are meal planning in advance. If you are a brand buyer then try a supermarket own variety etc. This can help cut costs here a little.

Have you got an emergency fund started? This needs to be started even if only a small amount at first. Some if this can be found from your coffee/lunch/meals out money as that seems quite high too at £100 a month. How often do you lunch out? Is it a social thing?

runforlife · 18 January 2017 at 12:41PM

Quickly though here's what i suggest:

Outgoings:
Water: £25
Rent: £60
Electric and gas: £65
Pet insurance: £25
Life insurance: £5
Car insurance: £50
Sky: £25 Try to get out of the contract here. Use freeview or even Now TV which has kids programmes if you need it for £6.99 pm
Xmas savings: £30
Tax credits overpayment: £5
Wescott debt: £5
Student loan overpayment: £5
Mobile phone: £40 Definitely try to get out of this contract. Keep your phone and go PAYG.
Car tax: £15
Tv licence: £15 Using the official soa link this will need to be a more precise figure. Every penny counts.
Pension (private): £20
Childcare: £30 Is this necessary? Are there any alternatives?
Council tax: £15
Credit card repayment: £80 Cut up your credit card(s) and stop using them
Loan repayment: £170
Childs trust fund: £20 Consider not paying in to this at the moment.,
Food shopping: £240
pet food: £15
Coffees/lunch out: £40 Probably should be looking at reducing this
Meals out: £60 Time to stop!
days out: £20
Birthday saving: £20
Holiday saving: £50
Petrol: £130
Clothes: £45 Again do you need to spend £45 a month on clothes right now?
Kids cub fees: £30

You'll get better advice when you do a formatted statement of affairs with interest rates, etc. Make yourself a cuppa and good luck.

samantham06 · 18 January 2017 at 1:00PM

StokieBecks wrote: »

Your food shop seems quite high. Does that include all your cleaning and toiletries etc too? Make sure you are meal planning in advance. If you are a brand buyer then try a supermarket own variety etc. This can help cut costs here a little.

Have you got an emergency fund started? This needs to be started even if only a small amount at first. Some if this can be found from your coffee/lunch/meals out money as that seems quite high too at £100 a month. How often do you lunch out? Is it a social thing?

Hello- my food shop is around £60 a week roughly as I am coeliac/ lactose intolerant, so have to buy expensive bits.. which I hate! I never buy brands and try to get cheapest stuff as poss, but I hate paying this amount! A lot tends to go to waste too, as my sons a fussy eater, and Im not a good cook! Also hard with allergies.

I have a savings account with about 2k in which I havnt ever touched. Is that what you mean?

I eat out regulary as a social things really, pretty much all I get to do.
Also with work- I often have to eat out with clients. However the coffee.. I am slightly addicted to!

Thankyou

samantham06 · 18 January 2017 at 1:02PM

runforlife wrote: »

Quickly though here's what i suggest:

You'll get better advice when you do a formatted statement of affairs with interest rates, etc. Make yourself a cuppa and good luck.

Hi- thanks very much for your input. Few questions if ok?

Do you know how I can get out of the mobile contract? Its due to finish in August?

Childcare- sadly a must due to work.
Trust fund- I can cancel
Clothes- that was only a rough estimate, I do tend to charity shop, but I could do without these for a few months.

samantham06 · 18 January 2017 at 1:09PM

Does this help?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 464
Partners monthly income after tax....... 0
Benefits................................ 900
Other income............................ 0
Total monthly income.................... 1364

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 67
Management charge (leasehold property).. 0
Council tax............................. 10
Electricity............................. 15
Gas..................................... 40
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 240
Clothing................................ 40
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 15
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 999

Assets
Cash.................................... 2700
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 7200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................675.......25........0
loan...........................5990......170.......17.9
credit card....................1700......1.........0
student loan...................2500......5.........0
old loan.......................1500......1.........0
Total unsecured debts..........12365.....202.......-

Monthly Budget Summary
Total monthly income.................... 1,364
Expenses (including HP & secured debts). 999
Available for debt repayments........... 365
Monthly UNsecured debt repayments....... 202
Amount left after debt repayments....... 163

Personal Balance Sheet Summary
Total assets (things you own)........... 7,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,365
Net Assets.............................. -5,165

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

runforlife · 18 January 2017 at 10:41PM

samantham06 wrote: »

Hi- thanks very much for your input. Few questions if ok?

Do you know how I can get out of the mobile contract? Its due to finish in August?

Childcare- sadly a must due to work.
Trust fund- I can cancel
Clothes- that was only a rough estimate, I do tend to charity shop, but I could do without these for a few months.

The clothing one often pops up and most of us can get by for a while on what we've got. Eventually you'll need something, especially with kids, but this every penny saved.

Your phone contract is a tricky one but bear in mind i usually in the last 2 to 3 months you can change to a new plan. Maybe sim only?

sourcrates · 18 January 2017 at 10:54PM

samantham06 wrote: »

Hi- thanks very much for your input. Few questions if ok?

Do you know how I can get out of the mobile contract? Its due to finish in August ?

30 days notice to cancel in July, and switch to a PAYG sim, or negoatiate a cheaper deal with your network.

Pay an go is a lot better these days, you get good monthly allowances for £10-£15 a month.

runforlife · 19 January 2017 at 3:54PM

Also with phones see if your provider offers company discounts. I am with Vodafone and received 30% off a sim only through being with my employer.

ada-or-ardor · 19 January 2017 at 5:50PM

Forgive me for being naive but if your eating out budget is because you have to meet clients, should this not be a business expense. Is that you meant your earnings are when you listed income ? I do hope you are being reimbursed; you shouldn't be outlaying such a huge chunk of your personal money if entertaining clients is an essential part of your job...

Lots of other good advice here, I think it's Sky, those coffees and lunches; think you need to find a cheaper but still treat-like alternative!!

Ada

income/expenditure and debt advice please?

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