Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • mick1234
    • By mick1234 5th Dec 17, 5:00 PM
    • 25Posts
    • 26Thanks
    mick1234
    Its time to sort out this mess!
    • #1
    • 5th Dec 17, 5:00 PM
    Its time to sort out this mess! 5th Dec 17 at 5:00 PM
    Hi,

    I have been around these forums for a long time and posted a few bits but I really need to be made accountable for my debts, I know I have lived in the red for a long time now and a few factors have stopped me moving on, I am lucky that I have a good job and have money spare as some of my friends do not. Being a newly single Dad with 50 / 50 co-parenting gives me more motivation to get myself sorted,

    I am terrible at spending on my debit card and credit cards as you can see, I got credit cards for emergencies and then shuffling the balances round trying to keep 0% has caused more issues of extra money that I have spent on nothing sometimes just living costs when I have no money left at the end of the month and I need shopping or petrol, I don't even go out as in getting drunk or spending on clothes or fast cars

    WORST SPENDING.

    Shopping dinners at work
    Shopping - nipping into the supermarket to buy some tea
    Fueling up at random times during the month



    I need a way to make sure every £1 has a job as everyone says but I can never do it I always have money left over and it just goes,

    I have already started with my bills.

    Virgin Media internet and tv - from £80 to £30
    Phone bill £70 - £12 with £60 cashback
    shopping all done at Aldi - trying to budget this per week.
    Called Barclay card and they took my Apr from 18.6 to 8

    any tips or pointers will help anything you have

    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................ 1997.23
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1997.23


    Monthly Expense Details

    Mortgage................................ 401
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 104
    Electricity............................. 61
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 0
    Mobile phone............................ 12
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 32
    Internet Services....................... 0
    Groceries etc. ......................... 200
    Clothing................................ 0
    Petrol/diesel........................... 100
    Road tax................................ 0
    Car Insurance........................... 43
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 300
    Other child related expenses............ 100
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 23.53
    Contents insurance...................... 0
    Life assurance ......................... 47.4
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 25
    Entertainment........................... 20
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1541.3



    Assets

    Cash.................................... 0
    House value (Gross)..................... 130000
    Shares and bonds........................ 0
    Car(s).................................. 1200
    Other assets............................ 0
    Total Assets............................ 131200



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 106000...(401)......2.17
    Total secured & HP debts...... 106000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    BC.............................9800......167...... .8
    Halifax........................1405.89...36.42.... .0
    RBS............................1400......50.81.... .0
    Tesco..........................3500......28....... .0
    NUBA...........................3439.61...33.18.... .0
    Total unsecured debts..........19545.5...315.41....-



    Monthly Budget Summary

    Total monthly income.................... 1,997.23
    Expenses (including HP & secured debts). 1,541.3
    Available for debt repayments........... 455.93
    Monthly UNsecured debt repayments....... 315.41
    Amount left after debt repayments....... 140.52


    Personal Balance Sheet Summary
    Total assets (things you own)........... 131,200
    Total HP & Secured debt................. -106,000
    Total Unsecured debt.................... -19,545.5
    Net Assets.............................. 5,654.5


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
Page 1
    • WannabeFree
    • By WannabeFree 5th Dec 17, 5:20 PM
    • 384 Posts
    • 2,604 Thanks
    WannabeFree
    • #2
    • 5th Dec 17, 5:20 PM
    • #2
    • 5th Dec 17, 5:20 PM
    Hi,

    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................ 1997.23
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1997.23


    Monthly Expense Details

    Mortgage................................ 401
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 104 Single persons discount on this? Do you pay over 10 or 12 months?
    Electricity............................. 61
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 40 Metered?
    If not it maybe cheaper as a single person.

    Telephone (land line)................... 0
    Mobile phone............................ 12
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 32
    Internet Services....................... 0
    Groceries etc. ......................... 200 This is high.
    I have 3 small ones and me and don't budget this much

    Clothing................................ 0
    Petrol/diesel........................... 100
    Road tax................................ 0 None?
    Car Insurance........................... 43
    Car maintenance (including MOT)......... 0 You need something here
    Car parking............................. 0 Never?
    Other travel............................ 0
    Childcare/nursery....................... 300
    Other child related expenses............ 100
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 23.53 Is this contents too? Make sure you shop around at renewal and check cashback
    Contents insurance...................... 0
    Life assurance ......................... 47.4
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 25 This is high too Stretch a bit longer in between
    Entertainment........................... 20 Is this realistic?
    Holiday................................. 0
    Emergency fund.......................... 0 Need something here
    Total monthly expenses.................. 1541.3



    Assets

    Cash.................................... 0
    House value (Gross)..................... 130000
    Shares and bonds........................ 0
    Car(s).................................. 1200
    Other assets............................ 0
    Total Assets............................ 131200



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 106000...(401)......2.17
    Total secured & HP debts...... 106000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    BC.............................9800......167...... .8
    Halifax........................1405.89...36.42.... .0
    RBS............................1400......50.81.... .0
    Tesco..........................3500......28....... .0
    NUBA...........................3439.61...33.18.... .0
    Total unsecured debts..........19545.5...315.41....-



    Monthly Budget Summary

    Total monthly income.................... 1,997.23
    Expenses (including HP & secured debts). 1,541.3
    Available for debt repayments........... 455.93
    Monthly UNsecured debt repayments....... 315.41
    Amount left after debt repayments....... 140.52
    I'm guessing you don't actually have this left?


    Personal Balance Sheet Summary
    Total assets (things you own)........... 131,200
    Total HP & Secured debt................. -106,000
    Total Unsecured debt.................... -19,545.5
    Net Assets.............................. 5,654.5


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Originally posted by mick1234
    Comments in red but it looks like you've made a good start!

    Food
    Take lunches to work
    Meal plan
    Don't just pop in to the supermarket for that one thing. You never leave with just what you went in for

    Keep a spending diary. All those odd hot drinks, an odd chocolate bar or snack adds up to a scary amount over the month. That's likely where the money you should have left over goes.

    I'm assuming the £400 child expenses is your form of maintenance?
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • beanielou
    • By beanielou 5th Dec 17, 5:51 PM
    • 48,977 Posts
    • 181,643 Thanks
    beanielou
    • #3
    • 5th Dec 17, 5:51 PM
    • #3
    • 5th Dec 17, 5:51 PM
    Happy shiny new diary
    Baby steps are always good.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • mick1234
    • By mick1234 6th Dec 17, 8:49 AM
    • 25 Posts
    • 26 Thanks
    mick1234
    • #4
    • 6th Dec 17, 8:49 AM
    • #4
    • 6th Dec 17, 8:49 AM
    Hi, the £300 is child care and the £100 is for anything else in the month like trips, clothes, haircuts, swimming lessons.

    Todays update - I have worked out that my coffee habit is expensive, I have a Waitrose on my commute to work so I got the Waitrose card ( no I do not shop here ) but with the card, you a get free coffee if you buy something so I was getting a bottle of water 67p and getting a free coffee sometimes I do spend more as well bits for dinner over the week that's is nearly £5 - £10 that's £20 to £40 a month on what I thought was a good deal!


    Comments in red but it looks like you've made a good start!

    Food
    Take lunches to work
    Meal plan
    Don't just pop in to the supermarket for that one thing. You never leave with just what you went in for

    Keep a spending diary. All those odd hot drinks, an odd chocolate bar or snack adds up to a scary amount over the month. That's likely where the money you should have left over goes.

    I'm assuming the £400 child expenses is your form of maintenance?
    Originally posted by WannabeFree
    • enjoyyourshoes
    • By enjoyyourshoes 6th Dec 17, 9:02 AM
    • 798 Posts
    • 981 Thanks
    enjoyyourshoes
    • #5
    • 6th Dec 17, 9:02 AM
    • #5
    • 6th Dec 17, 9:02 AM
    You need a process/system to account for your future commitments and your day to day spending.

    1.0 Accrue accurate monthly figure for medium term costs

    2.0 Deduct your monthly (including accrual above) DD/SO etc from closing bank balance

    3.0 Every day keep a reconciliation of your bank account balance with spending from that day.

    So. every day you know where you are financially and know how many days you have left till payday. Ensure you are critical with all of your spending and reduce these to meet your financial envelope.

    You need to reduce your expenditure dramatically to fund those debts.

    You can probably work out what you need to do without having to ask the forum.?
    Debt is a symptom, solve the problem.
    • mick1234
    • By mick1234 6th Dec 17, 10:08 AM
    • 25 Posts
    • 26 Thanks
    mick1234
    • #6
    • 6th Dec 17, 10:08 AM
    • #6
    • 6th Dec 17, 10:08 AM
    Hi,

    thanks for the information, in terms of money I have never been great I have always been live for today, the points you have made sound like accounting terms to me I think I get what you mean but how do you do the process exactly? do you use apps paper, its hard finding time to sit down at the minute so I need a simple process,

    You can probably work out what you need to do without having to ask the forum.?

    I thought the point of the diaries was for help and advice if I could work out what to do I would have done it and would not be in debt it's ok when you are good with money but I am not, it's a bit like me saying to you go and build a computer when I know how to do it it seems easy.




    You need a process/system to account for your future commitments and your day to day spending.

    1.0 Accrue accurate monthly figure for medium-term costs

    2.0 Deduct your monthly (including accrual above) DD/SO etc from closing bank balance

    3.0 Every day keep a reconciliation of your bank account balance with spending from that day.

    So. every day you know where you are financially and know how many days you have left till payday. Ensure you are critical with all of your spending and reduce these to meet your financial envelope.

    You need to reduce your expenditure dramatically to fund those debts.

    You can probably work out what you need to do without having to ask the forum.?
    Originally posted by enjoyyourshoes
    • redofromstart
    • By redofromstart 6th Dec 17, 11:38 AM
    • 599 Posts
    • 3,428 Thanks
    redofromstart
    • #7
    • 6th Dec 17, 11:38 AM
    • #7
    • 6th Dec 17, 11:38 AM
    Hi, just popping in to say happy new diary, and good luck with it..
    • UncannyScot
    • By UncannyScot 6th Dec 17, 1:01 PM
    • 867 Posts
    • 5,054 Thanks
    UncannyScot
    • #8
    • 6th Dec 17, 1:01 PM
    • #8
    • 6th Dec 17, 1:01 PM
    Hi mick1234,

    What works for me is a simple template budgeting/planning spreadsheet from Excel that I have adapted to suit my needs.
    I also use OneNote as a journal to help track things...
    It took me years to get to the stage of planning and controlling my finances. Let's face it, we are all here on this forum cos we are/were rubbish with our money...

    Try different ways of planning and budgeting...

    It really does just depend on finding what works for you and sticking with that.
    Whether it's a diary, notebook, spreadsheet, whatever... if it works, stick with it and tweak and improve it as you go.

    Pop into other folks diaries and see how they use them and how they do things and if there is anything specific you want help with or wanna know more about, just post up and see what comes back to you.

    Happy to help wherever I can
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • EssexHebridean
    • By EssexHebridean 6th Dec 17, 1:24 PM
    • 8,199 Posts
    • 43,429 Thanks
    EssexHebridean
    • #9
    • 6th Dec 17, 1:24 PM
    • #9
    • 6th Dec 17, 1:24 PM
    There you are! Well done for looking to get to grips with things - that's always the hardest part,
    deciding that there is something to fix.

    Comments on SOA in red as usual:


    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................ 1997.23
    Partners monthly income after tax....... 0
    Benefits................................ 0 50/50 co-parenting - should this not mean 50% of the child benefit, too?
    Other income............................ 0
    Total monthly income.................... 1997.23


    Monthly Expense Details

    Mortgage................................ 401
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 104 single person discount applied? If you haven't already done so look to get this paid over 12 months rather than the standard 10,
    too, as that helps with cashflow.

    Electricity............................. 61 Is this actually gas and electric? If not if you're using electricity for everything I assume you're on Economy 7 and storage heaters? Make sure you fully understand how to get the most from it as that figure is on the high side.
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 40 Think about whether switching to a meter might save you money - and if this is metered think about how you can use less!
    Telephone (land line)................... 0
    Mobile phone............................ 12 Good work!
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 32
    Internet Services....................... 0
    Groceries etc. ......................... 200 On the high side for effectively one and a half people - but you've already said that not planning well is a downfall haven't you. One to work on!
    Clothing................................ 0 Never? not even pants and socks?!
    Petrol/diesel........................... 100
    Road tax................................ 0 Zero rated car?
    Car Insurance........................... 43 Have you checked this is the best price you can get for the cover you need?
    Car maintenance (including MOT)......... 0 There is no way that a car worth £1200 isn't going to cost you anything in maintenance. You need to start budgeting for stuff like this!
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 300
    Other child related expenses............ 100
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 23.53
    Contents insurance...................... 0 Is this included in the insurance figure above?
    Life assurance ......................... 47.4 Have you checked this is the best price you can get for the cover you need?
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20 Is this enough? You've a child to buy for, plus any opther family, and any friends? Then there's wrapping paper, cards...?
    Haircuts................................ 25 Every month? This seems very high
    Entertainment........................... 20 And conversely this seems very low -
    have a think about what you do for entertainment during the month whether it's at home or going out, and make sure this is realistic.

    Holiday................................. 0
    Emergency fund.......................... 0 You're a homeowner - you MUST get something going here. Think about building a £1000 pot to start with.
    Total monthly expenses.................. 1541.3



    Assets

    Cash.................................... 0
    House value (Gross)..................... 130000
    Shares and bonds........................ 0
    Car(s).................................. 1200
    Other assets............................ 0
    Total Assets............................ 131200



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 106000...(401)......2.17
    Total secured & HP debts...... 106000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    BC.............................9800......167...... .8 This is the one to throw everything at first off
    Halifax........................1405.89...36.42.... .0 Make sure you know the finish dates for the 0% cards
    RBS............................1400......50.81.... .0
    Tesco..........................3500......28....... .0
    NUBA...........................3439.61...33.18.... .0
    Total unsecured debts..........19545.5...315.41....-



    Monthly Budget Summary

    Total monthly income.................... 1,997.23
    Expenses (including HP & secured debts). 1,541.3
    Available for debt repayments........... 455.93
    Monthly UNsecured debt repayments....... 315.41
    Amount left after debt repayments....... 140.52 Do you actually have this amount left?


    Personal Balance Sheet Summary
    Total assets (things you own)........... 131,200
    Total HP & Secured debt................. -106,000
    Total Unsecured debt.................... -19,545.5
    Net Assets.............................. 5,654.5


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Originally posted by mick1234
    Well the good news is that you do have a surplus, if not a very big one. Do you have that money left each month? I'm guessing not - partly as there are things not currently listed on the SOA and partly as you've said you tend to fall into the habit of tripping into odd amounts of spending.

    First thing - those 0% cards - make a note somewhere of the end dates for those. Then make sure that all the monthly payments on those are set at the amount currently required or slightly above - that stops it falling as you work on clearing of others, and means that you get more of an ongoing benefit from the amount that you know you can afford. (As an example - the initial minimum payment on my 0% card was £28 a month - that would now have fallen to £14 a month just because I've been paying it off - and that money would simply have been dropping into my account unaccounted for. That's when it's easy to fritter. (This trick only works when you're not spending on the cards though - but you won't be on the 0% cards, will you!)

    If you can make savings in a few places on the SOA and make sure that you keep track of that surplus, you can start to make a substantial impact on that first card. Also it's worth (as I recall you know) keeping an eye for 0% deals you can shift some of that balance to, but be cautious as your other 0% deals end as those will most likely revert to higher rates than 8% so at those points it may be more important to get those switched.

    Well done for a good start and for starting the diary.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£656.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • mick1234
    • By mick1234 6th Dec 17, 1:24 PM
    • 25 Posts
    • 26 Thanks
    mick1234
    thanks I use one note at work so ill take a look at that
    • EssexHebridean
    • By EssexHebridean 6th Dec 17, 1:27 PM
    • 8,199 Posts
    • 43,429 Thanks
    EssexHebridean
    You can probably work out what you need to do without having to ask the forum.?
    Originally posted by enjoyyourshoes
    This is what the forum is here for - for people to get advice and help, and above all, support. And the diary threads work on this basis most of all. Comments like this aren't honestly terribly helpful OR supportive, as they put people off posting.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£656.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • EssexHebridean
    • By EssexHebridean 6th Dec 17, 1:29 PM
    • 8,199 Posts
    • 43,429 Thanks
    EssexHebridean
    Hi, the £300 is child care and the £100 is for anything else in the month like trips, clothes, haircuts, swimming lessons.

    Todays update - I have worked out that my coffee habit is expensive, I have a Waitrose on my commute to work so I got the Waitrose card ( no I do not shop here ) but with the card, you a get free coffee if you buy something so I was getting a bottle of water 67p and getting a free coffee sometimes I do spend more as well bits for dinner over the week that's is nearly £5 - £10 that's £20 to £40 a month on what I thought was a good deal!
    Originally posted by mick1234
    Think about how you can use that one to your advantage then. Maybe note an item that you need from your weekly shop that Waitrose don't charge more for, and get that as your purchased item. Otherwise, if it's leading to you purchasing stuff you don;t need, ditch the daily caffeine kick!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£656.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • mick1234
    • By mick1234 6th Dec 17, 2:02 PM
    • 25 Posts
    • 26 Thanks
    mick1234
    @EssexHebridean so I wasnt sure how to reply as it would not let me quoute everything - replys in red.

    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................ 1997.23
    Partners monthly income after tax....... 0
    Benefits................................ 0 50/50 co-parenting - should this not mean 50% of the child benefit, too? - for now it's not worth the earache
    Other income............................ 0
    Total monthly income.................... 1997.23

    Monthly Expense Details
    Mortgage................................ 401
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 104 single person discount applied? If you haven't already done so look to get this paid over 12 months rather than the standard 10,
    too, as that helps with cashflow.
    Electricity............................. 61 Is this actually gas and electric? If not if you're using electricity for everything I assume you're on Economy 7 and storage heaters? Make sure you fully understand how to get the most from it as that figure is on the high side. - yes this is for both
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 40 Think about whether switching to a meter might save you money - and if this is metered think about how you can use less! - I will look at this
    Telephone (land line)................... 0
    Mobile phone............................ 12 Good work!
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 32
    Internet Services....................... 0
    Groceries etc. ......................... 200 On the high side for effectively one and a half people - but you've already said that not planning well is a downfall haven't you. One to work on! - working on this
    Clothing................................ 0 Never? not even pants and socks?! haha honestly maybe new every 6 months
    Petrol/diesel........................... 100
    Road tax................................ 0 Zero rated car? I need to check this I have just got a new car
    Car Insurance........................... 43 Have you checked this is the best price you can get for the cover you need? I will check this on the new car
    Car maintenance (including MOT)......... 0 There is no way that a car worth £1200 isn't going to cost you anything in maintenance. You need to start budgeting for stuff like this! - I know this needs sorting
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 300
    Other child related expenses............ 100
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 23.53 this is contents and building
    Contents insurance...................... 0 Is this included in the insurance figure above?
    Life assurance ......................... 47.4 Have you checked this is the best price you can get for the cover you need? - yes I did a lot on this and when I got a new mortage the advisor worked a lot with me it also covers me for critical illness
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20 Is this enough? You've a child to buy for, plus any opther family, and any friends? Then there's wrapping paper, cards...? - this I need to start
    Haircuts................................ 25 Every month? This seems very high
    Entertainment........................... 20 And conversely this seems very low - that covers Spotify and Netflix - I do snowboard a bit so I will put that on aswell I dont really go out spending becasue I have nothing left

    have a think about what you do for entertainment during the month whether it's at home or going out, and make sure this is realistic.
    Holiday................................. 0
    Emergency fund.......................... 0 You're a homeowner - you MUST get something going here. Think about building a £1000 pot to start with. - I know i need to do this
    Total monthly expenses.................. 1541.3


    Assets
    Cash.................................... 0
    House value (Gross)..................... 130000
    Shares and bonds........................ 0
    Car(s).................................. 1200
    Other assets............................ 0
    Total Assets............................ 131200


    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 106000...(401)......2.17
    Total secured & HP debts...... 106000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    BC.............................9800......167...... .8 This is the one to throw everything at first off
    Halifax........................1405.89...36.42.... .0 Make sure you know the finish dates for the 0% cards
    RBS............................1400......50.81.... .0
    Tesco..........................3500......28....... .0
    NUBA...........................3439.61...33.18.... .0
    Total unsecured debts..........19545.5...315.41....-


    Monthly Budget Summary
    Total monthly income.................... 1,997.23
    Expenses (including HP & secured debts). 1,541.3
    Available for debt repayments........... 455.93
    Monthly UNsecured debt repayments....... 315.41
    Amount left after debt repayments....... 140.52 Do you actually have this amount left?

    Personal Balance Sheet Summary
    Total assets (things you own)........... 131,200
    Total HP & Secured debt................. -106,000
    Total Unsecured debt.................... -19,545.5
    Net Assets.............................. 5,654.5

    thanks for that some really good points for me to look at - the emergency fund I know is important but raising £1000 is the difficult part at the minute it all feels like a massive mountain I just need to start chipping away at the debt but also putting things in place to stop credit cards being used again, I want to cut them all up but I know that have no food or fuel by the end of the month and use that as a safety net.
    • redofromstart
    • By redofromstart 6th Dec 17, 2:12 PM
    • 599 Posts
    • 3,428 Thanks
    redofromstart
    ditch the daily caffeine kick!
    Originally posted by EssexHebridean


    I always had an insulated coffee cup for the car commute which I filled before I left home.
    • enthusiasticsaver
    • By enthusiasticsaver 6th Dec 17, 4:35 PM
    • 4,827 Posts
    • 9,104 Thanks
    enthusiasticsaver
    Stopping using the cards is the first thing you need to put in place or all your efforts will be wasted. Your budget needs to be adjusted to allow you to build an emergency fund. £500 can do as a start. Can you get the cable tv reduced or cancelled? Groceries could be lower as mainly just you. The car maintenance figure also needs something in there and as EH says £20 per month is low for entertainment although I guess the child related expenses could go in there. You can get your hair done a lot cheaper than £25 per month. I think my DH pays £5 every 2 months at our local barber.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • UncannyScot
    • By UncannyScot 6th Dec 17, 7:13 PM
    • 867 Posts
    • 5,054 Thanks
    UncannyScot
    Forgot to say when I was on earlier, there is a good example of a budget planner spreadsheet available from MSE near top of the forum page...
    Look for Quick Links... The Budget Planner
    Also, within Excel there is a free template available entitled Family Budget Planner... it is initially set up for the USA but can be tweaked to suit the UK. This is what I used initially and I have tweaked it to suit me... and it's linked into my OneNote Journal too
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • EssexHebridean
    • By EssexHebridean 6th Dec 17, 8:35 PM
    • 8,199 Posts
    • 43,429 Thanks
    EssexHebridean
    putting things in place to stop credit cards being used again, I want to cut them all up but I know that have no food or fuel by the end of the month and use that as a safety net
    This jumped out at me - with the figures you've listed in your SOA, you can now see that actually, you DO have enough money to go around, can't you. Can you start by taking your cards out of your wallet and tucking them into the back of a drawer at home? That reduces the temptation to "just put it on the card".

    Another challenge for you - meal planning and getting that grocery spend down. Think first off about the sorts of meals you like to eat - and remember that cooking stuff from scratch is cheaper than getting someone else to do the work for you! Then consider where you shop - Aldi & Lidl will work out a lot cheaper than Waitrose and Sainsburys. From there personally I;d make my next stop to list the stuff I had in already - so cupboards, fridge & freezer, and then see what meals you can make using those things. Focus particularly on things that need using up - food waste is the enemy! See how little you can spend over the next few weeks by using the things you already have in stock as that will give you a nice boost to start you off.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£656.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • mick1234
    • By mick1234 6th Dec 17, 9:56 PM
    • 25 Posts
    • 26 Thanks
    mick1234
    I have just been doing the budget planner for the last hour and the SOA is incorrect! I have missed off some key things and doing this has highlighted them, I'm still in balance but by £33!


    The things I have missed.


    Car insurance has gone up currently 43 they want 85 for my new car! I will shop around on this and call them tomorrow


    Hobbies - £45 I forgot all about this but I take part in a marital art its the only thing I do really for myself my stress reliever


    Bank account fee - I always forget this its £17 but I get the breakdown cover, mobile phone insurance ( which I have used once ) and a £500 emergency call out.


    Overdraft cost - £6 ( £500 overdraft I have had this for longer than I can remember )


    And car tax - £20 a month


    It has just shown me I need to be fully engaged with where my money is going!


    Main goals to begin.


    1. Shopping - this is my first job as this seems to be my biggest one I can save on.


    2. I have just done a water meter estimate and it is saying instead of £480 a year it will be £150 so I need one of those.


    3. I will check the Gas and Electric guide on this site I am a member and my last provider was because of its recommendations but that was last year.


    4. No more coffees, I will just get one a work


    5. Haircuts I will find a cheaper place




    Forgot to say when I was on earlier, there is a good example of a budget planner spreadsheet available from MSE near top of the forum page...
    Look for Quick Links... The Budget Planner
    Also, within Excel there is a free template available entitled Family Budget Planner... it is initially set up for the USA but can be tweaked to suit the UK. This is what I used initially and I have tweaked it to suit me... and it's linked into my OneNote Journal too
    Originally posted by UncannyScot
    Last edited by mick1234; 06-12-2017 at 9:59 PM.
    • enthusiasticsaver
    • By enthusiasticsaver 7th Dec 17, 4:27 AM
    • 4,827 Posts
    • 9,104 Thanks
    enthusiasticsaver
    £85 a month is ridiculous for car insurance. That is more than the value of the car.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • enthusiasticsaver
    • By enthusiasticsaver 7th Dec 17, 4:29 AM
    • 4,827 Posts
    • 9,104 Thanks
    enthusiasticsaver
    I think you could probably get car breakdown a lot cheaper than £17 a month and you need to tackle the overdraft as most banks are starting to up their charges on this. Packaged bank accounts are usually a waste of money.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

72Posts Today

3,238Users online

Martin's Twitter