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  • FIRST POST
    • mick1234
    • By mick1234 5th Dec 17, 5:00 PM
    • 45Posts
    • 62Thanks
    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 4
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 4th Jan 18, 12:29 PM
    • 115 Posts
    • 273 Thanks
    CoffeeCakeYarn
    Thanks again, appreciated. Just out of interest have you joined the MSE credit club? It's a big help to see where you are with credit scores and stuff....
    MBNA - £2254.59/£2385 - 5.47%
    Emergency Fund £24.36/£1000
    • mick1234
    • By mick1234 5th Jan 18, 8:42 AM
    • 45 Posts
    • 62 Thanks
    mick1234
    Yes, I have thanks, Barclaycard also gives you it for free which is handy.

    Thanks again, appreciated. Just out of interest have you joined the MSE credit club? It's a big help to see where you are with credit scores and stuff....
    Originally posted by CoffeeCakeYarn
    • mick1234
    • By mick1234 5th Jan 18, 8:52 AM
    • 45 Posts
    • 62 Thanks
    mick1234
    So this week has been a great test for me, I had a budget of £70 for fuel and food, the only thing I have spent is 90p which was lying around my car I spent it on free coffee from Waitrose! you need to spend min 30p in order to get a free coffe.


    At the weekend I will have another £70 and I still have a little fuel left, I will adjust this as I go so I am not struggling but this is the first week in my life ( I am 40 ! ) that I have had a budget and stuck to it!! This will probably be the hardest month aswell due to Christmas and the long wait until payday.
    • EssexHebridean
    • By EssexHebridean 16th Jan 18, 11:22 AM
    • 8,307 Posts
    • 44,225 Thanks
    EssexHebridean
    Ahh Mick well done - that was brilliant then - what a flying start!

    How's it going now?
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£758.45 (19/12/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • mick1234
    • By mick1234 16th Jan 18, 11:37 AM
    • 45 Posts
    • 62 Thanks
    mick1234
    A struggle this month it was all going to plan and the electricity bill got taken from my account £140 ( no funds ) and I went over this has been sent back and I have been charged for the none payment from the bank, I will contact the company and pay them on payday, it was going well until this happened, I had my weekly budget and I have stuck to it in terms of shopping and fuel but this has knocked me back a bit, things have come up which I did not account for 2 kids partys presents and sometimes using more fuel than I thought, and January is always a long month more planning is needed!
    • Kittychick
    • By Kittychick 16th Jan 18, 12:01 PM
    • 229 Posts
    • 583 Thanks
    Kittychick
    I'm sure this is just a temporary hiccup, you are doing really well, if you hadn't put the meal planning etc in place you would have been hit much harder now. Keep going
    • EssexHebridean
    • By EssexHebridean 17th Jan 18, 10:46 AM
    • 8,307 Posts
    • 44,225 Thanks
    EssexHebridean
    Budgeting is a learning curve - it's pretty rare for you to get it spot on right, first time. Learn from the issues you've had this month so far and they won't come up and bite you again.

    Just a thought though - why are you saying January is a long month? It's 31 days, same as March, May, July.....you get where I'm coming from? This is the great thing about budgeting and getting a firm hold on your finances - that "long month" thing is no longer something to be feared - you'll be right there taking charge of it.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£758.45 (19/12/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • mick1234
    • By mick1234 18th Jan 18, 11:27 AM
    • 45 Posts
    • 62 Thanks
    mick1234
    a long month as in it seems ages since I was last paid, Christmas I probably spent a little more than I should of as I didn't have the right budget in place, but like you say it is a learning curve I have defiantly made leaps and bounds with shopping and fuel, its annoying as now I can see that my car costs me a lot in terms of fuel ! Nearly £200 a month.
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