new to the site.. can anyone help me??

poorandindenial

emily0585 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 1200
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 100 (if this is over ten months you can ask for it to be done so that it is over 12 so that you regularly have slightly more left each month rather than having two months of the year with no CT to pay)
Electricity............................. 40
Gas..................................... 40 (for gas and leccy are you doing all the things you should be: using energy saving lightbulbs, not leaving things on standby, turning off lights when no-one is in the room, not having the heating on unless you properly need it etc etc etc)
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 50 (have you considered PAYG?? most people find they save quite a bit by doing this)
TV Licence.............................. 11
Satellite/Cable TV...................... 12 (you can get TV, landline and broadband as a package through sky for £30ish)
Internet Services....................... 35 (see above)
Groceries etc. ......................... 150 (not too bad but you can probably shave a bit off if you are feeling dedicated; try downgrading on some items each week, if you don't like them then go back to your usual brand [this means if you buy (eg) walkers crisps you try the supermarket own brand etc etc])
Clothing................................ 50 (you should try to ditch this for a bit if you can, pop an extra £50 a month into the snowball calculator and see what it does to your debt free date)
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 120 (per month???????? - seems a lot)
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 71 (is this travel to work or something else?)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 100 (is this for the two of you?? you may get told to slash this but do make sure you leave yourself some leeway or else you run the risk of going crazy and feeling really deprived and that will make you more likely to fall off the frugal wagon)
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1604

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................3600......100.......14.9
natwest overdraft..............3000......50........11
natwest loan...................15000.....257.......11.9
citicard.......................2500......50........27.9 (I am sure that I don't need to tell you that this one HAS GOT TO GO ASAP)
hsbc card......................950.......25........11
hsbc loan......................9500......202.......8.3
Total unsecured debts..........34550.....684.......-

Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including secured debts)....... 1,604
Available for debt repayments........... 1,096
Monthly UNsecured debt repayments....... 684
Surplus(deficit if negative)............ 412

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -34,550
Net Assets.............................. -34,550

just a few odds and sods I spotted, I think you can trim it a bit here and there and not feel the burn too much

Jacks_xxx

The snowball just told me that if you make the minimum payments on all your debts and throw the whole surplus at Citicard it's GONE - in under 6 months.

How cool would that be? :eek:

and then do the same thing again for your Barclay card and 6 months later that's gone too!

In 18 months of living pretty tight and maybe having a second job to pay for treats you'd be down to just the loans - and of course they'd be smaller than they are now.

If you could do without the car, the mobiles and new clothes you could be down to just the two loans in about a year.

If I'm scaring the bejesus out of you with my talk of giving up going out, cars, and mobiles then punch in what you're currently paying each month and see how long that'll take.

if that doesn't motivate you to make changes then there ain't nothing that will!

Love Jacks xxx

PS the sky links:

http://www.tv-packages.com/sky/sky-bundle/?tracker2=sky_offer&gclid=CPmFrfSemJUCFQWR1Qod8Vbyfw

http://packages.sky.com/buy/?CMP=KNC-UKesalesSearch

emily0585

oh my god guys i cant believe how much u have helped!!

Thank you so much for taking the time out to look at my budget planner!

I know the car insurance is expensive, but is going down to half that in October when I move insurers thank god! The £70 travel is my train pass for the month (I dont drive to work as I work in the city centre and the parking/traffic is a nightmare!)

I think you are right, I CAN get out of this mess and WILL do it without using an IVA or DMP etc! Fingers crossed eh! xxx

poorandindenial

emily0585 wrote: »

oh my god guys i cant believe how much u have helped!!

Thank you so much for taking the time out to look at my budget planner!

You are welcome, please do check out the snowball calculator if you haven't already. That and my spending diary are the key things that work for me in getting rid of my HUGE wedge of debt.

emily0585 wrote: »

I know the car insurance is expensive, but is going down to half that in October when I move insurers thank god! The £70 travel is my train pass for the month (I dont drive to work as I work in the city centre and the parking/traffic is a nightmare!)

Sooooo, do you really need the car as well a the train pass?? (not wanting to be rude but if you don't REALLY need it it would free up loads of money).

emily0585 wrote: »

I think you are right, I CAN get out of this mess and WILL do it without using an IVA or DMP etc! Fingers crossed eh! xxx

Yay - great to hear you are still feeling motivated after a going over from us. To get the groceries down (if you want to) check out the money saving old style board, they can make thin air into a tasty nutritious meal for two.

maxineperry

When you look at all your debt at once it can paint a very depressing picture. I have £60,000 in debt but ive decided on this format and it helps! I pay all the minimum payments on my credit cards each month but i focus and concentrate especially on one at a time, any extra money i make from ebay, overtime, wages etc i pay off that one card each month. Its very rewarding when you strike that card off your list as paid in full...yippee!! I then focus on the next card and throw all my spare cash at that one. Sooner or later they start to dissappear one by one and it feels so much better when you see the results.

It helps me to do it this way, maybe it could help you :-)

One very important thing that was said to me in this forum is "debt that has took a few years to accrue will take a few years to sort out". Its not going to happen overnight, and as soon as i realised that i felt better already.

Good luck x x

savingholmes

emily0585 wrote: »

oh my god guys i cant believe how much u have helped!!

Thank you so much for taking the time out to look at my budget planner!

I know the car insurance is expensive, but is going down to half that in October when I move insurers thank god! The £70 travel is my train pass for the month (I dont drive to work as I work in the city centre and the parking/traffic is a nightmare!)

I think you are right, I CAN get out of this mess and WILL do it without using an IVA or DMP etc! Fingers crossed eh! xxx

The only other thing is - is there any way you could get interest free credit cards and if so move some of your debt? I don't know if that's possible in yoru circumstances?

Horace

Go over to the freebie board once in a while because they have free cinema tickets over there and they will advise on ways to get them.

If you are in London and have an Oyster card - you can discounts on the Transport for London website for various activities throughout London.

Jacks_xxx

maxineperry wrote: »

When you look at all your debt at once it can paint a very depressing picture. I have £60,000 in debt but ive decided on this format and it helps! I pay all the minimum payments on my credit cards each month but i focus and concentrate especially on one at a time, any extra money i make from ebay, overtime, wages etc i pay off that one card each month. Its very rewarding when you strike that card off your list as paid in full...yippee!! I then focus on the next card and throw all my spare cash at that one. Sooner or later they start to dissappear one by one and it feels so much better when you see the results.

It helps me to do it this way, maybe it could help you :-)

One very important thing that was said to me in this forum is "debt that has took a few years to accrue will take a few years to sort out". Its not going to happen overnight, and as soon as i realised that i felt better already.

Good luck x x

That's very good advice sweetie - and SO true!

Love Jacks xxx