Reality hits home

ikkle87

£50 on a night out is a lot. If I go out I spend about £25 max and thats only on the odd occasion. That includes a taxi to town and back, entry, drinks and a kebab or burger on way home. Can I suggest you either get the bus into town on a night out and or find some where else to go out as you pay out on nights out alone more than I bring in a month and I pay rent and everything else out of that.

Your electric seems very high as well, maybe you could look at swapping providers.

Foodwise - is it just you as £200 is a lot as well, try downgrading brands and maybe buying own brand or value foods.

tyllwyd

Have you looked at the debt-free wanabee board?

I think you maybe are still not facing up to the situation completely - you've done your budget, but left off the biggest items (food/entertainment/credit card repayments) which means that it looks a bit like it balances. You need to bite the bullet and write in the real figures - you can't fix things until you know what the real situation is. You can save money on food & entertainment, but as things stand you don't even have any money at all to spend on them, so that isn't going to get you out of trouble.

There is a very detailed SOA (statement of affairs = budget) on the makesenseofcards website. If I were you, I'd fill that in and then talk to one of the debt management charities (like CCCS/PayPlan/National Debt Line). If it turns out that a debt management plan, or even IVA or bankruptcy, is the best way forward, better to find out sooner rather than later. Hopefully it won't come to that, but you might find you have to contact your creditors and ask them to accept reduced payments for a while - but the first thing is to get your SOA done.

little_miss_moneysaver_3

Well I think the obviously nights out have already been targeted!

The car looks like a big chunk of your money. I know you can't return the car, but maybe swap to a cheaper on for the remainer of the contract? I'm guessing at £290 a month it's a bit of a meaty car, which would prob explain your high insurance! So maybe that could come down if you got a smaller car?

What do you use your mobile for? Think about who you ring and when. If you normally ring in the evenings and weekends there are cheaper packages around. £43 for sky is quite a lot especially if you're out on the town 2 days a week. Would you really miss it if you got rid of it maybe just have the freeview?

Maybe your parents would give you a couple of months break with repayments for you to get sorted a bit. Or maybe halve the payments.

What kind of vitamins do you buy?? Maybe you could get all the nutrients you need from buying a more balanced diet. Are they really really essential? Look at the food, like suggested about try dropping a few brands. My main savings have been on toiletries. By going from a branded shower gel to Mr T's own, using 1 bottle a month is a saving of over £16 a year. Although i think we use more a month, never calcalated really.

At the end of the day, these are hard times for many so we have to priortise our spending. So to be blunt you'll have to sacrifice luxuries such as sky, nights out on the town etc.

Dunno know if that will be of any use to you.

LMMS

PasturesNew

matt83uk wrote: »

Cost of Living - November 2008
Loan repay to parents (helped out with house deposit 3yrs ago) £60
Building/Content/Accident Insurance £18
Car Insurance £80
Leased Car Payment (cant give back to oct 09) £290
Council Tax £80
Credit Expert £6 - a what? You don't need it, whatever it is
Electric and Gas £80 - cut this down to £40. Be a right miser and turn stuff off
Mobile Contract Avergage £40 - downgrade asap. payg. Don't text/don't reply unless it's urgent
Monthly Overdraft Fee £5
My Mortgage £680
Secured Loan (A&L good rate) £85
Sky TV / Brpadband / Line Rental £43 - kill it. freeview ftw
TV License £13
Water £25
£1505

Then I figure food/fruit/vitamins etc.. I must spend £200 a month - switch to cheaper food and fruits, cheaper sources of food and fruits, be aware of EXACTLY how much you're paying per pound and never pay more than the cheapest. Same with vits. Learn to cook basic food for yourself, instead of picking up a pizza on the way home get a supermarket one or learn to make your own or even just have beans on toast instead. Think about the cost of every meal and how you can downsize the cost by doing it differently or not at all.

Then going out with the lads once sometimes twice a week must be £400 a month. - switch friends, go out less often, invite them round yours, slow down your drinking, opt out of rounds, persuade them to go to free clubs.

Hope that helps!

olly300

What's high with your spending is:
1. Mobile tariff - are you actually using all those minutes and texts? You need to see if you can get a better tariff off your provider

2. Sky - get Freeview or FreeSat. You can also go around to friends if you want to watch sport and then you can have excuses for not seeing them at other times. Plus supermarket alcohol is cheaper than buying it in clubs.

3. Credit Expert - you don't need it. Every 6-8 months just write and ask for a copy of your credit file off the agencies. It's cheaper.

4. Vitamins - if you cook from scratch, and eat fruit and veg you don't need the vitamin pills. They are a waste of money for the majority of people unless you are malnourished or an do lots of rigours exercise which you don't seem to do.

5. Going out - cut down to once a week and get a cheaper hobby or another job.

6. Electricity and gas - your bills are very high. I suggest you turn your heating down and put on jumpers. Change to energy efficient light bulbs which you can get free and do simple things like turn things off at the wall. Also if you can find a cheaper hobby or another job to keep you out of the house you bills will be lower.

7. Food shopping - write a list, make things in batches and freeze them. Then when you want a microwave meal all you need to do is go into the freezer.

vet8

Why have a mobile phone? No-one really needs them, they are just a trendy modern accessory. Get rid of it and give us all some peace and quiet. And save money. :beer:

geordie_joe

vet8 wrote: »

Why have a mobile phone? No-one really needs them, they are just a trendy modern accessory. Get rid of it and give us all some peace and quiet. And save money. :beer:

I don't have a mobile phone and get along very well without one.

olly300

Actually vet8 and georgie joe I have had emergency family incidents where I couldn't be contacted because I didn't have a mobile phone and we didn't have a landine. Luckily I was living with someone who had a mobile phone.

Also the OP is a driver. As a driver however new your car is you need a mobile phone in case of emergency yours or other people's.

In addition lots of young people particularly those in rented accommodation have mobile phones but don't have landlines. Or have landlines you can't dial out on.

Also lots of employers don't like their staff using the work phone to make private calls or expect you to make work calls from your mobile phone. I have worked for companies where they expect staff to make business calls on their own phones and they will reimburse the cost if it goes over the employees free minutes.

However I do think the OP is spending too much money on their mobile phone. Particularly when they have a computer and broadband. Things like MSM and skpe are cheaper particularly if they need to talk to people aboard.

moanymoany

olly300 wrote: »

Actually vet8 and georgie joe I have had emergency family incidents where I couldn't be contacted because I didn't have a mobile phone and we didn't have a landine. Luckily I was living with someone who had a mobile phone.

Also the OP is a driver. As a driver however new your car is you need a mobile phone in case of emergency yours or other people's.

In addition lots of young people particularly those in rented accommodation have mobile phones but don't have landlines. Or have landlines you can't dial out on.

Also lots of employers don't like their staff using the work phone to make private calls or expect you to make work calls from your mobile phone. I have worked for companies where they expect staff to make business calls on their own phones and they will reimburse the cost if it goes over the employees free minutes.

However I do think the OP is spending too much money on their mobile phone. Particularly when they have a computer and broadband. Things like MSM and skpe are cheaper particularly if they need to talk to people aboard.

I have a mobile phone - paygo - I pay about £20 a year! Does for those emergency calls!

Also, for Op, Tesco value vitamins are ultra cheap. I think on your monthly outgoings you could save getting on for £150.