Getting through the month!

gattina

I'm trying to chip off my university debt as much a possible...

I have a 3 year plan and paying as much as I can. Technically I should have enough money to get through the month as long as I don't go out too much or buy anything expensive.. but I always seem to run out way before payday!

Maybe my guidelines for spending are too vague...

I got a bike through the cyclescheme at work which reduces my travel travel card is £90 pm but the bike is £25 :-) and I tale advantage of free bread at work by having toast and sandwichs for lunch..

But i still always run out! argh..according to my calculations I should have about £350 pm for food/household products/beauty products etc..this should be enough but I don't seem to be diciplined enough to make it!

Any tips on making it through?

dancingfairy

Hi. Have you tried a spending diary to find out where the money is disapearing to? I would bet it goes on cd's/dvd's/clothes/makeup/nights out/meal out with work/magazines/coffees/cigarettes/newspapers/coke/chocolate bars etc.

Have you done a thorough SOA and budgetted a set amount each month for things that come up once a year like Christmas/holidays etc as this could also be your downfall? Why not post up your SOA for suggestions?
Best of Luck
df

gattina

thanks for your reply :-)

I have a spreadsheet with my outgoings and add to it each time i spend something - this normally goes out the window when I'm on my lunch or away from my computer in a shop somewhere! So you are right...

I don't buy anything big but the little things do add up don't they!

Sorry what's a SOA?

gattina

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1160
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1160

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 363
Management charge (leasehold property).. 0
Council tax............................. 38
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 6
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 74.82
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 77
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.1
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 758.92

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
Virgin Card....................2834.93...100.......0
Egg Card.......................1404.57...67.08.....0
Family Loan....................614.......100.......0
Family Loan 2..................1950......0.........0
OD.............................1500......0.........0
Sainsbury's Card...............172.81....13........17.5
Total unsecured debts..........8476.31...280.08....-

Monthly Budget Summary
Total monthly income.................... 1,160
Expenses (including secured debts)....... 758.92
Available for debt repayments........... 401.08
Monthly UNsecured debt repayments....... 280.08
Surplus(deficit if negative)............ 121

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -8,476.31
Net Assets.............................. -8,476.31

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

gattina

based on spending this month so far with a little money in the bank left over

I have got a bike through the cyclescheme and the travel in this SOA included money invested in bike... I'm hoping that this one will be a lot smaller each month!

I think my downfall is entertainment! and buying more in the supermarket that I need to...

I was thinking of setting myself a cash allowance and putting these in envolopes for weekly spending!

98jdougl

i know some people prefer cash to card as it is too easy to pop something on he card. i have a mini notebook in my bag where i make a note of everything that i have spent.
Is buyign in the supermarket on food items or the general stuff they have there? is entertainment dvds, cds, going out??

gattina

yep the credit cards are well and truely cut up!

entertainment is one DVD (£7) eating out a couple of times and a few birthday/afterwork drinks....

I think I can afford to do these things but need to spread them out and make sure it's just a couple of times in a month, preferably nearer the end so i can make sure i'm not using up money I will need later!

i think the notepad is a good idea ...
I have a few cash withdrawals that i had to put down as entertainment as I couldn't remember what they were for!

gattina

oh yep supermarket is usually general food... but always good to try and look for ways to reduce this...

Work provides free bread so I try to buy cheese or other nice things to go in sandwich -need to do this more as getting bored at lunch makes me tempted to go and spend!

98jdougl

with the supermarket might be a good idea to do a weekly food plan/diary before you go shopping?

With the dvd have you thought about maybe doing a dvd rental online?
(making sure to go via quidco etc) you can get packages at roundabout a fiver or so?

afterglow_2

well im presuming that your still in your 20's so giving up on the entertainment would be hard, and not necessarily worth it, having a life and paying off your debts would be the better approach!
so put everything u can into the sainsburys card, then thats gone in just over a month! then try and get your egg card down and your overdraft, pay off the remainder of egg with your overdraft and your on your way, few months hard work though!!!

CAFCGirl

Hello!

Thought I'd come over and stick my 2p's worth in

Right your sainsbury's card could be gone in like 1 month, No entertainment for the next month, and your minimum repayments.
Is the 100 you pay to your other card, the minimum, seems rather high, if not drop that down to say £50 for next month and you can use the extra to clear your Sainsbury card.

The other things I noticed is that your electric seems very high per month?
Anyway of cutting that down?
Can you also put your mobile phone tariff down, or cut down on usage?

Just a few thoughts. Take care and welcome to the journey!

P.S Anyway you can earn some extra cash, ebay, surveys, reviews etc. Sign up to dooyoo and you can get amazon vouchers to buy dvds/book with,for your entertainment, and then review what u buy, get more points, get more vouchers etc