New DFW - Now my diary!!!

dancingfairy

Why are you ringing the bank? if it's to find out about overpayments that's o.k - as long as it's not to ask for a reduced payment or anything (you don't want them to know you are in trouble) and don't let them sell you anything.
df

Numpty_Monkey

LittleEmms wrote: »

Thanks Numpty - and sorry about the name pinching

You're right - I will ring them! They're such gits, telling me to get savings started whislt paying debt. I just trusted them... but I guess they were just doing their job!!

Ok, this was hard but I did it this evening; (OUCH:eek: )
(oh and to prevent the question - rent & mortgage - Shared ownership!!!)

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500
Monthly Expense Details
Mortgage................................ 336
Secured loan repayments................. 0
Rent.................................... 253
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 30Is this the best tarrif can you switch use a cashback site if you do
Gas..................................... 25 as above
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 11
Mobile phone............................ 35Can you change contract ?
TV Licence.............................. 12
Satellite/Cable TV...................... 29
Internet Services....................... 0
Groceries etc. ......................... 160 This can be cut, check out OS board
Clothing................................ 0 ?
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 30 is this the cheapest, again use a cashback site
Car maintenance (including MOT)......... 0?
Car parking............................. 0?
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 21
Other insurance......................... 28 Whats this for ?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20?????
Entertainment........................... 0?
Holiday................................. 0?
Emergency fund.......................... 0?
Wash machine cover...................... 9
Total monthly expenses.................. 1239

Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 70800

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 61289....(336)......5.08
Total secured debts........... 61289.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................9273......155.......11.9
Credit card....................180.......30........29.9
Overdraft......................900.......0.........19.5
Total unsecured debts..........10353.....185.......-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including secured debts)...... 1,239
Available for debt repayments........... 261
Monthly UNsecured debt repayments....... 185
Surplus(deficit if negative)............ 76
Personal Balance Sheet Summary
Total assets (things you own)........... 70,800
Total Secured debt...................... -61,289
Total Unsecured debt.................... -10,353
Net Assets.............................. -842
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

It's ok for the name pinching
I've left a few comments in a lovely shade of pink

I'll bet you don't have that extra £76 at the end of the month, Keep the spending diary going, there are lots of things that you need to budget for, clothing, medical, entertainment
I don't know muchabout ladies haicuts, but thats a lot to spend.

Have you had a look at Money Saving Old Style, great for getting the food bill down, menu planning, batch cooking, ,,allsorts on there

Have you had a look at the snowball calc?
http://www.whatsthecost.com/snowball.aspx?country=uk

Get rid of the credit card straight away,

I think the thing you need to learn is to budget, and you will be ok:T
I'm just learning how to do it:o

Deep_In_Debt

Hi & welcome

You've not allowed anything for internet???

Also, can you reduce groceries? I live on my own and live on half of that. Batch cooking, take sandwiches to work...etc, etc.

Can you reduce your mobile phone? I'm on PAYG and use about £10 every 2 months and get free texts and weekend calls every so often.

sharronloves2spend

hi little emms, no expert here when it comes to loans etc, but what i did notice is your grocery bill is rather high. I take it this is just for you??

Pop over to old style and they will give you plenty advice, they are angels:A . I managed to get ours down from £800:eek: per month to around £250-60 and thats for 6 of us(2 adults 2 teens 2 LO) and 2 dogs and a cat.

Also your life insurance seem high, but i'm sure someone better informed will be along shortly and advice you....

Washing machine insurance????

Just thinking that the money saved in these areas can bee thrown at your debt

Hope that helps in some little way

Sharron

dancingfairy

It will be tight but doable as Numpty Monkey says and you have caught it early enough before you got in a real pickle.
Unfortunately running a house is expensive on 1 income as is running a car. You can do both but will not have a lot spare to repay your debts - hence the thought of upping your income or ditching the car for a few months if you can.
Sorry Numpty - but that is probably not bad for a haircut - that's probably a really cheap place or a smei-decent cut every other month - hair cuts are extortionate. The only way the OP can save on that is to grow their hair and / or checkout colleges and training salons which often do cheap haricuts by trainees - they are supervised though. The other thing would be to investigate perhaps a mobile hairdresser - they come to your house to cut hair - yes you have the hassle of cleaning the kitchen (or wherever) before and sweeping up after - (hence the kitchen) but since they are not renting a salon the prices should be cheaper - perhaps ask around in the local area?
df

LittleEmms

Thanks DF

Yes property is shared ownership... and therefore Buildings Insurance is contained within the Rent side to the housing association.

Car - well I really can't give it up. There is NO public transport to where I live. REALLY!! I think that's why the houses are a little cheaper where I am!! There aren't any shops I can even walk to!!

I know my budget is tight, and I only started earning £1500 per month recently, I got a new job in September. Before that I was earning less and hence I got into the mess I did.

2nd job - well the only problem with a physical one is that I actually have a genetic disorder, which meant I only started working full time again about 5 years ago. I do pull muscles easily and dislocate and have a spine weaker than normal. This all means I do need to rest in the evenings and ensure I never over do it. A lot of people with my disorder have overdone it and have lasting damage to joints, etc and are in wheelchairs, etc. Not a route I want to go down.

I do think I am going to look into mystery shopping, etc. And the next car will definitely be one with cheaper car tax, but for now I'm stuck with my car as obviously getting a different one is not an option.

The life insurance - something I need to think about. I want to ensure my dad is paid back for the money initially lent on the mortgage. The other insurance is protection for everything else. Mortgage protection if I was to get critically ill, etc. And with my disorder - i felt something i should take out... maybe i've made a mistake there?

dancingfairy

Fair enough - it's not easy running a house and car on 1 salary but if you are in the sticks then a car is necessary. Don't overdo the job thing then - you might not be able to make repayments as fast as maybe you would like but your health is more important than the money.
With regards to the insurance - it is not something I know anything about really but I can understand wanting to pay your dad back and critical illness cover seems wise - but will it actually cover you condition 1) it might not be on the list of illnesses it specifies - it may only pay out if you get cancer etc.
2) it might exclude your condition or any related ones on the grounds that you had the illness/disorder when you took the insurance out.
If this is the case you might want to cancel the critical illness and put in a claim for misselling if there was no chance you could ever claim. Whether you could get cover to cover you for your condition or whether it would be prohibitively expensive or whether it would cover other illnesses apart from the one you have I don't know - you would need to look into it.
P.S I am not against the right sort of insurance - you just need to consider the options available to you and whether it will cover what you want/need.

Can you discuss the insurance with your dad - is he clued up on these things at all? Might be worth popping over to the insurance board as they would have a better idea and you may need to get some independent advice if they are unsure on the insurance board.
Since you can't work any more hours I think you should be looking at maybe car boots/ebay/making cards/jewellery or something you can sell? something you can do of an evening when you fancy it - how about surveys - they don't earn much but easy to do I believe if you will be sat on the computer anyway.
df

Deep_In_Debt

I'll second dancingfairy on the haircuts. I've been to the local college and the students have given me some of the best haircuts I've had for a fiver! It is hard being on your own and paying a mortgage, rent, car etc. I know, I am there! It is doable and you can still have a reasonable lifestyle and I am on a lower salary than you and I have a couple of critters to feed as well.

I've started shopping in Lidl - if you have one nearby or Aldi or Netto, then check them out. I've saved loads on my weekly shop.

I had a water meter fitted for free a couple of years back and my bills dropped from £28 pm to £10pm and it makes you more careful with the water you use - like loading the machine up once a week rather than lots of washes during the week.

Numpty_Monkey

DF no need to worry about the haircuts thing,good point about that though:T

Has as been mentioned, to add a few extra quid, daily clicks and surveys are ok not that much but if you start now it will probably pay for christmas next year or a few treats
Eagerlearner:A has a good thread about it
http://forums.moneysavingexpert.com/showthread.html?t=609037

Also have a look on the Up Your Income

LittleEmms

I just wrote a long reply and it had timed me out :mad:

Thanks for all your replies guys - i will reply properly tomorrow (or rather retype what i just wrote!!) I really have to go to bed, I'm a bit poorly and have to get up and get an emergency doctors appointment:(

Please know I am SOOOOO grateful for all your help, advice and everything, and look forward to reading more tomorrow... will also answer all your questions (again) ... my own fault... phone rang and I then typed!! That will teach me! :rolleyes: