Help with debt - My SOA

Lemon_Tree

Spat well done for joining us here and taking the bull by the horns. We tend not to advocate consolidating debts into one loan mainly as this tends to mean we haven't learnt anything and then run up the credit cards again (i know i did it 3 times), if you think that you won't do this then it is something to be considered i guess.
Good luck and keep visiting and tackling the debt.

ElizabethJH

I think that keeping a spending diary is a good thing... see exactly where your money is going as that's a lot to be unaccounted for! Mind you I'm sure I could spend as much if I tried!!

Decide how much money you want to put towards your debts each month (The snowball above will help you see how long it will take you to pay off depending how much money you throw towards it) and then any money money you have left over then stick to this budget and don't go over it!!

spat08

Lemon_Tree wrote: »

Spat well done for joining us here and taking the bull by the horns. We tend not to advocate consolidating debts into one loan mainly as this tends to mean we haven't learnt anything and then run up the credit cards again (i know i did it 3 times), if you think that you won't do this then it is something to be considered i guess.
Good luck and keep visiting and tackling the debt.

yeah, thats one problem, we have done that previously also..

id hope we wouldnt but guess we cant tell...just thought if done properly, it could help..

dumpy

Can I be brutally honest here?

I don't think you have had your LBM yet.

You have remembered two debts since posting your SOA £150 to parents and £180 to a loan. So that's another £330 out of your left over money.

You talk about having lunches out yet only have £100 in your grocery bill for the month. I can't see anything in your SOA for lunches.

Your last post talks about extending your loan because you are happy for this to be paid very month but untill you get to grips with your monthly spending then you will just run things up again.

Start a spending diary and write everything down. After a month do another SOA with real figures, it'll shock you!

Use the snowball to work out which debt to pay off first.

You could clear this relatively easily in a year or so but you need to take control of your situation beore it takes control of you.

smarties84

Good luck and i look forward to reading ur diary.

spat08

dumpy wrote: »

Can I be brutally honest here?

I don't think you have had your LBM yet.

You have remembered two debts since posting your SOA £150 to parents and £180 to a loan. So that's another £330 out of your left over money.

You talk about having lunches out yet only have £100 in your grocery bill for the month. I can't see anything in your SOA for lunches.

Your last post talks about extending your loan because you are happy for this to be paid very month but untill you get to grips with your monthly spending then you will just run things up again.

Start a spending diary and write everything down. After a month do another SOA with real figures, it'll shock you!

Use the snowball to work out which debt to pay off first.

You could clear this relatively easily in a year or so but you need to take control of your situation beore it takes control of you.

It snot that I havnt worried, Im just not good with my own money. Hence the things I forgot. I only put the amounts in my SOA that were compulsary, the money for food is just what I spend on groceries, which in theory should cover me for everything, but it doesnt becasue I spend more on things I dont need.

I am going to do a diary, but that obviously takes time..

I would obviously rather not be paying for a loan, the reason i said i was happy to pay it is because it I thought it was a sensible move...it would reduce my debt and at lower rate..

Thats why I was asking for help becasue I wasnt sure if this was a good idea or not..

People have said that I shouldnt consolidate debt, so I wont..

I may seem like I dont care or havnt thought it through properly but i have, I am just not great at it and lose track on things..

The diary should help

spat08

smarties84 wrote: »

Good luck and i look forward to reading ur diary.

Thanks smartie...