DFW - Leverton86 New Diary

leverton86

Hi everyone,

seen a few of these on here and I'm thinking I need to join in - as someone else rightly said on a thread, it seems more important when lots of people are reading your efforts, and that will surely give me more motivation. I'm 22, liv with my girlfriend in a rented flat and I'm the only income earner - 30 hours per week part time at min wage. Not that great. Thankfully my OH's parents have been able to help out, for which I am eternally grateful, but I want us to be able to support ourselves financially asap. So...give me a couple of days and I'll post my SOA (not too good, as you can see start by being just over 10k in debt (only barclaycard are adding interest though which is good). I'll be back soon, happy Christmas to all, hope everyone has had a good day!

Cheers :beer:

Sarahx

Hello, and Merry Christmas to you.
I will be reading, but probably not much practical help, so will leave that to the experts. Just wanted to let you know you have some support.
Good luck with your efforts. Don't loose focus.

Good wishes to you

Sarah

Sarahx

P.S. I'm aiming for debt free for end of 2009 too, so will go for it with you!

leverton86

Sarahx wrote: »

P.S. I'm aiming for debt free for end of 2009 too, so will go for it with you!

Good to know there's someone to do it with - not too sure how I'm gonna cut down on things - thinking increasing the income is the main thing to do - hard one when studying 2 OU courses at the same time as doing some volunteer work! Oh well.....keep determined I guess :-)

Cheers!

Sarahx

I work full time, single 3 teenagers, no benefits, blah, blah. Doing a degree module at the moment. I could overpay to clear 8.5k by end of 09 with motivation, self discipline (stop buying unnecessary stuff!!) and the biggest one.....should give up smoking. The motivation is I would be able to move house in 2010 if debt free. Self discipline and smoking.....anyone got a number for Paul McKenna??

leverton86

Well, couple of things done today to help me along my way and cut my spending - though not my choice!

My girlfriend is ill so not going out to lunch at Brewsters - should save about 20-25 quid! Gonna be a no-spend day today, unless I get tempted by anything in online sales!

Sarahx

Bad me....just been tempted!!

Sounds like it'll be a new you for Christmas 2009! Charting progress helps I think and hopefully other people will be on here to spur you on and give you lots of support and motivation. x

Sarahx

Hi there, how's it going? Have you been tempted yet by the sales or caught your girlfriends bug, which has stopped you??!!

leverton86

Couldn't get anywhere near today as was working most the day. Realised I really haven't got the cash to get anything. Haven't caught the bug - luckily! Paid £5 to Barclaycard though, gonna have a go at doing payment to them a day!

You've been persuaded by cheap goods then Sarah??

leverton86

Hey everyone,

Just done a rough SOA for people to look at and comment on - go on, rip me to shreds lol! It is rough as am still awaiting information from council on housing benefit and council tax benefit (not included as income or deductions) so won't be quite as bad as it currently is (though not much better!!). Have commented next to things that need commenting.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 650
Partners monthly income after tax....... 0 OH not currently working due to ill health, but can't get any benefits :mad:
Benefits................................ 0
Other income............................ 0 We get some help with top-ups needed from OH's parents but I want to become unreliant on that.
Total monthly income.................... 650 30 hours at min wage
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 550 not much cheaper/better around here
Management charge (leasehold property).. 0
Council tax............................. 5 this will go up as recently had a change in circumstances.
Electricity............................. 26 average
Gas..................................... 59 might be less than that need to work an average from next bill
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11 BT line rental
Mobile phone............................ 50 2 contracts - mine will be up in April - will switch to PAYG
TV Licence.............................. 12
Satellite/Cable TV...................... 22 Have SKY with broadband and phone deal for £27 a month - not the best but stuck in contract at the moment
Internet Services....................... 5
Groceries etc. ......................... 200 Not accurate - need to keep a spending diary and all receipts to check on this
Clothing................................ 33
Petrol/diesel........................... 100
Road tax................................ 0 Luckily OH's parents pay for this - though in the future I would like to be in that position
Car Insurance........................... 0 as above
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 8
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Magazines............................... 10 OH - slightly annoying but it is one of her only luxuries lol.
Gym Membership.......................... 30 Fine but I need to make use of it.
Total monthly expenses.................. 1196

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000 ish
Other assets............................ 0
Total Assets............................ 6000

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
DLC (formerly Abbey)...........4724.54...10........0
Blair Oliver and Scot..........3682......1.........0
Barclaycard....................1605.06...5.........3
Total unsecured debts..........10011.6...16........-

Monthly Budget Summary
Total monthly income.................... 650
Expenses (including secured debts)...... 1,196
Available for debt repayments........... -546
Monthly UNsecured debt repayments....... 16
Amount short for making debt repayments. -562
Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total Secured debt...................... -0
Total Unsecured debt.................... -10,011.6
Net Assets.............................. -4,011.6
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Fire_Fox

I am struggling to understand why, when you have an income of £650 and rent of £550 a month, your partner is not entitled to any benefits? I am going to assume it is not possible to increase your income, so am going to make some harsh suggestions. Not to be unkind but because at the moment your debts are increasing so there is a lot of work to do.

Do you really need the car or is it possible to use public transport/ walk/ cycle? This is a valuable asset and selling it would clear a few debts. Most monthly travel passes are less than you are spending on petrol.

Even though you are under contract to Sky/ mobiles you may be able to switch to a cheaper tariff. Also consider getting rid of either the landline or one mobile phone as three phones is not essential.

Your energy bills seem high - we are two in a two bedroom flat and pay £26.50 a month between us each month for electric with no gas in the property. Food bills could also be reduced a lot - check out the Old Style board and the 'Live on £4k for a year' threads on here.

Neither the gym membership or magazines are necessary: you only have £100 a month left after your rent for your food, utilities and travel. Join the local library and read through it - there is plenty fitness-wise you can do with equipment you already have in the home and your own body weight. Similarly there are a ton of books to keep the invalid amused!

Sorry if I sound unfeeling; it sounds like you are in a very difficult position and it's great you are doing something about it. But your income is not enough for two people to survive on so unless you can increase that ASAP ... you have to get rid of every single luxury. Otherwise you will soon end up with a debt you can no longer manage.

All the best!