Searching for a debt free day

searching_me

Right decided that i needed to get my bum in to gear heres me so far....

Im 23 currently living with my Oh, DD6 and dog, im also 16 nearly 17weeks pregnant. i work about 27hours a week on min wage. Oh doesnt work but is trying hard to find work. But with in the last 2 years put myself in to abit of debt due to moving from London to Sheffield, losing my nan, an ectopic pregnancy and some bad judgements (mainly me thinking i could handle things when i couldnt be refusing to admit defeat)...
All together ive worked out i owe about £3000:mad: :mad: so i got til the 12th of June to sort out my finances so i guess i better get stepping. I will post my soa once ive figured out how to take it off the website ... well here goes new year new start xxx

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 400
Partners monthly income after tax....... 0
Benefits................................ 552
Other income............................ 0
Total monthly income.................... 952
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 160
Management charge (leasehold property).. 0
Council tax............................. 106 (got behind this has been spilt it in to 3 payments so i cant make it smaller)
Electricity............................. 40
Gas..................................... 40 (these to go down to £20 in summer as does the electric)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 40 (this is for 2 mobiles)
TV Licence.............................. 11
Satellite/Cable TV...................... 30 (this is phone sky and internet)
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
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...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
savings for baby ....................... 80 (want to make sure i can cover some of my matertiny pay)
Total monthly expenses.................. 679

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
sainsbury cc...................670.......16........15.9
barclays cc....................230.......20........26.9
littlewoods direct.............220.......5.........32.9
barclays OD ...................1300......20........0
pc world laptop ...............500.......16........24.9
Total unsecured debts..........2920......77........-

Monthly Budget Summary
Total monthly income.................... 952
Expenses (including secured debts)...... 679
Available for debt repayments........... 273
Monthly UNsecured debt repayments....... 77
Amount left after debt repayments....... 196
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -2,920
Net Assets.............................. -2,920
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

so hows that look to you? x

fatbelly

Nothing for water?

Nothing for transport?

Do you find that you do have £200 left over each month?

searching_me

water is included in rent ... forgot about travel but it defers depending on if i walk it to work or not but its at min is £1.40 well £1.50 now the rates have gone up but this is about 4 times a weeks so £6 a week ... £24 a month.. no i never do seem to have anything left... not sure were its going ... bits and bobs and treating my DD x

pink_princess

Do you not have life insurance, its almost as important as food if you have children .
Your income left over will be getting used on haircuts and clothes etc that you haven t accounted for.
Personally i would try to pay off the littlewoods one first the largest apr.
Your starting the new year the right way .Positive start positive ending hopefully.
Good luck with your new baby as well .
PP

searching_me

thank you usually my savings are used for haircuts clothes and all that but it got wiped out at xmas so now im using it for saving for my bubs x
ps i honestly never thought about life insurance will definately be looking in to get this sorted x

searching_me

when looking for life insurance what do i need to look for, how long do i need it for so i can change if its cheaper else where?
is it worth getting the critcal illness cover on top x

fatbelly

As I see it you're making the contractual payments on the debts and your credit rating is still probably OK. So I sugest you read Martin's article here, bearing in mind that you have debt problems, not a debt crisis.

With a bit of work (see the credit cards button above) you can get all your debt to 0% on short-term deals and get it under control

You have still not identified where all the money is going so I suggest a spending diary - basically write down everything you and your family spend money on. Cut out anything unnecessary and throw it at the debts.

You should ask yourself why you are saving money and getting maybe 4% interest when you are paying 16-32% interest on your debts.

When you can afford life insurance, use Martin's guide to avoid being ripped off, if you consider it essential. I think his guide answers your questions.

I hope it all works out.

searching_me

my credit rating isnt great ... but i never thought about the interest between saving and credit card ... all i have get told is save save save hard trying to do both at the same time x

Fire_Fox

Do you really need three telephones between two adults? Could you not cancel either the landline or one of the mobiles until DH is back in work?

Also how much do you think you need for the new baby? You can gets lots of hardly used equipment and clothing on Freecycle, Gumtree and eBay.

x

searching_me

yep already signed myself up to freecycle once i get my 20weeks scan and tests done to make sure everything is completely ok im gonna ask as much as i can .. as they say you dont ask you dont get... my mobile is on contract £30 cant change that til next year and oh only has a tenner.. i was thinking of just changing my landline to just incoming only as i barely use it gonna look in to that tomorrow when i get back from work once again doesnt harm to ask does it even if it only save a few quid x

searching_me

feel like im really making a start 2 nsd ... didnt take a penny out the bank in 3 days ... although i have paid the council tax, my ccs and littlewood direct (ccs and littlewoods all more then the min ) ... gonna start getting the flat ready and decluttered ready for my bubs i know we've still got 6 months but need to get a move on x