What's the point???

rluc

Waterwatcher, thanks for the hugs think you are right about the self esteem thing, although tthat is a big thing apart from the debt that I am going to try and work on this year (I guess they are are both linked really), my confidence took a huge knock when my wife left me!!

Tasha, did actually apply for tihs years london marathon but didn't get in , did the great south run last year though and that did really make me feel good to achieve that. The house deposit is my big goal, just need to get the debt knocked on the head first, think you are right about goals though!!
Sue, yes have sent off for both jobs and a couple more and then like you said at least I will have options. Am going to start taking a look around at accountants, as seems like a lot of money to me too, have really just let it slide the last couple of years, meant to do it too easy to go with what you know!!

Paulgonnabedebtfree

rluc wrote: »

After years of struggling and then splitting up with my wife I have been trying for two years now to clear my debt and have managed to drop 7k from 30k, but it always seems there is something dragging me down. I am self employed and this month has been tax, car tax and new tyres! I am am every single month seeing less and less work and the bills keep coming in. I have most of my debts on low interest for the life of the balance apart from £3.5k on MBNA about to go from 0% to high interest at the end of the month( will hopefully find a new deal!!) But I am paying out ~£500 a month minimum payments and just see my income steadily dropping. I have not missed any payments for a long time but am worried that it will all go pear shaped soon and then I dont see a way back once it all goes to high interest rates. I just feel like I am trying my best but everything seems to be against me. At the moment I just feel like giving up and letting my finances go down the pan, I have been trying so hard but there seems no end!!!

The way you feel is like I can feel sometimes. I owe more than you and I have been repaying it for less time so I really am at the beginnings. Over the next few weeks, I could end up owing more than I did at the start of the year due to tax, van repairs/MOT/service/, accountants bill. I take the view that whatever I owe, it would be a lot worse without this website. I have set myself a personal budget not too much higher than benefit levels and I intend to have spare cash left over from that at the end of the year.

I keep reminding myself that the rest of the world has too much apathy to be against me

I heard a real gem on TV earlier. The guy said that he had lived an awful life and that some of the things actually happened. A real classic IMO and the way it came across had me rocking with laughter.

So, if I am capable of imagining and fantasising disaster, I am just as capable of imagining and fantasising the opposite. Sometimes our fantasies can become self fulfilling prophecies so I will try to imagine the positive stuff just in case that is true .

Hey. Don't mind me. I'm a nutcase anyway.

Paulgonnabedebtfree

rluc wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000 is this your income after putting aside tax money and paying NI?
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 35 are the phone/mobile costs your PERSONAL proportions of these bills as I assume the business parts will have come out before calculating your take home pay?
TV Licence.............................. 0 no TV? I'm impressed. I did without one for years many years ago.
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 this is way, way too high. Sorry to be blunt but you could do this on less than £100 comfortably. See the shopping money saving tips on this site.
Clothing................................ 0
Petrol/diesel........................... 320 same as for phone. Is this personal portion only as the business portion ought to have been already accounted for before your take home pay.
Road tax................................ 15
Car Insurance........................... 39
Car maintenance (including MOT)......... 20 as per petrol/diesel etc
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 you need to make some sort of allowance for this - even if it's just two dental checkups per year and a packet of anadin.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you don't say if your rented property is furnished or not. If the furniture is yours, maybe you need a bit of insurance. Any personal stuff to insure?If a minimal cost to replace, maybe unnecessary.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 6 I have a no1 - no2 cut. Do it myself now. Outlay £21 for Wahl (professional) clippers.
Entertainment........................... 50 I realise this isn't huge but if it involves ciggies or alcohol maybe could be reduced at least temporarily?
Holiday................................. 40 again not huge but maybe consider something a little cheaper perhaps temporarily
Emergency fund.......................... 0 I don't have one either but I think they're a good idea
electrical registration................. 35
accountant.............................. 70
public liability insurance.............. 10
Advertising............................. 48 the previous 4 items should really be assessed before yourtake home pay as thewy are business costs
Total monthly expenses.................. 1283

Assets
Cash.................................... 150
House value (Gross)..................... 0
Shares and bonds........................ 1000
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 2950

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
LLoyds TSB CC..................10670.....216.......5.9
Barclays CC....................8590......200.......4.9
MBNA CC........................3558......88........0 you've addressed the CCs in your post so I won't go into it
Total unsecured debts..........22818.....504.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including secured debts)...... 1,283
Available for debt repayments........... 717
Monthly UNsecured debt repayments....... 504
Amount left after debt repayments....... 213
Personal Balance Sheet Summary
Total assets (things you own)........... 2,950
Total Secured debt...................... -0
Total Unsecured debt.................... -22,818
Net Assets.............................. -19,868
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
I think I have done it all correctly have had to try and average out my earnings but at the moment that is about right. Things were looking really quiet on the work front but have picked up the possibility of a couple of new jobs I am going to look at tonight so fingers crossed. Also going to look seriously at going back to being employed. Have signed up for an ebay account and generally trying to stay positive!!!

I've never gone through someone else's SOA before so apologies if I screw up.
Please see my type above in red.

I've now been through it. Looks like you've done the business in with it. It's usually better to put the take home pay after allowing for business stuff (including apportioned items like phone/vehicle). I'm self-employed too. I allow 40% of my phone and 85% of my work vehicle for business. The proportions will vary depending on circumstances though. Bear in mind though that those business proportions reduce the money in the take home pay at the top.
DAMMIT !! I went through the first SOA before scrolling down and seeing the second one. Anyway, it may give you some pointers. Either way, that grocery budget can be cut by more than half.

rluc

Cheers paul made me smile!! Yep going to to look at drastically reducing my budget, I guess it will be painful but the feeling of being debt free one day will hopefully make it all worthwhile.

tasha-debt

Hey rluc,

How is the money saving going, have you heard from any of the jobs yet?

My Dad got his tax bill in yesterday it was £1500 more than he thought it was....... not good.

Hope your still being positive.

Tasha