Diary of a compulsive spender

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  • lilian1977 wrote: »
    Hi

    A few things on your basic SOA - What is your current account fee actually giving you? Or is that overdraft interest?

    I have both Capital One and Vanquis cards and I only have these because I have bad credit. Is this the same with you? If so then you NEED to get sorted out rather than further into trouble.

    Definitely give up smoking - apart from being healthier it will give you an impetus to not spend money, it's easy to justify "well I've bought cigarettes so today won't be a No Spend Day" and continue spending!

    Glad you've had your LBM - now let's see what you can do! :)

    Current account fee gives breakdown cover, phone insurance etc etc - i took it cos it was cheaper than the AA cover I had.

    I have a poor credit history as things were really bad when I got divorced as my ex took everything we had but left me the debts (he didn't work so everything was in my sole name) this was about 4 years ago and I paid off thousands then and have gradually gotten back into debt after buying my house.

    Working on smoking issue but need some time and OH to agree...
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    :A
  • lilian1977
    lilian1977 Posts: 5,024 Forumite
    First Post First Anniversary Combo Breaker
    In that case keeping up the payments on those cards is really important as they'll help rebuild your credit rating.

    What do you mean about getting the OH to agree about the smoking issue? xx
    My debt free diary | Post Office loan: £5,000 | Virgin Credit Card: £4079.19
  • I usually spend cash as the credit cards are always maxed (when i say cash i mean debit cards) I think it has been so long that things have just been creeping up but i was thinking it was ok as not missing payments.

    Current salary varies as I am self employed and work on different rates usually try to earn the upper limit before tax (pay myself from my own company) + CHB + £800 from OH + weekly expenses which I can pay myself.

    Obviously unless the company is earning I can't pay myself anything.
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    :A
  • natsplatnat
    natsplatnat Posts: 3,033 Forumite
    Photogenic First Post Combo Breaker First Anniversary

    Working on smoking issue but need some time and OH to agree...

    I have managed to reduce my cigarette consumption from 140 a week (20 a day!) to 60 a week. All I have done is give myself £15 a week to buy cigarettes with, buy 3 packs (x20) on a Friday when I do my food shopping and they have to last me the week. If I run out on a Wednesday (like I did this week:mad: ) I don't have any (although OH does smoke rollies - I will have a couple but really don't like them!!) and thats that. My own stupid fault for not budgeting!!!

    Just a thought!

    Nats x
    start = Wed 19th Nov 2008 £21,225
    end = Mon 28th Sept 2015 DEBT FREE!
    I love a good plan - it may not work.... but I love a good plan!
  • Burlesque_Babe
    Burlesque_Babe Posts: 17,547 Forumite
    Photogenic First Anniversary Combo Breaker
    Thanks natsplatnat.

    Not sure I can get into SOA bit from work but this is general idea of monthly expenditure:

    Current Account Fee.....£14.00 cancel and change to a normal current account, you've said you got cheaper AA cover, but there are plenty of deals where it is still less and it's over £160 a year in account fees
    TV Licence..................£11.95
    Childcare.....................£1,150.00 per month? :confused: Must have missed the explanation of this
    House C&B Insurance.....£14.00
    O/D Charges.................£38.00 every month ? Cancel all as advised and this won't happen anymore :T
    Currys.........................£7.99 cancel
    Currys.........................£2.99 cancel
    Currys.........................£2.49 cancel
    Currys.........................£6.99 cancel
    Solicitors.....................£150.00 what is this for? any chance it can be stretched out further? It is incurring any interest?
    Loan 1........................£297.21 (fixed for 25 years APR?)
    Loan 2........................£221.43 what is the APR on this?
    BT..............................£10.00
    Gas.............................£39.00 high
    Electric........................£31.00 again, high
    Mortgage.....................£639.40 are you tied in currently?
    Council Tax..................£110.00
    Gym Membership...........£37.75 (tied in to Dec 09)
    Capital One..................£50.00 (£923.95 remaining)
    Vanquis.......................£52.00 (£1107.58 remaining)
    Sky.............................£68.41 (will be reducing package ASAP) change to freeview if possible, £68 is a huge amount
    Water..........................£36.48 (not on meter and can't change)
    Mobile Phone.................£75.00 (2 phones) ouch.....if out of contract, switch to PAYG and only use in emergencies
    Life Insurance................£34.72 can you get cheaper?
    Fuel.............................£260.00 (this will reduce when finish work)
    Food............................£no idea, buy things almost every day! Spending diary is your best friend:D
    Clothes.........................£also no idea but don't need anything so will stop Buy nothing except undies for 6 months
    Smoking........................£180.00 (Should give up but haven't so including) If you aren't ready to give up, switch to rolling your own to save

    Generally I just spend whatever money I have on whatever I fancy that day, to give an idea I cleared both credit cards in November 08 and they are both now maxed again so basically just have no control on spending.

    Piece of advice to myself - STOP SPENDING SO MUCH MONEY!

    hi - my thoughts above ;)lots you can trim/cut :T . Can you do a full SOA which includes your salary etc?
    :D"Stay Wonky":D

    :j:jBecome Mrs Pepe 9 October 2012 :j:j
  • Dex
    Dex Posts: 596 Forumite
    Lindsey,

    I hope I don't get shot down for this but as you have said you wont give up smoking until you are ready. Have you thought about smoking rollups? I know, I know but I do and it only costs me £4 p/week which is £16 p/month a lot less than £180... just though it was worth a thought if your not ready to give up.:o
    1 debt vs 100 days part 6-11total paid £8,135.86 Final Debt [STRIKE]6,948.61[/STRIKE] £3,174.94
  • Hiya, didnt want to read and run.

    not much to add just make sure you are getting all the benifits and tax credits you are entitled too, you should at least get more tax crredits to help pay your huge childcare bill!! (i will pay £800ish a month and will be getting about £98 a week to help and me and my fella are classed as a good joint income) you dont say if you have a partner so this next bit may not be of any use but think if your single you can get some money off your council tax????

    Good luck with your journey, it can be done, i was very much like you a year or two ago and have managed to change my way of thinking.
    love rags
    xxxxxxxx
    December 2018: £20,850.24. Now: £18,333.02 Total paid in 2019: £2517.22

    Weight loss: 1.5lbs
  • Idiophreak
    Idiophreak Posts: 12,024 Forumite
    Combo Breaker First Post
    £800 from OH


    Hate to say it, but have you investigated if you'd be better off with the OH staying at home?

    On the face of it, paying 1100 childcare so that you can go out and earn 800 doesn't seem like great maths :)
  • sorry, think i was writing my post as everyone else was writing theres!!!!
    December 2018: £20,850.24. Now: £18,333.02 Total paid in 2019: £2517.22

    Weight loss: 1.5lbs
  • Ok I think I have done the SOA correctly I am doing it as if I was still in work.
    Just then need to figure out how to continue as I will not have an income.
    Forgot to add in the £20 for currys stuff but going to cancel them anyway.


    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 2
    Monthly Income Details
    Monthly income after tax................ 3000 soon to be £0
    Partners monthly income after tax....... 3500
    Benefits................................ 135 Child Benefit
    Other income............................ 0 When working also get expenses
    Total monthly income.................... 6635
    Monthly Expense Details
    Mortgage................................ 639.4
    Secured loan repayments................. 297.21
    Hire Purchase (HP) repayments........... 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 110
    Electricity............................. 31
    Gas..................................... 39
    Oil..................................... 0
    Water rates............................. 36.48
    Telephone (land line)................... 10
    Mobile phone............................ 105 Increased as now including OH phone
    TV Licence.............................. 11.95
    Satellite/Cable TV...................... 68.41Will reduce but not cancel as get free Broadband and landline calls
    Internet Services....................... 0
    Groceries etc. ......................... 200 Rough estimate
    Clothing................................ 100 ditto
    Petrol/diesel........................... 300 will reduce when not working
    Road tax................................ 15
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 10
    Car parking............................. 120 will be £0 when not working
    Other travel............................ 0
    Childcare/nursery....................... 1150
    Other child related expenses............ 600 OH maintenance payments
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 14 building and contents
    Contents insurance...................... 0
    Life assurance ......................... 34.72
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 50 rough guess but prob more
    Haircuts................................ 40 now cancelled
    Entertainment........................... 100 rough guess but not essential so can go
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 4092.17

    Assets
    Cash.................................... 0
    House value (Gross)..................... 115000
    Shares and bonds........................ 0
    Car(s).................................. 20000
    Other assets............................ 0
    Total Assets............................ 135000

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 114000...(639.4)....0
    Secured Debt.................. 25000....(297.21)...0
    Total secured & HP debts...... 139000....-.........-
    Unsecured Debts Will have to dig out papers for rates etc.
    Description....................Debt......Monthly...APR
    Barclayloan....................12521.7...221.4.....0
    Solicitor......................3300......150.......0
    Vanquis........................1107.58...0.........0
    OH Loan........................0.........500.......0 No idea how much or how long
    Welcome........................15000.....0.........0
    Overdraft......................4300......0.........0
    Capital One....................923.95....0.........0
    Total unsecured debts..........37153.23..871.4.....-

    Monthly Budget Summary
    Total monthly income.................... 6,635
    Expenses (including HP & secured debts). 4,092.17
    Available for debt repayments........... 2,542.83
    Monthly UNsecured debt repayments....... 871.4
    Amount left after debt repayments....... 1,671.43
    Personal Balance Sheet Summary
    Total assets (things you own)........... 135,000
    Total HP & Secured debt................. -139,000
    Total Unsecured debt.................... -37,153.23
    Net Assets.............................. -41,153.23
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission.

    Hope this makes sense but if you need any clarification happy to provide...

    I have included OH income etc. but generally we keep everything separate and he just pays me £800 a month towards bills and pays his debt and maintenance, no idea what he spends his money on but I have told him he will have to pay it towards our bills now that I am out of a job. Hopefully this gives a clearer picture of everything.
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    :A
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