Finally had my LBM!

mogchops

Definitely start on the spending diary! I started mine last week, and am writing down every single thing. Its a real eye opener!!! :eek:

But now I'm identifying the *ahem* problem areas - I can do something about it!! :j

Carry on the good work Tom!

rubyslipper

Hey Tom

How's it going?? Are you still feeling very positive about the whole debt situation? I'm struggling a bit today as I'm hungover (free drinks last night @ company party, result!) and all I want is a fat lunch from Maccy D's or similar but I'm sticking with my homemade sandwiches!! :A

Hope it's going well for you buddy xx

pinkneonmartini

Tom_sharples wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 695
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 695
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 60
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 could you get a cheaper tarriff??? try ringing your network, if you threaten to go elsewhere they will almost certainly do you a deal, i rang o2 for my parents yesterday and quadrupled both their tarriffs for £9.79 a month, they were paying £40 each!
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 130
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 ??? you must get your hair cut at some point?
Entertainment........................... 0 ??? surely you must go out at some point?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 305

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................1214.65...100.......27.9
Lloyds TSB overdraft...........1559.72...100.......0
Co-operative O/D...............200.......20........0
Total unsecured debts..........2974.37...220.......-

Monthly Budget Summary
Total monthly income.................... 695
Expenses (including HP & secured debts). 305
Available for debt repayments........... 390
Monthly UNsecured debt repayments....... 220
Amount left after debt repayments....... 170 if you have this much left to throw at debts I would almost certainly set up monthly standing orders! It gives you £390 a month, which is £195 a month to each, surely this is much higher than your minimum repayment? You'd have all your debt paid off in 8 months!!!
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,974.37
Net Assets.............................. -2,574.37
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

There we go people. I still live at home with the parents thats why i have no utility bills or anything like that. This is what I would like my finances to be starting from the end of april. However not sure what Lloyds are going to be like regarding the CC an overdraft as both are over their limits.(i have added the charges onto them though) so guna get straight at the end of this month and then start at the end of April with this plan unless anybody can help me get out quicker?

Thanks
Tom

It really isn't bad at all, theres little you can change in your outgoings apart from your mobile, just set up standing orders and you'll never miss a payment.

carkeyz

Hiii
Just wanted to offer my support! Im 19 too am and sooo glad Ive found this website now instead of in 20 years time.... god knows where I'd be then!
Best advice I can give you is that you havent factored in anything for entertainment.... I know we shouldnt be spending frivolously but it is worth budgetting for it cause sometimes you HAVE to go to things - although you may not even want to go and I know I need the odd day out... and if you dont budget for it you will be disappointed when your SOA doesnt look like that at the end of the month!
Heres to being debt free young
Carla

Tom_sharples

Hey Ruby Slipper,

Sorry been a while in replying. Been ill with an ear infection and tonsillitis. does have its ups though in the way that I havent spent any money waheyy! (in cheggers voice).

Anyway quick update lloyds have finally accepted the £100 a month towards my overdraft and the credit card is slowly coming down so i'm hopefully guna be in the black by my target date .

Hows things goin on your front ruby?

I had free drinks on Saturday night at my cousins birthday party so was a bit worse for wear yesterday.

Take care

xx

rubyslipper

Giggling to self over that Cheggers impression!! :rotfl:

Sorry to hear you've been ill love, that's rotten. I hope you're feeling much better now. That is GREAT news about Lloyds! I'm so glad you were able to make that work, that's fantastic. :T :T Are you starting to feel more positive? Is your GF still firmly on board with it all?

Things are OK with me thanks - have managed 2 NSDs (no spend days) per week for the last 3 weeks which is a major achievement for me. Have also said no to a total of 4 nights out (that was very difficult!).

I get paid on Wednesday and I'm really excited (obviously) because it means I can start my 'budgeting' for real. Once my wages go in I can start to put my plan of how to live from now on into action! Jeez - when did I become this boring?!

Glad things are looking up for you doll

Ruby xx

Tom_sharples

Hey ruby,

Yes feeling great. Yes we had a bit of a falling out at the weekend and we split up but i apologised (mainly because it was my fault) and now were goin ok again.

WOOP for the NSD's i get paid on friday which means my budgeting starts then. I can't wait can't believe that im 19 and looking forward to budgeting. Think im getting old before my time lol.

Got an easy day in work as both my managers arent in so get to spend all day on here getting tips .

things are looking up in both our camps.

Tom

xx

Tom_sharples

Quick update.

My credit card is £250 over the limit but on my internet banking it says the overdue amount is £113.I have just made a payment of £120 towards it. Will this be enough to stop them ringing me in the mean time until I can afford to get it back within the limit? at the end of April?

thanks for any advice guys and gals.

Tom

rubyslipper

Oh sorry to hear you had a barney over the weekend. That's not what weekends are for!! I broke up with my OH about 3 weeks ago which was another contributor to my LBM. Realised I was definitely on my own and no one was going to offer to live with me and share my bills and therefore help my debt situation (I know - deluded). I definitely don't miss the arguments, that's for sure!

Not sure about the answer to your query there Tom but hopefully this will give the thread a lil bump and someone will come along to help.

x

Tom_sharples

its ok i'll just add another thread. Two threads in a week god i am getting into this MSE thing lol.

Aww sorry to hear that but look at it as a good thing as it has helped give you that little kick that we all inevitably need.

No I know its not what its for but she's my friend now with a little persuasion but it all looks like were back on track.

hope you've had a good day.

Tom

xx