Drinkupretty's SOA

Dinah93

Your costs are quite low, but so is your wage. £100 on entertainment is a lot though. For you the priority might be on upping your income as much as reducing your spending. Can you take on another job part time? How about becoming an avon/virgin vie rep? I take part in the £10 a day challenge on this thread, and there are some great ideas for how to make extra money. I work full time but still mystery shop, do paid surveys, sell my old stuff on ebay, and I'm in the process of trying to set up a website to sell my paintings too.

[Deleted User]

Dinah93 wrote: »

Your costs are quite low, but so is your wage. £100 on entertainment is a lot though. For you the priority might be on upping your income as much as reducing your spending. Can you take on another job part time? How about becoming an avon/virgin vie rep? I take part in the £10 a day challenge on this thread, and there are some great ideas for how to make extra money. I work full time but still mystery shop, do paid surveys, sell my old stuff on ebay, and I'm in the process of trying to set up a website to sell my paintings too.

I work irregular shifts so can't take on a part time job and am moving in a couple of weeks so can't apply to places like avon just yet, would do ann summers but I do not drive so this is a bit of a problem. I am signed up to do mystery shops but none in my area atm! I have had a clearout and am selling stuff on ebay I will also be selling body jewellery shortly so I will see how this pans out wether it is worth setting it up as an ebay business or not. I regularly look at the universities research volunteer page, a couple of months back I got £100 for taking part but not much has been put on lately. I do pinecone as this is the only survey site I feel is acctually worth my time, also do pigsback for highstreet vouchers which I have earned £30 this year so far.

TotallyBroke

drinkupretty wrote: »

So now I have finished uni and got myself a job I decided to go on credit expert and check my credit history. No surprises really but now I'm working I would like to get rid of the consumer debts hanging over me.
Statement of Affairs and Personal Balance Sheet

(most household type bills entered are divided by 3 apart from satellite tv and food shopping which are divided between my partner and I )

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 777.08
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 777.08

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 28.42
Electricity............................. 10
Gas..................................... 0
Oil..................................... 0
Water rates............................. 10.48
Telephone (land line)................... 4.67
Mobile phone............................ 30 Is this contract. Do you use all the free minutes and texts. Ask them to drop down a tariff
TV Licence.............................. 3.96
Satellite/Cable TV...................... 20 If this is split just between 2 of you can it be reduced. Look at what channels you actually watch and get rid of the other packages
Internet Services....................... 3.33
Groceries etc. ......................... 60 Again if this is split between 2 of you it can easily be reduced. I spend about this for me & 2yo. You just need careful meal planning and buying cheaply
Clothing................................ 15
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).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 100 This really needs to be cut. Your young so understand the need to go out. But try meeting up with everyone an hour later that will have saved you atleast 2 drinks leave an hour earlier again will save you atleast 2 drinks. Try socialising at home more
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 555.86


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................709.......35........34.9
Vanquis........................282.......15........39.9
Style..........................381.......15........0 (unsure of apr)
Natwest credit card............276.......0.........0 (cca request ignored)
Natwest overdraft..............1500......5.........0 (student account at 0%)
HSBC overdraft.................1250......0.........0 (student account at 0%)
Total unsecured debts..........4398......70........-


Monthly Budget Summary
Total monthly income.................... 777.08
Expenses (including HP & secured debts). 555.86
Available for debt repayments........... 221.22
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 151.22 You have this spare each month. Work out where it is being spent, then with cutting back you can pay off the debts.

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,398
Net Assets.............................. -4,398

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

The first debt I would concentrate on is the Vanquis, then Style, I'm not sure what type of debt that is but sounds catalogue so throw it out and buy off the shelf a lot cheaper. Then you can concentrate on Cap One and your student loan.

Good Luck

toontastic

TotallyBroke wrote: »

The first debt I would concentrate on is the Vanquis, then Style, I'm not sure what type of debt that is but sounds catalogue so throw it out and buy off the shelf a lot cheaper. Then you can concentrate on Cap One and your student loan.

Good Luck

Think style is a store credit card from memory so I'm sure it's got a cracking APR.

TotallyBroke

toontastic if you are correct then OP you need to work out which is the more expensive, Vanquis or Style.
Either way if you can not spend that surplus money and save elsewhere you could clear one of them in a couple of months and be well on the way to being debtfree.