How do I get out of this???

koala910

:mad:

Hey everyone

I want to be debt free :T - credit cards were used to pay off a tax bill. Income is an average as differs every month.

Im self employed so income varies month to month so this is an estimate. Any help or advice is greatly appreciated :rotfl:

I will post my I & E on the next post as wont let me do it on my 1st post

koala910

Can anyone tell me how to attach I & E - the site wont let me copy and paste as Im a new user and a bit thick obviously

talana

By I & E, do you mean SOA? Different name for the same thing I guess.

Are you using this one?
http://www.makesenseofcards.com/soacalc.html
Once you click the "MSE" format button at the button, it should give you brief instructions.

Tixy

If you are doing the make sense of cards SOA and it says you can't post it then you need to remove the website address at the bottom of your post (its classed as a link)

koala910

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 424
Other income............................ 0
Total monthly income.................... 1924
Monthly Expense Details
Mortgage................................ 420
Secured/HP loan repayments.............. 305
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 45
Gas..................................... 40
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 400
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1884

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 87000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(420)......5.89
Hire Purchase (HP) debt ...... 2700.....(305)......6.85
Total secured & HP debts...... 72700.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................880.......22........29.9
CC.............................3000......85........21.9
Loan...........................4800......130.......8
Total unsecured debts..........8680......237.......-

Monthly Budget Summary
Total monthly income.................... 1,924
Expenses (including HP & secured debts). 1,884
Available for debt repayments........... 40
Monthly UNsecured debt repayments....... 237
Amount short for making debt repayments. -197
Personal Balance Sheet Summary
Total assets (things you own)........... 87,000
Total HP & Secured debt................. -72,700
Total Unsecured debt.................... -8,680
Net Assets.............................. 8,320

Any help is much appreciated x

talana

Hey, you got there! :T

First thing that jumps out is your petrol bill. Why so high?

doodledo_2

Hi and welcome to the forum you have found a fab place for support and advice.

Looking at your SOA there is nothing major apart from your petrol expenses :eek: this is obviously the area which is causing the deficit each month.

Mobile could probably drop a little along with your buildings and contents insurance but the petrol is the key.

How come it is so high? Is it business related and therefore, you claim back some?

talana

- Grocery bill could be cut a wee bit, saving £40?
- I would expect haircuts to read about £10. £40 per month is a lot! Saving £30
- Likewise £40 per month on presents is a lot of non-essential expense. Scrub this temporarily apart from birthday/xmas for your kid. Saving £30
- Elec & gas seem high. My bills are £16 for elec and £14 for gas for a 2-bed house.
Look for the best deals and switch. Saving ???

Then there's that petrol bill!! :eek:

koala910

Thanks guys
Petrol is a shocker I know but its work related - Ive included business expenses and given my income before allowances so that its all included. I cover a lot of miles with the business travel so not miuch I can do. Although looking at a more efficient car and will be leasing so that its their depreciation and not mine anymore but need to sell this one and its worth less than outstanding loan. (Not HP unfortunately or else would have VT'd long ago).

koala910

PS - Re: hairdressing. Two ladies in the house so unfortunately a quick 'short back and sides' is not enough :rotfl:

talana

koala910 wrote: »

PS - Re: hairdressing. Two ladies in the house so unfortunately a quick 'short back and sides' is not enough :rotfl:

Even so, how often do you get it cut?
You only reasonably need it done every 3 months or so. Do you therefore spend £120 per hairdresser visit?

It's an obvious area for savings if you want it to be. :rolleyes: