Raising money for car payments

s0237276

Yesterday I ordered a new car (through the government scrappage scheme). I've got a 0% finance deal for 36months with monthly payments of 207.25. I'm going to try to raise as much of this money each month through doing little bits of money saving here and there. I already save at least this amount every month which I don't want to cut back on.

So the idea is to try and raise this extra money each month so my savings don't suffer. I figure if I keep a record of what I'm doing on here then I'm more likely to keep it up. Car won't arrive for a couple of weeks but I figure I should try to get a head start.
I'm off now to list some old dvds and books on amazon and hopefully make a start towards my first payment.
Wish me luck!

Fire_Fox

Why don't you start by posting your budget so we can see if there are any savings to be made?
http://www.makesenseofcards.com/soacalc.html

Good luck!

s0237276

SOA

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1237.3
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1237.3

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 207.2
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 42
Electricity............................. 18
Gas..................................... 16.5
Oil..................................... 0
Water rates............................. 12.5
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 50
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 0
money to savings account................ 300
Total monthly expenses.................. 1458.2


Assets
Cash.................................... 20000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 2500
Total Assets............................ 32500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 7461.....(207.2)....0
Total secured & HP debts...... 7461......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,237.3
Expenses (including HP & secured debts). 1,458.2
Available for debt repayments........... -220.9
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -220.9

Personal Balance Sheet Summary
Total assets (things you own)........... 32,500
Total HP & Secured debt................. -7,461
Total Unsecured debt.................... -0
Net Assets.............................. 32,500

s0237276

Well so far have sold 1 item on amazon - will net me 7.50 profit...not much but its a start. I'm going to have a good go at listing some more things tonight if I can find the energy. Have a feeling its going to be a struggle to find the extra 200 a month but really don't want to eat into savings.

Raini

Hello :hello: and welcome!

Sorry if I'm being a bit dense but your SOA shows that you're going to be spending out more than £200 more than you earn? Also, I see that you live with someone but haven't included their wages? Do you half the bills or do you pay for everything?

s0237276

sorry wasnt clear in message.....SOA is for how much I will be paying after car payments start next month - need to cut down/earn more so my SOA balances - figured planning in advance is the best way.

As for person I live with - we half the bills and keep our own wages for own spending so I've just included my spending.
Need to find ways to cut down my outgoings so I can afford my shiny new car without cutting back on savings.
Suggestions?

s0237276

Ok so today wasn't a good day for cutting costs. I managed a NSD yesterday and was hoping to not spend anything else until the weekend but sinned and popped into macdonalds on my way home from work and bought a magazine (my one huge vice) so that was just 6 quid wasted.
And bad news that my dvd player broke today....its not worth getting it fixed as it was only a cheapy one to begin with.
However, it does mean that I'm going to have to fork out for a new one - anyone know of any cheap ones around?