Cash until Pay Day Help

Woodsylou

Budget details:

Total Monthly Income

Tixy

Trying to post your statement of affairs from makesenseofcards? At the bottom click 'format for MSE' then cut & paste. You may need to remove the blurb at the bottom with the website address if it says you can't post links.

Woodsylou

Sorry, im being a numb nut! here it is!

Budget

Total Monthly Income £1810
Monthly Expenses £1654.58 (jesus!)
Available for Debt Repayments £155.42

Personal Balance Sheet
Total Assets £120,100
Total Secured & HP Debt £117,088
No unsecured debt (I have a capital one credit card with a £100 limit but i pay that off every month, i have it to repair my credit rating)
Net Assets £3012

House Hold Info
Adults 2 (this is all only my details though)
Number of cars owned 1

Income Expenses Debt and Asset Details
Monthly Income £1810
Mortgage £690
Secured Loan £82.96
Council Tax £106
Electricity £40
Gas £37
Water £22.77
Mobile Phone £60
TV Licence £11.95
Satellite/Cable TV/Telephone/Broadband £65
Groceries £150
Clothing £50
Petrol £50
Road Tax £16
Car Insurance £62.90 (should be cheaper, i had a minor accident last Sept but the guy hasn't cancelled the claim, my insurance has said it stays on there for 6 years)
Car Maintenance £16
Dentist £10
Pet insurance £10
Building and contents insurance £14
Presents £50
Haircuts £50
Holiday £50
Emergency Fund £10

Secured and HP Debt
Mortgage £113588 Monthly £690 APR 6.49 (fixed rate have another 4 years on this. with Northern Rock)
Secured Debt £3500 Monthly £82.96 APR 25.34 (with Welcome Finance)

Woodsylou

i just typed it out, but i'll do that to now!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1810
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1810
Monthly Expense Details
Mortgage................................ 690
Secured/HP loan repayments.............. 82.96000000000003
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 106
Electricity............................. 40
Gas..................................... 37
Oil..................................... 0
Water rates............................. 22.77
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 11.95
Satellite/Cable TV...................... 65
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 16
Car Insurance........................... 62.9
Car maintenance (including MOT)......... 16
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 14
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 50
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 1654.58

Assets
Cash.................................... 0
House value (Gross)..................... 119000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 100
Total Assets............................ 120100

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 113588...(690)......6.49
Secured Debt.................. 3500.....(82.96)....25.34
Total secured & HP debts...... 117088....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital one CC.................0.........0.........0
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,810
Expenses (including HP & secured debts). 1,654.58
Available for debt repayments........... 155.42
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 155.42
Personal Balance Sheet Summary
Total assets (things you own)........... 120,100
Total HP & Secured debt................. -117,088
Total Unsecured debt.................... -0
Net Assets.............................. 3,012


that work?! *goes to check*

Woodsylou

cool! :cool:

Tixy

Can you reduce your mobile costs at all? If you are in contract as if you can go down a tariff. If not consider switching to a cheaper provider. New (cheaper) plans come out all the time so its worth shopping around.

Is your TV/broadband/landline package the cheapest available? Could you down grade the TV channels? Or if you've had it a while it can be worth calling and suggesting you might leave if they don't give you a better price (sometimes they offer 6months at a reduced rate).

Groceries is high if just for 1. Try the drop a brand challenge (buy a cheaper version of everything) or try mealplanning so you don't buy more food than you need and waste it. The old style board is great for advice on reducing costs but still eating healthily and they are really friendly over there (aim for £100 to start, then try to drop to £80 with practice!). If you buy lunches at work then switch to a packed lunch.

Clothing could be reduced for a while (I bet you have plenty in your wardrobe you hardly ever wear!) Or try selling old items on ebay to earn money to buy new ones.

£50 is a lot to spend on haircuts each month - could you go slightly longer between cuts, or ask if a lower grade hairdresser can do your hair supervised by your current one?

Are gas & elec the totals for the household or is that your half and you actually pay double (if that makes sense) if the latter then these are high. Are these estimated readings or actual? are you with the cheapest provider? Look for energy saving tips on your providers website or on the MSE utilities board.

Is your secured debt your car? Is £3500 the amount still outstanding or the original amount? (if car is only worth £1000?)

How much of the £155 surplus were you spending on payday loan roll overs?

Just some quick ideas - I'm sure others will have more.

Woodsylou

Tixy wrote: »

Can you reduce your mobile costs at all? If you are in contract as if you can go down a tariff. If not consider switching to a cheaper provider. New (cheaper) plans come out all the time so its worth shopping around.

for the amount i use my mobile i think it seems about the best deal. i pay a high monthly charge but i get all my calls and texts free. the only thing im paying extra for is internet on my mobile and picture messaging, which i could definitely try and cut back on.

Tixy wrote: »

Is your TV/broadband/landline package the cheapest available? Could you down grade the TV channels? Or if you've had it a while it can be worth calling and suggesting you might leave if they don't give you a better price (sometimes they offer 6months at a reduced rate).

this is more of my boyfriends, i haven't factored into the account what he pays. but tbh most of the bills come out of my bank account, and we use his account for socialising etc. but that is changing this month, i can't handle the burden of paying all the bills!

Tixy wrote: »

Groceries is high if just for 1. Try the drop a brand challenge (buy a cheaper version of everything) or try mealplanning so you don't buy more food than you need and waste it. The old style board is great for advice on reducing costs but still eating healthily and they are really friendly over there (aim for £100 to start, then try to drop to £80 with practice!). If you buy lunches at work then switch to a packed lunch

this is for two really, but it's very hard i find. i usually do a big shop on pay day and buy things like fabric softner, washing powder, toiletries, cat food etc. then we do a mini shop regularly for fresh food and vegetables. i bring a 'lunch' in every day to work, usually a salad and fresh chicken or something. and i have cereal at my desk.

Tixy wrote: »

Clothing could be reduced for a while (I bet you have plenty in your wardrobe you hardly ever wear!) Or try selling old items on ebay to earn money to buy new ones.

yes this is true!

Tixy wrote: »

£50 is a lot to spend on haircuts each month - could you go slightly longer between cuts, or ask if a lower grade hairdresser can do your hair supervised by your current one?

unfortunately it costs £100 for me to get my hair cut and coloured every 8 weeks. i haven't been able to find anywhere else to do it any cheaper for a decent standard

Tixy wrote: »

Are gas & elec the totals for the household or is that your half and you actually pay double (if that makes sense) if the latter then these are high. Are these estimated readings or actual? are you with the cheapest provider? Look for energy saving tips on your providers website or on the MSE utilities board.

total for household

Tixy wrote: »

Is your secured debt your car? Is £3500 the amount still outstanding or the original amount? (if car is only worth £1000?)

there is about £2000 outstanding. the car is now a heap! (but gets me from a to b so shouldn't moan!!)

Tixy wrote: »

How much of the £155 surplus were you spending on payday loan roll overs?

Just some quick ideas - I'm sure others will have more.

the interest only on the payday loans, per month, is £280

firesidemaid

there are two things you need to sort out.

1) your OH needs to pay a proportionate amount towards all the bills. hopefully this will free you up some money to set against the payday loans.

2) every unnecessary purchase you make (including £100 on your hair) keeps you in debt and is money that could be used to pay off your loans.

good luck x

Woodsylou

yeah, me and OH are sorting that all out this month. definitely needs to be done

theoretica

Woodsylou wrote: »

the interest only on the payday loans, per month, is £280

So to break even you need another £130- and then more to pay it off. You have £300 on your SOA of what I class as luxuries- halve your luxury spending and you break even. Cut luxuries to £100 and you could be debt free in a year even without your OH contributing to household expenses. Cut them all out (or only buy with any additional money you earn) and you could be free in 6 months. Six rather hard months, but...

Luxuries:
Mobile phone............................ 60
Satellite/Cable TV...................... 65 (say 35 is necessary for communications)
Clothing................................ 50
Presents (birthday, christmas etc)...... 50
Haircuts................................ 50
Holiday................................. 50
Emergency fund.......................... 10

Actually, sell the TV and you would be better off by the license fee as well!