Help!

dancingfairy

P.S if you think you can't look great on a budget -check out the pictures of Lara Lewington from last weeks polo match - a really posh do and she looked absolutely stunning in a 35 pound dress. It's not how much you earn/spend - it's what you do with it that counts.
df

Shoe_Gal

spendaholicinseattle wrote: »

OK finally did it. Have paper all over my living room! I am going to have to get a filing system sorted.

I don't know what my flat's value is really - 110,000 is a positiveish guesstimate. I got rid of 23K ish of debt by remortgaging it 2 years ago... and now I am in a mess again.

What do I do now??

BTW the "secured debt" listed below is my HP agreement for my car.

God I feel crap.

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.................... 1

Monthly Income Details
Monthly income after tax................ 2073.39
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2073.39

Monthly Expense Details
Mortgage................................ 587.4
Secured/HP loan repayments.............. 191
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 49 mine is £40 per month and I have no gas !
Gas..................................... 39
Oil..................................... 0
Water rates............................. 23.4
Telephone (land line)................... 74
Mobile phone............................ 73 -mine is £50 per month inc internet 'dongle' and I have no landline!
TV Licence.............................. 11.95
Satellite/Cable TV...................... 36.5 - freeview
Internet Services....................... 0
Groceries etc. ......................... 285.09 - wow :eek:
Clothing................................ 65
Petrol/diesel........................... 157.6
Road tax................................ 12.91
Car Insurance........................... 37
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 46.83
Contents insurance...................... 11.76 - £6.41 per month
Life assurance ......................... 31.86
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2055.3


Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 9500
Other assets............................ 0
Total Assets............................ 119500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 104000...(587.4)....5.19
Secured Debt.................. 11000....(191)......6.35
Total secured & HP debts...... 115000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Credit Card.............841.33....25........2
Abbey Credit Card..............1115.87...25........0
Overdraft......................0.........0.........0
Total unsecured debts..........1957.2....50........-


Monthly Budget Summary
Total monthly income.................... 2,073.39
Expenses (including HP & secured debts). 2,055.3
Available for debt repayments........... 18.09
Monthly UNsecured debt repayments....... 50
Amount short for making debt repayments. -31.91

Personal Balance Sheet Summary
Total assets (things you own)........... 119,500
Total HP & Secured debt................. -115,000
Total Unsecured debt.................... -1,957.2
Net Assets.............................. 2,542.8

Well done for being brave and posting this :j
I have put some commets in pink above. I live alone in a 2 bedroomed flat and some of your expenses seem high compared to mine, although you do earn more than me.

I haven't commented on what you spend on entertainment and clothes but you may want cut these back for a few months until you get on a more even keel? I don't believe in having no life at all

spendaholicinseattle

Ouch. Thanks DF. I guess the truth hurts!

I don't normally spend that much on clothes - bought some jeans and a shirt this month.

Part of "entertainment" is the gym - £56 a month and I never go. I am contracted in until Dec unfortunately. Add in a lads' weekend mountain biking and golfing and all of a sudden it's a pretty expensive month entertainments-wise. I am a teacher and in the hols I really struggle not to spend.

I can definitely bring my food spend down.

Buildings insurance - i haven't checked this for a while but not many people will insure flats seemingly.

Re council tax - what single person discount??? Is there one?

Thanks

Spenda

belfastgirl23

Just to say you're fortunate that your income is pretty good and I think you can really hit this debt on the head if you work at it. You've done well coming this far.

the only thing I have to add to the above is that you don't need life assurance if you're a single person with no dependents. I'd advise cancelling it. Saving of £31.

Although I do see you have childcare expenses listed - are you paying maintenance?

And could you consider renting out a room to bring in more money?

On the buildings insurance, are you sure this isn't paid for via any sort of service charge if you're in a flat?

I reckon you could have your credit cards pretty much paid off before you go back to school if you're careful

spendaholicinseattle

By the way does anyone know anything about cars on HP? I am wondering if my dealer will buy the car back off me. Not sure how to go about finding out.

Shoe_Gal

dancingfairy wrote: »

P.S if you think you can't look great on a budget -check out the pictures of Lara Lewington from last weeks polo match - a really posh do and she looked absolutely stunning in a 35 pound dress. It's not how much you earn/spend - it's what you do with it that counts.
df

I've just googled it - and she looks fantastic :j:j There is hope for all us 'champagne taste, beer money' shoppers

spendaholicinseattle

Thanks Belfastgirl!

Shoe_Gal

spendaholicinseattle wrote: »

Ouch. Thanks DF. I guess the truth hurts!

I don't normally spend that much on clothes - bought some jeans and a shirt this month.

Part of "entertainment" is the gym - £56 a month and I never go. I am contracted in until Dec unfortunately. Add in a lads' weekend mountain biking and golfing and all of a sudden it's a pretty expensive month entertainments-wise. I am a teacher and in the hols I really struggle not to spend.

I can definitely bring my food spend down.

Buildings insurance - i haven't checked this for a while but not many people will insure flats seemingly.

Re council tax - what single person discount??? Is there one?

Thanks

Spenda

You should get 25% discount if you live alone :eek:

spendaholicinseattle

Thanks ShoeGal, fellow Mancunian I see! Mine is a 2 bed flat too.

It feels quite... I dunno. I feel a bit vulnerable posting all of this. It is frightening to see what I spend there in black and white as well. Who is your electricity with?

Shoe_Gal

spendaholicinseattle wrote: »

Thanks ShoeGal, fellow Mancunian I see! Mine is a 2 bed flat too.

It feels quite... I dunno. I feel a bit vulnerable posting all of this. It is frightening to see what I spend there in black and white as well. Who is your electricity with?

I have to ask - red or blue? :rotfl:

No need to feel , the people on here are lovely, and I've seen people who are in a real mess :eek:

My electricty is with EDF energy