University sunset

Swarfiga

Hi everyone,

OK, here goes, i feel slightly silly for posting this since I'm not in THAT much debt but its getting on my nerves and i'd like to get rid of it as quickly as i can so i can start getting on with my life properly.

I graduated from uni last year and have been working a public sector job at a museum ever since. While i was at uni and pretty much throughout my whole life i have been rubbish with money. Regrettably i took out 2 student overdrafts and a couple of credit cards during my 4 years leaving me with a little debt which i haven't ever attempted to get a handle on.

I'll post my SOA when i am on an actual PC and not on my phone but i'll post a bit on my situation now:

Income - 1154 pcm

Debt:
Egg CC - £389.53
HSBC CC - £421.36
Parking fines - £128
0% guitar finance - £202.30
Barclays graduate OD - £800

Monthly outgoings - £681 approx

Ideally i'd like to get rid of this debt completely within 7 months. I say 7 because this month is a write off because my MOT is due and i'm looking at a 300 quid bill to put everything right. i'm looking at getting an evening job to supplement my income and address this debt asap.

My lightbulb moment came when looking at new(er) cars and personal loans to finance one. Then i had to look at my outgoings and had to take stock. I don't want to make a bad start in life and get into bad habits so i want to make a fresh start at 24. This site has been fantastic and the people's generosity and willingness to give advice is amazing. Keep up the great work!

i'm going to keep this updated weekly, and if you've got any advice for me please feel free to share it. I'd love to hear from you.

Shoe_Gal

Well done for wanting to do something now - wish l had at your age

Good luck

Swarfiga

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1154
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1154
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 28.9
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 11
Car Insurance........................... 73
Car maintenance (including MOT)......... 10
Car parking............................. 16
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 4
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 682.9

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 202.3....(28.9).....0
Total secured & HP debts...... 202.3.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg CC.........................397.67....20........26.9
HSBC CC........................421.36....13.1......17.9
Barclays OD....................800.......0.........0
Total unsecured debts..........1619.03...33.1......-

Monthly Budget Summary
Total monthly income.................... 1,154
Expenses (including HP & secured debts). 682.9
Available for debt repayments........... 471.1
Monthly UNsecured debt repayments....... 33.1
Amount left after debt repayments....... 438
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -202.3
Total Unsecured debt.................... -1,619.03
Net Assets.............................. -619.03

Swarfiga

Well over the weekend I have made £45 on eBay. I think I will plow this straight into my Egg card and make a small 'token' repayment to my Barclays OD. I have a few more items to list over the next week or two so that should be more money for payments coming in.

I took the car into the garage on Saturday and it desperately needed 2 new front tyres which I shopped around for and ended up costing me 96 quid for some decent Perellis.
I also need a new exhaust. Again, I have got quotes from 5 different garages and the cheapest is 120 quid, not a fortune but still a fair whack off the repayment budget. Then theres a new spring, track rod end and the actual MOT to pay for! It never rains...

On the bright side though, I am getting a new housemate today so I won't have to do all of the cleaning by myself anymore! Bonus.

wendz86

Hi,

I am in a similar situation as my debts aren't too much but I finished uni last year so have been trying to pay them off the last couple of months.

Good luck with everything.

Swarfiga

As a bonus I had a NSD today! My mate from work bought us a dominos pizza to say thanks for helping blitz a horseshoe crab tank at work. You know you work in museums when...

Swarfiga

Was going to try for anothe NSD today but i ended up going to the cinema for an orange wednesdays with friends. (500) Days of Summer comes highly recommended!

Spent £8.45 on tickets and about £1.60 on parking earlier in the day. £10.05 for the day. !!!!!!.

Haven't paid any off of Egg and Barclays as I'm waiting to withdraw the cash from Paypal later in the week to do so.

TheBex

Hello,

I was wondering what your overdraft limit is? Mine (HSBC, grad 2006) is still 1000, so if yours is the same, then wouldn't it make sense to clear the egg card with your overdraft? Lower interest rate and fewer debts.... I appreciate that you need to keep making payments or the bank gets narky, but whatever my balance is they're always happy with a fiver a month.

And, were do you live for £350 a month to include council tax and bills?! Jealous!

Swarfiga

Hey Bex,

firstly i live in gateshead, sharing a flat with one other person. I think i may have landed on my feet finding this place! Its nice, quiet and, above all, cheap. Which is exactly what i need at the moment.

My barclays graduate account has an od limit that i have set at 800. Sadly i made the mistake at university of opening 2 student accounts, which i now realise isn't exactly legal hence trying to pay it off. I still have a graduate account/overdraft with natwest which is in hand, if not in credit!

I'd rather get shot of both if I can asap.

Swarfiga

Ok so yesterday wasn't the best day in terms of money, i'm not going to lie. After an almost-NSD the day before i hit the debit card hard.

postage for eBay items: £1.51
lunch: £2.90
chocolate brownie: £1.34
a night out: £43
tickets for Them Crooked Vultures: £68

all this equals quite a skint Swarfiga. Plus i've just had a new exhaust fitted this morning which cost another £120, although that was budgeted for.

slap on the wrist i think

urg123

Hi Swarfiga

Well done for tackling the debts. I too had two student accounts when I was a student!! Probably not the best idea for me but I thought I was being clever at the time:o. It's great that you want to deal with your debts and learn the right skills for the years ahead! I wish I had learned about budgeting about 15 years ago!

Just reading through your posts and I wonder if you are being realistic with your budgets in general - i.e. 'entertainment' budget. You are young and likely to be going out - you've spent over £50 this week. Is £10 really what you spend? If you are anything like me, you'll then add your other expenditure to the CCs.

Your car seems to be costing you a lot. Do you really need it?

Finally does your rent cover Council tax and other bills? If not, you will need to include these in your budget.

Good luck with your journey.

urg x x