First Post - So fed up

DealingWithTheDebts

Hi everyone,

As you can see from my title I am new to this site and Im completly fed up with debt. I was going to do a SOA but I dont really have many outgoings so I just thought I would write it down here.

Monthly Income: £995.00 (working a 45 hour week)

Monthly Outgoings: £185.00 Car
£170.00 Fuel
£45.00 Food/Shopping Bill
£17.00 Phone Bill
£45.00 Misc

Thats the only monthly bills I have which leaves me with £533.00.

Now the debts I have:

Natwest Credit Card 0% : £300.00
Halifax Credit Card 0% : £300.00
Natwest Overdraft 0% : £1900.00


So now that I have wrote this down, I can see that I have more income than outgoings etc, but truth is I never have £533.00 left over! Maybe me writing down everything will help, but I just do not know where this goes!

I have been paying £100.00 per week off the 2 credit cards for the last few weeks, so I guess that would explain the missing £533.00 but I just feel like Im never going to be debt free. I know there are alot of people who owe more money than me but 12 months ago, I had no debt and even had savings. What do other people when they are feeling down about the money, because all I want to do is go out and spend more :eek:

Thanks

Tixy

Hi and welcome

Think about all the other things you spend your money on and this will explain some of the missing money. Just because payments are not monthly doesn't mean they don;t add up to a large figure.

So think about the annual amount and then divide it by 12 to get an average monthly figure - then add these on to the costs above and you'll see how much you really have free for repayments.

So....
Road tax
Insurance
MOT & Maintenance
Haircuts
Clothes
Presents (christmas & birthday)
Holidays
Entertainment (nights out, cinema, gigs, etc)
Books, magazines, cds, etc etc

What does the £45 food shopping go on? Is this a contribution to your parents ( I have assumed you live with your parents as you don't seem to have living costs) or is this lunch, takeaways, food on the go etc?

Is the £185 'car' a repayment of HP/Car loan?

Maybe you need to get a bit more organised, start a spending diary or do a detailed budget spreadsheet, then if you feel more in control about what you actually have left to spend on yourself (small treats!) and what you can afford to repay each month.

Oh and when I feel down about money I eat chocolate (bad in so many ways and doesn't help one bit!)

talana

Welcome to the forum mate!

It sounds to me like you need to do a spending diary for one month to see where your money is actually going. Write down everything you spend, however trivial it seems, then tot it all up at the month's end. Alternatively save all receipts for the month, and ask for receipts if not automatically given them, then likewise tot it up at month's end. You might be surprised where it's going.

That's definitely all the outgoings you can think of? No rent, utility bills, entertainment etc?

If you've been paying £100 per week off the credit cards then well done.
Only 3 more weeks and they'll be history. There's light at the end of the tunnel..

DealingWithTheDebts

Tixy: Hi, thank you. I live with my partner and a friend but no bills. Im lucky and my parents cover my car tax, insurance and bills. I don't buy clothes and I do my own hair. The £45 I included was for nights out etc. Yes the £185 is HP. I think a spending diary is def the way forward. x

Talana: Hiya and thank you. Yeah thats all my bills, I just seem to waste money. Thank you about the credit cards x

Shelley84

Hi and welcome!

With your CC's, if I understand it right you pay £100 a week to the cards, so £50 each a week? Is that right?

If so why not pay the minimum on one card for one month and pay off the other card in full. You currently pay off £400 a month on these cards, this way you will pay one off in full at £300, then the minimum on the remaining card.
Next month pay the remaining card in full £300 then you only have your OD left, which you could pay back some each month.

This is based on the £500 left each month.

This is only what I would do though!

DealingWithTheDebts

Shelley: Hi thank you, that makes sense. I pay £100 off each - which is why my overdraft is getting higher. I know that thats pointless but I would rather clear these cards as its not alot and then tackle the overdraft (i no how mad that sounds!) i guess its so I only owe in one place. I like your idea though I think i will try that x