Help.... Any ideas?

Roca

Hi

I am hoping someone can help me. A friend recommended this site and I thought I would give it a go.

Last year I lost me job, and having found a new one we were given a pay cut.

I was told I would need my income/outgoings etc so here they are:

Income - £1,014.28

Outgoings

Rent - £300
Loan 1 -£284.35
loan 2 - 116.83
loan insurance - £25.49
RAC - £11.75
Contacts - £10
Mobile - £29
Internet - £12.23
Car Insurance - £24.83
Laptop insurance - £6.99
Petrol - £80.00
Credit card - £50
Dance lessons - £24.00

which should leave about £38 which isn't much I know. And I will try and save this for christmas etc.

Debt is broken down to:

Credit card - £1910.92
Loan 1 - £9717.68
Loan 2 - £4,619.29
Overdraft - £30 (ish after this months cc payment)

Total debt - -£16,277.89

now I'm not sure what else you need? I pay £30 every 12 weeks to have my hair done. I'm single and live with my Mother. I am reaching rock bottom and find I am taking it out on other people which isn't fair, I know it's a situation which can be improved I just need a little bit of advice I guess.

Thanks and ask questions if you need too.

Roca

Little_Vics

Hi - it's normally a bit quiet here on weekends just so you know! I suggest you do an soa (statement of affairs - there's a link on the main posts on the dfw forum) and pop that up for comments. I'm sure some people will be able to help.

bunny_too

Hi Roca, i'm very new to this money stretching forum too. the 1st thing i found which really helped me, was keeping a spending diary. i was amazed at the amount of money i spent on lunches, fizzy drinks ,bars of chocolate, and mags. the list was endless of treats that i bought myself every day.

i spent many hours on this forum with a note book and pen picking out all the tips and hints i could find . hope this helps. good luck

talana

Good advice above.
Do start by filling out a full SOA and posting it here. As part of that, find out what apr's you're currently paying on loans/credit card if you don't already know and include tht info.

A spending diary for one whole month (at least) is also a good idea to see where your money goes. An alternative way to do it is save all your receipts for the month (and ask for a receipt on occasions when it's not automatically given).

Then I'd suggest reviewing your insurance products.
"Do I really need it, can I get it cheaper elsewhere?"
Is your loan insurance with the loan provider or independent?

Tixy

Hi Roca and welcome on board

If you use this calculator for your income & expenditure then you will find it includes far more information and includes items you don't pay for every month (such as presents) - it also seperates the debts out so we can see how much you need for essential living and whether you can afford your current debt repayments. http://www.makesenseofcards.com/soacalc.html

I'm sure we can come up with some suggestions how you can decrease spending or make a little extra income that will help you make ends meet. Plus there is always someon here as a sounding board if you want to have a rant now and then. As most of us are struggling financially (or have done) then we know what you are going through.

Roca

Right had a look a the SOA thingy, I've probably missed something, but does this look about right?

I live at home so food/bills etc are covered in that.

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................ 1014.28
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1014.28
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 29
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 12.23
Groceries etc. ......................... 0
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 10.83
Car Insurance........................... 26
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 17.1
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 32.48
Presents (birthday, christmas etc)...... 8.33
Haircuts................................ 2.5
Entertainment........................... 24
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 572.47

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan 1.........................9717.68...284.3.....9.99
loan 2.........................4619.29...116.8.....11
credit card....................1910.92...35........15.9
Total unsecured debts..........16247.89..436.1.....-

Monthly Budget Summary
Total monthly income.................... 1,014.28
Expenses (including HP & secured debts). 572.47
Available for debt repayments........... 441.81
Monthly UNsecured debt repayments....... 436.1
Amount left after debt repayments....... 5.71
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,247.89
Net Assets.............................. -15,247.89

Thanks for having a look

Roca

Oh and needless to say I don't actually save all that much for christmas/birthdays and hair/medical cost, they just seem to happen and I find the money... normally on my c/c if I'm honest

Roca

Hi

Sorry to be a pain... but dies my SOA look ok?

moneysavermum_2

ROCA, could you not get a lower interest credit card balance transfer and then get another 0% just for purchases. Cos I believe you can never spend on a balance transfer card.

tallyhoh

what is your other insurance £32.48. If its income protection get your small print out & go through it carefully. Some will only pay out for a few months in extreme circumstances, not worth it.

gfplux

Hello Roca,
Start a spending diary TODAY to find out exactly where your money goes. That knowledge will shock you but also give you power. You only need a pen and a paper.


Total up all your bills that you are paying annually or quarterly such as (these may not all apply to you) TV licence, Car road tax, Car, Buildings and Contents insurance, Car maintenance, Holiday, Birthdays, Christmas, and Emergency funds, etc. that you show monthly in your SOA. Then open a savings account and pay in that amount monthly by standing order. Then when those bills come along you have the money for them and you do not have to use your credit card. It takes a while to get this running smoothly but don't give up it will work in the end.


Good Luck