Like many others

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Nargleblast wrote: »

You can't go on like this, existing from payday to payday. You need to learn how to budget properly and spend only what you have. First of all, write down all your monthly income - wages, benefits etc. Then all the regular household bills - housing, gas, electric, water, council tax, regular insurance payments, groceries, telephone etc. Use the SOA calculator (one of the stickies at the top of the first page) and post it on here. Then we can see if we can suggest any way you can increase your income and cut your costs. It will involve some work and discipline on your part to get out of this continuing revolving door of debt, but it can be done, believe me. We have all been in similiar situations

I realize this, and it is why I decided to post on here, to learn how to control my impulse to overspend and waste money. I am prepared to take all advice on board and do what it takes to get sorted once and for all. I will go look for SOA calculator now, but may take me a bit of doing as i need to collect all the information. I'll do a rough one as a start

Nargleblast

Just estimate your figures for the SOA for now, it will give you a rough idea of your position and you can always revise the figures later. Suggest you also from today keep a spending diary - every penny you pay out goes into a note book so you can look back and see exactly where the money goes. Once you have done all this, you can perhaps follow OHs idea of having a set amount of pocket money to spend each week - when it's gone it's gone and there's no more spending till next week. That is, if there's any left for you to have any pocket money of course!

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I left out the car on assets, ive put it in but it does not show up in net assets

hallsy85

the first step is acknowledging the situation, so well done for that everyone here will do the best they can to help you out, no matter what situation you're in! The road tax seems awfully high - is that on a monthly basis? You could also look at reducing your phone/internet bill, you can get this for about £30 all included now i think

KipKip_2

Well done for acknowledging the situation and trying to do something about it!

you've got your car tax as £192, that's having big impact on what you have left for the month in your SOA, im assuming this is £192 for the year.....

change that, then you'll have a better idea at what money you have left to throw at debts...

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hallsy85 wrote: »

the first step is acknowledging the situation, so well done for that everyone here will do the best they can to help you out, no matter what situation you're in! The road tax seems awfully high - is that on a monthly basis? You could also look at reducing your phone/internet bill, you can get this for about £30 all included now i think [/QUOTE

Car tax, my mistake thats for a year, I'll be redoing my SOB when i get more accurate figures. I thought the end result was a worse than i thought, no the wonder

Thankyou

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OK puttting my car tax boo boo right, that gives me an extra £176 a month. i have been out for essentials only amount spent £1.88, I would have bought a chocolate bar to eat with my coffee but thought better of it. I am going to check out the frugal boards. But would you say £5 a day was a ok amount to make one meal a day for. Ive just thought if i can feed us today on £1.88 £5 will be fine ? but having said that, im using cupboard and freezer stuff, they are going to dwindle after a while.

Can anyone point me in the right direction to spend less on food

Thankyou

misspoppy

Hi

have you checked if you are entitled to any benefits your income doesn't seem that high really. Why do you manage the finances alone, its a huge burden if you did it together it wouldn't be so hard to deal with.

With the rent why don't you pay it monthly when you get paid, or put it in a different account at the begining of the month and never touch it, put the rent on a standing order and apart from topping it up monthly forget about it as its covered.

Thrifty_Pixie

Well the good news is that, lost or not, you found your way here
Here's my 2p's worth, based on your rough draft:

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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................ 900
Partners monthly income after tax....... 750 --- Perhaps you could look for part-time jobs to supplement your wages? Bar work, etc?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1650

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 340 (£40 of this is off arrears)
Management charge (leasehold property).. 0
Council tax............................. 129 (£49 of this is off arrears)
Electricity............................. 40
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 58 (includes internet)
Mobile phone............................ 15 (mine 300mins unlimtd texts 30 day contract) --- maybe change to PAYG
TV Licence.............................. 11
Satellite/Cable TV...................... 39 ( we do not go out, only entertainment) --- this is all very well, but you cannot afford it. Perhaps change to Freeview? They have oodles of channels. Either that or look into a cheaper package for landline/internet/satellite all-in-one
Internet Services....................... 0
Groceries etc. ......................... 250 ( I'l work on this can be less) --- you said it!
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 192 --- assuming this is over 12 months, so £16 per month? Unless you're including maintenance/MOT in this as you have it at £0 below. But that still sounds a little high.
Car Insurance........................... 28 ( runs out in oct wil look around)
Car maintenance (including MOT)......... 0 --- as above
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 33 --- i'm wondering why you have this if you have no mortgage? But i could be wrong
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 --- do you cut your own hair? If not this needs changing.
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 --- you should have something here, even if only minimal
internet security....................... 6 cancelled today will look for free one --- good
weight program.......................... 7 cancelled today --- again, good!
Total monthly expenses.................. 1301


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Welcome finance................2500......200.......0
Provident......................700.......80....... .0
Friend.........................600.......40....... .0
Total unsecured debts..........3800......320.......-


Monthly Budget Summary
Total monthly income.................... 1,650
Expenses (including HP & secured debts). 1,301
Available for debt repayments........... 349
Monthly UNsecured debt repayments....... 320
Amount left after debt repayments....... 29

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,800
Net Assets.............................. -3,800

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All in all I would say that you desperately need to start a spending diary to see where ALL your money's going - this will also help motivate you to spend less (believe me!) I would also say that you need to increase your income somehow

Good luck!

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Nargleblast wrote: »

Just estimate your figures for the SOA for now, it will give you a rough idea of your position and you can always revise the figures later. Suggest you also from today keep a spending diary - every penny you pay out goes into a note book so you can look back and see exactly where the money goes. Once you have done all this, you can perhaps follow OHs idea of having a set amount of pocket money to spend each week - when it's gone it's gone and there's no more spending till next week. That is, if there's any left for you to have any pocket money of course!

Good idea about my pocket money, If OH can do it on £20 I can.

Thankyou