Single Mum of One - Full Time Student

sara34

About to start a Debt Free Diary! - Maybe not possible to clear my debts given my current situation but a diary will make sure I dont get into more debt over the next few years...

sara34

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 780
Partners monthly income after tax....... 0
Benefits................................ 273
Other income............................ 0
Total monthly income.................... 1053

Monthly Expense Details
Mortgage................................ 226
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 33
Gas..................................... 31
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 22
Mobile phone............................ 22
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 25
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 28
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 25
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 9
Life assurance ......................... 10
Other insurance......................... 7
Presents (birthday, christmas etc)...... 10
Haircuts................................ 28
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 887


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 102000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(226)......0
Total secured & HP debts...... 80000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Visa Card...............2500......25........0
Student overdraft..............3000......0.........0
Sofa ..........................1500......33........0
Total unsecured debts..........7000......58........-


Monthly Budget Summary
Total monthly income.................... 1,053
Expenses (including HP & secured debts). 887
Available for debt repayments........... 166
Monthly UNsecured debt repayments....... 58
Amount left after debt repayments....... 108

Personal Balance Sheet Summary
Total assets (things you own)........... 102,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -7,000
Net Assets.............................. 15,000

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

sara34

I have just started uni in Sept 09 after being made redundant (again) in July 2009. I haven't added my student loan yet as I wont have to pay that back for a while. I estimate my student loan will be approx £30k I would like to leave uni without an overdraft and just my student loan as debt if possible!

sara34

I have swapped my mortgage onto interest only as I couldn't have afforded to return to uni with a £500 mortgage..

lilmissmup

Hi Sara, welcome to MSE and DFW.

They are a lot of people in a similar situation to you here and we will all help you try and lower the debts a little at least

sara34

lilmissmup wrote: »

Hi Sara, welcome to MSE and DFW.

They are a lot of people in a similar situation to you here and we will all help you try and lower the debts a little at least

Thank you very much, I have made a start, I haven't quite got a plan of action yet. I think I need to start with a spending diary! I have tried this before but have given up too easily, I always get confused with paying by card or withdrawing cash etc.. Any tips on a format for a spending diary would be appreciated!

lilmissmup

http://www.spendingdiary.com/

The easy way

lilmissmup

http://forums.moneysavingexpert.com/showthread.html?t=767513

A good post to give you more threads to read, the no spend challenge really makes you think, I am going to start it again in November.

sara34

lilmissmup wrote: »

http://www.spendingdiary.com/

The easy way

oooo thats fab, much easier Thank you! I suppose I have to be honest with myself now :-(

babes21

Good luck Sara.

sara34

lilmissmup wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=767513

A good post to give you more threads to read, the no spend challenge really makes you think, I am going to start it again in November.

Great! Ok my first challenge - 5 NSD between 20th-31st October! - Thank you Lilmissup, appreciate your advice :T