My SOA

Blue_Peter_2

Hi Folks,

Following my post yesterday, here is my SOA. My monthly take-home is £1,435.

The debts:

Student loan outstanding = £6.4k. 3.2%APR. Paying £117 pcm until 04/11.

Nationwide loan outstanding = £4.7k (6.7%APR) (Paying £80 pcm until 08/11.

Amex 'platinum' card = £4.3k. 4.9%APR - for life of balance. Paying min - c.£130 pcm. 5k credit limit but I never spend on it.

Lloyds 'gold' credit card = £700. 15.9%APR. Paying c.£20 pcm or more in a quiet month. 5k credit limit - I occassionally spend on this.

Overdraft = 1.5k (17.9%APR) (Currently not making repayments on this)

Barclaycard = Empty - just transferred balance to the Amex above and writing to cancel it today.

The spending:

Joint account with girlfriend = £700pcm. She pays the same and it's spent as follows:
-Rent:£1,083
-Council Tax: £59 (Westminster is very cheap!)
-Electricity: £18
-Gas: £20
-Water: £18
-Sainsbury's DVD Rental: £11.50
-Food: what's left - £208 (including our lunches)

The rest is just mine - I know what you're going to say but please go right ahead - I need telling. I have worked out what I've spent on books, CDs etc over the last 6 months and averaged it out. I do tend to buy online from Play.com, etc.

Oyster Card: £30 (again - cheap. I walk to work and back - 1hr a day)
Mobile: £35
CDs: £30
Books: £10
Magazine: £10
Gig Tickets: £35
Non-Oyster travel: £20

I rarely buy clothes but when I do they tend to go on the Lloyds card. We have a TV but can't get a reception even with a powerful aerial so no costs there - we're not interested in Sky, etc and have no landline or home internet access.

By my reckoning this leaves almost £220 each month that I am frittering away - probably on going out.

I have to admit, I'm embarrassed to submit this - it is clear to me doing this that I am wasting money then complaining about being in debt but just putting it all down like this is helping me get a handle on it. Let me know what you think.

village_life

get rid of the sainsbury dvd rental
the food can be cut down dramatically - you should budget rather than use "whats left"
the mobile can surely be cut down or changed to a cheaper tariff
cd's can go, as can books?
get rid of the magazines and the gig tickets

thats being quite harsh though in cutting things out - why not buy these things less frequently or buying (And selling) on ebay.....

just some initial thoughts from an amateur

xela_17

RE: the overdraft. This must be costing you loads of money at 17.5% interest. If you have a good credit rating, try and get a 0% card like egg, which you could transfer your overdraft to. The money you would then save on interest you could pay off the balance faster.

Also, since people don't make regular repayments to overdrafts it is easy to forget them; having the debt on a credit card you would automatically try harder to pay it off.

Well done for facing your debts.

southernscouser

Can you transfer most of the Lloyds credit card to the Amex, providing you will still get 4.9% APR?

The problem is that you are still spending on the cards so it's just a vicious circle! :think:

Start a spending diary and this will tell you where all the "surplus" money is going each month.

lynzpower

Ok lemme have a nose

The debts:

Student loan outstanding = £6.4k. 3.2%APR. Paying £117 pcm until 04/11.( novemver this year you mean? cant be do you mean 2011?)

Nationwide loan outstanding = £4.7k (6.7%APR) (Paying £80 pcm until 08/11.

Amex 'platinum' card = £4.3k. 4.9%APR - for life of balance. Paying min - c.£130 pcm. 5k credit limit but I never spend on it.

Lloyds 'gold' credit card = £700. 15.9%APR. Paying c.£20 pcm or more in a quiet month. 5k credit limit - I occassionally spend on this. ( CUT IT UP!!)

Overdraft = 1.5k (17.9%APR) (Currently not making repayments on this) ( V HIGH APR ON THIS)

Barclaycard = Empty - just transferred balance to the Amex above and writing to cancel it today. (:T)

The spending:

Joint account with girlfriend = £700pcm. She pays the same and it's spent as follows:
-Rent:£1,083 ( this is high you dont need me to tell you that)
-Council Tax: £59 (Westminster is very cheap!) ( certainly is, know it well;) )
-Electricity: £18
-Gas: £20
-Water: £18
-Sainsbury's DVD Rental: £11.50 ( cancel and do some free tarting, via Quidco, and your savings towards your highest debt (saving 11.50)
-Food: what's left - £208 (including our lunches) ( you need to be clear on what this is)

The rest is just mine - I know what you're going to say but please go right ahead - I need telling. I have worked out what I've spent on books, CDs etc over the last 6 months and averaged it out. I do tend to buy online from Play.com, etc ( time to stop this im afriad) .

Oyster Card: £30 (again - cheap. I walk to work and back - 1hr a day) ( if you walk why are you spending this? In westminster a bus card will be fine for you to get everywhere, you can get rid saving 20 a month ish)
Mobile: £35 ( get this contract down, ask for the cheapest contract or PAYG, saving at least 15)
CDs: £30 ( nope, this has to stop)_
Books: £10 ( ditto join westminster libraries they are REALLY good)
Magazine: £10 ( nope unneccesary)
Gig Tickets: £35 ( ditto)
Non-Oyster travel: £20 ( ditto)
You have there in excess of 145 there on entertainment and unnecasry travel.

I rarely buy clothes but when I do they tend to go on the Lloyds card. ( NOOOOO, its something you have to save for, or buy cheap out of a set budget!) We have a TV but can't get a reception even with a powerful aerial so no costs there - we're not interested in Sky, etc and have no landline or home internet access. ( cool )

By my reckoning this leaves almost £220 each month that I am frittering away - probably on going out.

I have to admit, I'm embarrassed to submit this - it is clear to me doing this that I am wasting money then complaining about being in debt but just putting it all down like this is helping me get a handle on it. Let me know what you think. I AGREE WITH YOU

Its not the end of the workld though, you have plenty to cut back on and its all fairly easy to do