2010 Resolution 31 December 2009 at 1:17PM in Debt-free wannabe 10 replies 1.1K views

Stuckinarut

I have posted on here a few times, but not sure my head was really in it to get my money worries fixed. I want 2010 to be my year I want to at least make a noticeable dent in my debt and maybe think about getting some savings behind me. I am going on a cruise next year with my gran it's her birthday present from her family but I am the only one who doesn't have other commitments that can go with her. Only problem is I have to pay for my own part of the holiday which is amounting to £850.

Any advice on where to start seriously would be a great help.

Stuckinarut

Bump!!!!!!!!!!!!

staffie1

In terms of dealing with your debt, doing a SOA would be a good start to see where your money currently goes each month.
In view of what you've said about making a noticeable dent in your outstanding debt, you need to consider whether you can afford an expensive holiday. If you have decided you're going I would suggest doing something to raise additional income so that you can still achieve your aims.

Stuckinarut

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................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 224
Management charge (leasehold property).. 0
Council tax............................. 79
Electricity............................. 60
Gas..................................... 66
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35
Mobile phone............................ 15
TV Licence.............................. 28
Satellite/Cable TV...................... 21
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 5
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 958

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Talk Talk......................23.16.....5.........0
Diamond........................76.42.....5.........0
Swinton........................125.07....5.........0
Barclays.......................4692.55...11........0
o2.............................830.15....5.........0
Greenwood......................551.18....5.........0
Vanquis........................296.51....5.........0
Orange.........................273.99....5.........0
Aol............................154.71....5.........0
Kwik Fit.......................147.04....5.........0
Total unsecured debts..........7170.78...56........-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including HP & secured debts). 958
Available for debt repayments........... 242
Monthly UNsecured debt repayments....... 56
Amount left after debt repayments....... 186
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,170.78
Net Assets.............................. -5,170.78

This is my current SOA. I am currently on a DMP with cccs so I have put those payments as my minimum payments for my creditors and that's why there is no interest charges.

firesidemaid

my first thought is that you seem to pay a lot for elec and gas, and also a lot in total for your home phone/mobile/tv/bband too.

Stuckinarut

I am in contract at the moment with my home phone or I would change to get everything from sky and reduce my payments.

Gas and Elec include paying arrears. So this will reduce at some point in the future.

Stuckinarut

any advice???

Stuckinarut

Bump!!!!!!!!!!!!!!!!!!!!!!

catspaw

Hi,

Your bTV licenec should be £12 a month not £28.

Best thing to do is start keeping a spending diary: put EVERYTHING, absolutely EVERYTHING into it.
That cup of coffee when out, bar of chocoltae, magazine, sweets/chewing gum at the ggargae when you put petrol in.

When is your car insurance due for renewal, that seems very high?

Is there a a possibility you can cut down on the pertol? maybe use public transport, or walk some of the way?
£20 a montth for a haircut is expensive: try your local college for cheap cuts

Hope that helps a little

Stuckinarut

My job means I have to use my car on an almost daily basis. I get some of the money back, but have included this in with what I earn.

£28 is correct for the tv as i've just went onto a DD so they take more for the first 6 months.

My Car Insurance isn't due for renewal until April.

I will try and keep a spending diary, see where I spend my money.

auntymabel

Look on the old style board for ways to reduce your grocery bill. Don't worry it won't involve knitting your own porridge!

Can you have a haircut on alternate months?

If you spend some time researching phone/broadband, utilities and car insurance comparison sites you will be in a position to choose better deals when yor current contracts come to an end.

I personally would cut out the holiday savings and entertainment until I got rid of some of the high priced contracts. You will be able to make it up later on or pay some extra off your debts if you can. Don't know if this is possible with a DMP?