Not sure if I need help or just some encouragement!!

ohfi

Hello all,
Well I sat down today and had a good scary look at my finances!
Overdraft £300 (interest free)
Abbey CC £4352 (£2394 @ 27.9% / £1958 @33 % )
RBS CC £538 (19% interest)
Total £5190
I had a commission only job last year which left me very poor as some months i did very well and some months I didnt but I spent every month like I earned 2 grand! I have ended up with an awful credit rating as I ended up missing some payments. The last credit card I applied for turned me down. I started a full time salaried (yeah!) job last monday which will pay around £850 per month.
I pay £490 per month on bills (Factors, Council Tax, Electricity, BT, Mobile, Sky TV&BB, Petrol) Other half pays mortgage, car etc.
I have always spent way more than I earn so I am trying to figure out how to live on £360 a month and pay off my credit cards! To me this seems like nothing, is there anyone out there that can teach me to budget this??
From Feb I will have the chance of overtime and bonus but I would like to be surviving on £360 so any extra goes on the debt.
Any help will be greatly appreciated.

BabyBetty

Hi,

Welcome to the forums.

It might be useful if you post a statement of affairs up so that other people who come along can help you figure out the best way to prioritise your spending.

BB

ohfi

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................ 850
Partners monthly income after tax....... NA
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 850
Monthly Expense Details
Mortgage................................ OH Pays
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 100
Council tax............................. 195
Electricity............................. 45
Gas..................................... 0 (Electric Only)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... Don't have a clue
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ OH Pays
Car Insurance........................... OH Pays
Car maintenance (including MOT)......... 0
Car parking............................. 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 489

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Abbey..........................4352......92........30
RBS............................538.......12........19
Total unsecured debts..........4890......104.......-

Monthly Budget Summary
Total monthly income.................... 850
Expenses (including HP & secured debts). 489
Available for debt repayments........... 361
Monthly UNsecured debt repayments....... 104
Amount left after debt repayments....... 257
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,890
Net Assets.............................. -4,890

At the end of last year I had a fleeting moment of trying to sort out my finances so cancelled my £40 a month gym membership that was never used and where I used to go out nearly every weekend I now search for the 3 for £10 on bottles of wine! Also cancelled my DD for contact lenses. I know my Sky bill is extortionate but I havent been able to bring myself to cancelling bits of it because I am still getting used to being in all the time!
Thanks again.

ohfi

I should probably explain that OH works away for 6 weeks at a time, I tend to blow my budget majorly when he is home. He is away till end of Feb so really want to be on my way to happily budgeted by the time he gets back!!

MFWannabe

ohfi wrote: »

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................ 850
Partners monthly income after tax....... NA
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 850
Monthly Expense Details
Mortgage................................ OH Pays
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 100
Council tax............................. 195
Electricity............................. 45
Gas..................................... 0 (Electric Only)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... Don't have a clue
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ OH Pays
Car Insurance........................... OH Pays
Car maintenance (including MOT)......... 0
Car parking............................. 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 489

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Abbey..........................4352......92........30
RBS............................538.......12........19
Total unsecured debts..........4890......104.......-

Monthly Budget Summary
Total monthly income.................... 850
Expenses (including HP & secured debts). 489
Available for debt repayments........... 361
Monthly UNsecured debt repayments....... 104
Amount left after debt repayments....... 257
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,890
Net Assets.............................. -4,890

At the end of last year I had a fleeting moment of trying to sort out my finances so cancelled my £40 a month gym membership that was never used and where I used to go out nearly every weekend I now search for the 3 for £10 on bottles of wine! Also cancelled my DD for contact lenses. I know my Sky bill is extortionate but I havent been able to bring myself to cancelling bits of it because I am still getting used to being in all the time!
Thanks again.

Hi
Try to get some idea of what you spend on groceries. Write a list before you go shopping and sticck to it; then you won't spend extra money.
Are you able to transfer some of the high interest cards to either interest free or low interest for the balance of the debt cards?
Ref Sky. Make a note of which channels you are actually watching; you'll probably find that you're not actually watching half of the channels you're paying for
Hope this helps

katsu

Look at your bank statements and add up the payments to supermarkets to see what you spend on food.