Worried and Upset - SOA Calculator

savingmummy

Jag_Babe wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................17700.....255.......25.9
Bank Overdraft.................2000......45........19
Bank Loan......................2000......30........19
Catalgoue......................1214.87...100.......5
Personal Loans.................5089.8....249.6.....183.2
Total unsecured debts..........28004.67..679.6.....-

Monthly Budget Summary

Total monthly income.................... 1,498.7
Expenses (including HP & secured debts). 2,065.2
Available for debt repayments........... -566.5
Monthly UNsecured debt repayments....... 679.6
Amount short for making debt repayments. -1,246.1
Personal Balance Sheet Summary
Total assets (things you own)........... 3,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,004.67
Net Assets.............................. -24,404.67

Not included in this is: These need to be included!
Storage £150 monthly
£100 gym (horse riding)
£166.67 educational fees
Lunches £86.67
NI/Tax £33.33

You really need to sit down with your partner and make some cutbacks
You can`t afford 2 cars, new clothes every month, horse riding/gym, lunches/meals out, storage, holidays at that cost etc....on your income

How do you pay for things after your wages/benefits have paid out things? Why are your debts so high?
If your using credit cards you need to stop!


It may be better if you seek proffesional help you NEED to do something to help you.

Can you sell things on ebay? anything you`ve bought using credit? this will help to pay off some debt repayments!

savingmummy

Jag_Babe wrote: »

Thanks for your comments. Unfortunately we do require 2 cars as there is pretty much no bus service where we stay and the nearest shop is 3 miles away..

You need to cut back somewhere, the cars are taking a huge chunk out each month!
I gave up my car, live in a rural area with nearest main shops over 5 miles away nearest bus route 2 miles away (every hr) - i have got used to it!
It dont have to be forever just for now until your income increases.

IF you can`t bear to get rid of a car then you need to make MAJOR cutbacks elsewhere in your soa. As it is your struggling and to me it seems getting into firther debt to manage outgoings. x

zarazara

Cut up the cards. Stop all unesessary expenditure, gym,riding,meals out,take sandwiches for lunch from home,make cheap stews ,soups etc,theres several threads on here with cheap recipes. Take the no-new-clothes-for- a -year challenge. No birthday or xmas presents. just tell people you cant aford them. be honest.
You are living a proffessional life style on a student budget. You need a reality check, and posting on here is the first step. Well Done. O ward and upward to clearing that debt.

Jag_Babe

Just had a length talk with OH, the first things that we are going to do to cut outgoings is:

• Get shopping in cheaper shops
• Cut down on the use of the car
• Stop going out and having take away meals
• Stop horse riding at least for a couple of months
• Make do with clothing we have only get for child if absolutely necessary
• Reduce the amount that is spent on presents
• I am going to take lunch from home
• We are going to declutterthe house and sell anything that is not required.

We will do these for the next few weeks and we are having a cold turkey week this week - we are both living on £10, whilst deciding where else we can save.

I have looked into switching gas and electric supplier however this is not possible at the moment due to arrears.

Have looked into landline phone supplier however no one is able to offer me a better deal as I currently do not pay for calls to landline so will therefore avoid phoning mobile number.

Raggs_2

Can I suggest you make another SOA with your new intentions, just to see exactly how much you will have changed, and whether or not it's sufficient. I realise it's hard to predict accurately, however it may help you get a bit of a boost if you see that you can make it.

Horace

3 miles to the nearest shop isnt that far and can be walked..I do it all the time and I live on the edge of a town with a regular bus service and I rarely use the bus (I only use it to go into the city otherwise I walk).

Can you pick up some extra hours somewhere e.g. working in a vet's practice etc.

Keep a spending diary so you know where you are frittering too - cannot add more than has been said already.

dancingfairy

Hi - the thing is you are currently overpsending by 600 pounds a month before debt repayment. :eek: With any debt 'repayments' you are adding 1000 A MONTH to your debt:eek:. You really do need to cut back at the moment - things like the horse riding have to go. I'm sorry but you need to stop it now or you really will be in a much worse mess.
I also suggest that you speak to a debt charity as even if you can balance on a month to month basis you won't be addressing the debts - you may need to consider a dmp (with one of the charities).
Good Luck - some tough choices now will make life in the future easier.
df

savingmummy

Jag_Babe wrote: »

Just had a length talk with OH, the first things that we are going to do to cut outgoings is:

• Get shopping in cheaper shops
• Cut down on the use of the car
• Stop going out and having take away meals
• Stop horse riding at least for a couple of months
• Make do with clothing we have only get for child if absolutely necessary
• Reduce the amount that is spent on presents
• I am going to take lunch from home
• We are going to declutterthe house and sell anything that is not required.

We will do these for the next few weeks and we are having a cold turkey week this week - we are both living on £10, whilst deciding where else we can save.

I have looked into switching gas and electric supplier however this is not possible at the moment due to arrears.

Have looked into landline phone supplier however no one is able to offer me a better deal as I currently do not pay for calls to landline so will therefore avoid phoning mobile number.

Well done for making a start!:T
Food shopping is not always about choosing cheaper shops but what and when you buy foods.
Meal planning really helps, cooking in bulk and freezing, grabbing offers, using vouchers.
If you stick to a strict shopping list of what you NEED not what you want really helps us. And only buy what is on that list - you can save loads. I used to just go in with my trolley and stroll around filling it up as and when i spotted something. NOW i whizz in buy all whats on my list and i`m out I spend £150 a mth on 4!
Ensure you buy everything to lat you until the next shop OR i`m just popping into this shop for milk turns out to be a few bags of bits!

You havent mentioned what your debts were spent on or why so i`m guessing it is just due to overspending.
How are you buying once your income is gone each month?

Regarding horse riding is there anyway of helping out at a local stables? sometimes if you help out they give you free rides etc.
It is obviously a passion of yours so it may be an idea to find this out so that you still have some contact with horses x

Jag_Babe

Thank you to everyone that gave me advice last night. I am feeling a bit happier tonight as I have just done a food shop and got enough food for about two weeks for only £50, the list really did help. :j