I need to get a grip....

CharleyBarley75

......with my finance. I've been sort of burying my head in the sand for a while now, thinking it will go away but sadly that's not the case.

I need to cut down on spending, get a new job (or a second job for extra income). I am so sick of being in debt, I want to be debt free and not having to worry about it. Sometimes I get anxious just thinking about it.

I admit that it's going to be hard, trying to adjust and live frugally but I will damn try because it has to be better than being chain to debt!

[tt]Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1655
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1655

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 10
Mobile phone............................ 25
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 127
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......................... 110
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 850


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
Marks and Spencer..............1000......100.......18
Tesco..........................9000......517.......7
Cahoot.........................4800......170.......20
Total unsecured debts..........14800.....787.......-


Monthly Budget Summary
Total monthly income.................... 1,655
Expenses (including HP & secured debts). 850
Available for debt repayments........... 805
Monthly UNsecured debt repayments....... 787
Amount left after debt repayments....... 18

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,800
Net Assets.............................. -14,800

[/tt]

I'm a newbie so would really appreciate some encouragement. I read some of the posts and found it comforting that I am not alone.

kingfisherblue

What is the 'other insurance' for? It seems a lot

NGlady

CharleyBarley75 wrote: »

......with my finance. I've been sort of burying my head in the sand for a while now, thinking it will go away but sadly that's not the case.

I need to cut down on spending, get a new job (or a second job for extra income). I am so sick of being in debt, I want to be debt free and not having to worry about it. Sometimes I get anxious just thinking about it.

I admit that it's going to be hard, trying to adjust and live frugally but I will damn try because it has to be better than being chain to debt!

[tt]Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1655
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1655

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 10
Mobile phone............................ 25
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 80
Clothing................................ 0 What never?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 127
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......................... 110
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 Never?
Entertainment........................... 50 Never?
Holiday................................. 0 Never?
Emergency fund.......................... 0
Total monthly expenses.................. 850


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
Marks and Spencer..............1000......100.......18
Tesco..........................9000......517.......7
Cahoot.........................4800......170.......20
Total unsecured debts..........14800.....787.......-


Monthly Budget Summary
Total monthly income.................... 1,655
Expenses (including HP & secured debts). 850
Available for debt repayments........... 805
Monthly UNsecured debt repayments....... 787
Amount left after debt repayments....... 18

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,800
Net Assets.............................. -14,800

[/tt]

I'm a newbie so would really appreciate some encouragement. I read some of the posts and found it comforting that I am not alone.

Just looking at that, are you sure you've included everything? It looks very minimal :S

CharleyBarley75

I don't buy clothes unless I have to. I did buy some in May last year but apart from that, I haven't bought anything.

Haircut - I rarely get haircut, last one I had was Dec 08, the one before that was Aug 06, I'm a girl so get away with long hair.

For entertainment, I used to go to cinema/eating out once or twice a month, where I did spend alot but that stopped in Oct 09 and I haven't been to anywhere since.

Holiday - I haven't had a holiday for 3 years and I'm not planning to given my financial situation

Other insurance - it's actually my work pension. That isn't an option for that so I had to lump it in that category.

niccatw

Hi Charley

Welcome to the forum, hope we can help!

I'll add my comments to your SOA - I hope you don't mind. They are only my opinions - you'll know whether they are realistic for your situation or not!

I certainly appreciate the anxiety it can cause - currently off work with anxiety - and just taking control back and sorting out my SOA and budget has helped get my head and health back on track!

It's a great feeling to begin to apreciate even the small things (like adding 14p to my change jar today )

[QUOTE=CharleyBarley75;29743201
[tt]Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1655
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0 Any possibility of fitting in a second job? I clear an extra £233 pm since starting mine.
Total monthly income.................... 1655

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 10
Mobile phone............................ 25 Are you in contract? Can you perhaps combine with internet services to bring down costs? I pay £15 (o2 simplicity 300 mins 600 texts) and get braodband for £7.50 with o2.
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 80 Fab!
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 127 Assume this is getting to and from work. Is it feasible to cut down even a little? Are you within walking/cycling distance even one day a week?
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......................... 110 You said this was pension. Just checking you're not doubling up here, I take it you don't have a work pension that comes off your wages or that that, if you d, this is a seperate top up account?
Presents (birthday, christmas etc)...... 0 I'd tend to budget at leat £5 here a month just in case
Haircuts................................ 0
Entertainment........................... 50 If you are determined, this could come down. I've started taking "my" money out for the month - if I need it it's there, if not, it goes to another debt. I reduced mine to 20 - tough but doable (I've become pretty much tea-total though )
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 850


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
Marks and Spencer..............1000......100.......18
Tesco..........................9000......517.......7
Cahoot.........................4800......170.......20
Total unsecured debts..........14800.....787.......-
Have a look at the snowball calculator to play about with APRs and how long it will take you to pay off debts depending on how much extra you can put it each month. It's a real motivator. Cahoot's the highest APR, throw any extra at that, then M&S, then Tesco. http://www.makesenseofcards.com/snowcalc.html

Monthly Budget Summary
Total monthly income.................... 1,655
Expenses (including HP & secured debts). 850
Available for debt repayments........... 805
Monthly UNsecured debt repayments....... 787
Amount left after debt repayments....... 18

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,800
Net Assets.............................. -14,800

[/tt]

I'm a newbie so would really appreciate some encouragement. I read some of the posts and found it comforting that I am not alone.[/QUOTE]

I hope at least some of that info is useful. Well done on making the first - and often hardest - step! It is tough and it can be disheartening when it doesn't happen as quickly as you'd like, but join some challenges, keep popping in or lurking - and ask us for our support whenever you need it- there's always some-one around to give a virtual hug! Good luck

niccatw

Just another thought, looking over your SOA again... are you paying the minimum payments each month? I know I said Cahoot first as it's APR is highest. However, if you would feel better pyschologically, M&S is the smallest at £1000, you could pay that off in a couple of months - if that'd boost your confidence and motivation, it's worht a thought

Tixy

Hi Charley and welcome

Well done for posting up your SoA. I'd guess that for London your costs are pretty low (is the travel a season ticket or similar?, these usually work out cheaper than paying regularly)

Is the income of £1655 the amount you earn before your pension is deducted?

I agree with you that you need to concentrate on either a better paying job, overtime from your current job(?) or a second income of some sort.
Sometimes bar work or waitressing can fit in well with a main job? I'm sure you didn't expect to be doing those type of jobs in your 30s (i'm guessing 75 is your year of birth) but a second job really is the way to start making inroads to your debt.

What is your main job? does it have any skills that you could use to earn money yourself evenings/weekends (as self-employed?).

Another thing you could consider in the meantime is signing up to survey/review sites online - these often pay you in vouchers which allows you give yourself an occasional treat or use them to buy presents etc.

Do you have any items you could sell to raise some cash? ebay/gumtree/amazon or similar (there are also dedicated sites for selling books, dvds, cds, computer games etc).

have you stopped spending on the cards/loans? do you have an overdraft? if so remember to think of it as a 'debt', not your own money.

Do you know how you got into the debt (this is not a criticism but its important to know so things don't go back to how they were before).

Good luck and do keep posting.

niccatw

Oops Charley, didn't notice the London location - perhaps walking or cycling to work isn't such a good idea then!

CharleyBarley75

Thanks for everyone who replied to my thread.

I got myself into debt through spending, for a long time I was a in relatively low paid jobs until now when I am earning decent salary. I like to buy stuff and wasn't paying full attention. I guess we all go shopping to fill a void/the buzz of new shiny objects/boredom etc.

Now it's the time to face up the fact that I am in trouble and need to do something about it.

I am looking for a second job, but as I work full time office job, I need something that I can do in the evening and weekends. Any suggestions? I had a look on gumtree and most of them tend to be "looking for models" etc. Where do you look for second jobs?

I need to keep a diary on how much I spend and only take out what I need.

I really want to be debt free.....sometimes it does depress me and makes me think I can't get out of it, but having read the posts here it's quite comforting to have virtual support and not completely overwhelmed by it.

Thanks

Cloudy456

If you're looking for evening/weekend work why not try going round local bars and restaurants - if you're in London there should be plenty of them to try. If you can get in an upmarket restaurant there might be some good tips to be had!

With a decent salary and some effort you should be able to clear 15k in two years. I would definitely look at selling stuff on Ebay/Amazon, clears out the clutter too!

Good luck!

Shoe_Gal

Hi

Just wanted to wish you luck Our income/outgoings look pretty similar although I started with twice the amount of debt you are starting with

It is coming down slowly and my only advice is don't be too strict with yourself - it can lead to mad splurges! In my own budget I still allow some treats/nights out to keep me sane - and motivated