Can't Live With This Restrictive Debt

MoneySavingMacca

Hey all.

I've been struggling lots with my finances over a number of years and it's come to a point over the last few months wheire I am really struggling to get through each month. A friend of mine pointed this site out to me and I've been having a read and I've picked up a few ideas.

Having now seen this forum I thought it might be a good idea for me to use this to keep a record of what I'm doing and stay encouraged.

BEAT_THE_DEBT

Hi keep reading keep posting and you will never look back!!!xx

MoneySavingMacca

BEAT_THE_DEBT wrote: »

Hi keep reading keep posting and you will never look back!!!xx

Thanks, I really hope this will help. I'm just getting my wages and then paying bills and struggling for the rest of the month, that's not how I should be living! It's Payday on friday and I'm determined I'm not going to struggle this month.

found_a_bargin

Hi MSM.

Keep posting on here and it will give you all the help that you need!

Good luck

MoneySavingMacca

Here is my SOA as best as I can get it right now. I'm sure there will be one or two things that I've missed out. If you could have a look at my SOA and give me any pointers that would be great!

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................ 1058.36
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1058.36
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 152.35
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 39
Internet Services....................... 41.47
Groceries etc. ......................... 0
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 106.49
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 7
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 0
Gym..................................... 24.95
Total monthly expenses.................. 783.26

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
Laptop.........................400......(19.75)....20.9<
Car Finance....................7427.84..(132.6)....7.9
Total secured & HP debts...... 7827.84...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2488.7....71.26.....28.04
Capital One....................914.84....27.45.....32
NatWest (Debit)................1599.42...10........17.8
Barclays.......................494.48....0.........14.4

Moneytroubles_2

Hiya, just wanted to welcome you to the site - I joined in August last year and I know it sounds cliche but it has been life changing! Im on my way to settling my 3rd debt next month - its such a fantastic feeling xxx

MoneySavingMacca

Thanks found a bargin and moneytroubles.

I am hoping this will be life changing for me as well. As a 26 year old I'm not where I want to be. I am largely happy in my job but I don't have my own home, currently living with my grandad. I'd like to be in a position to be able to buy my own home as soon as I can and I'm going to use that as my main goal.

I'm off work until Thursday so I've a few days to get into this and make a good start.

At the start of March though I am going on a weekend break with my mates to Amsterdam. Hopefully that won't cost too much!

ruby1968_2

Hi MSM welcome
the people on here are really nice and friendly I'm glad I joinned.

MoneySavingMacca

Very good to hear, everyone seems friendly.

Has anyone got any feedback on my SOA and what I can do to cut what I'm currently spending?

With the snow falling outside, time to chill out for the night with a few beers! :beer:

linz

Hi MSM,

Couple of things stick out to me - can you get rid of sky tv and settle for freeview?

Cut the gym out and go running instead?

Are you getting the cheapest internet deal? Shop around and find out.

Car insurance - make sure you shop around when it's due and compare what cashback you get through sites like www.topcashback.co.uk

All the best with your debt busting!

Shoe_Gal

Good luck - you are in the right place