Scary! My SOA

PigginSkint

Debt_Free_Chick wrote:

so you MUST reign in your spending.

Oh I know! Doing my very best and now that OH finally gets it he is too

Take a cold hard look at what you are buying on credit - the cards and the catalogues, in particular. I suspect that these are things which don't appear on your normal outgoings - clothes? personal grooming (hair cuts etc)? Holidays/Leisure/Kids activities? Hobbies?

Yes we are going on holiday - camping in Wales, very cheaply!! This will increase the debt slightly but not by a huge amount - I will be getting some help from family to pay for it. We are just having to accept that August will be bad but things will get better in September

Clothes - usually charity shops and cheap stuff from catalogues.

Haircuts - I haven't been to the hairdressers in over 2 years - I cut my own fringe and OH cuts some off the length when it need it, I usually wear my hair up anyway. I cut my son's hair myself with hairclippers - no. 2 all over. OH goes to barbers occasionally but i have been know to cut it myself. He also dyes his hair but again we do that at home so £3 ish every 6 weeks or so

At the moment, you can't afford to spend any more money on your cards. If you do, you'll get the stage whereby you can't manage the minimum repayments.

I know that's what's so scary. Luckily OH finally realises this so there will be no more books, DVDs, CDs etc
So ... firstly, we need to look at anything else you need to buy every month and see how that can be funded.

Can you analyse your spending and see if it's been "necessary" purchases or comfort shopping, treats or anything else you might have to manage without for a few months?
O.K. confession time, what have I got a weakness for? Books (am now selling lots and going to the library), I did treat myself to a trip to TK Maxx last week - not doing that again. I love Lakeland stuff. Gadgets. Camping stuff. I have seriously cut back and i know now it cannot continue. I will say though that I haven't really got extravagent tastes.(I know at least one person who has!! Luckily I don't see her anymore ...don't ask long story!!!)
Can you also tell us a little about your circumstances - you have kids, yes?

Yes I have 1 11-year old son. I split from my ex 4.5 years ago but it was only 3 years ago that he finally moved out - he would have his pound of flesh! :mad: The secured loan I have is what I had to take out to buy him out so that I could take over the house on my own - because basically house prices being what they are, he could afford to buy another house, I couldn't. I said I think of it as an extension to my mortgage, this is because it is the same company, same interest rate, same term and it was to buy his half of the house. I have been with OH for 3.5 years (yes, a bit of an overlap I know!!) who is an actor. He has only fairly recently earning some decent money so I had to support him on my pittance of a wage for quite a long time. That has contributed to my debt. I also did have a car, an old one, which I sold last year for very little money after it had cost me an awful lot of money to keep going. I also lost my job 2.5 years ago (I was paid a poor wage anyway), temped for a year (on an even worse wage) before getting the job I'm in now January last year - the pay is not great but it is better. Also I am due 2 pay rises soon - one in place of perf related pay scheme which has been abandoned this year (1%) and one cost of living rise (don't know how much yet but last year it was 3%)

PigginSkint

Debt_Free_Chick wrote:

Put details of ALL your debts into this Snowball Calculator. You'll need details of the current balance and the min repayments - whether they are fixed or a percentage of the balance OS. This will show you how long it will take to pay off the current balances.

Thanks - I have had a quick peek already but now that I have done my SOA I can do this properly.

PigginSkint

**purpleprincess** wrote:

How many people is the food amount for?

Sorry forgot to mention earlier - as well as 2 adults and 1 child, there are also 2 cats.