Hi been lurking...

markrmagee

Hi,
Been lurking for a while, posted a couple of times though.
Want to get rid of my debts (except student loan, that can do what it wants!). Avoided posting as my situation is nowhere near as bad as 99% of people here!

So, here goes:
Monthly Incomings:

My salary 1650 (Net)

Monthly Outgoings:

Mortgage/Rent £411.67 (moving soon, this will increase)
Council Tax included in rent
Gas included in rent
Electric included in rent
TV License no TV
Sky No TV
Phone 10 (only have for net)
Internet 30 (I know it's high but needed a monthly contract and the speed (work))
Mobile 25
Food 200 (estimate, i really, really have no idea)
Car Insurance 50 (Motorbike but close enough!)
Petrol 50 (erm probably less than this but as an average, not bad)
Tax 5
Gym 28
Parents 200 (ongoing payment so they have somewhere to live, not adjustable)
Credit Card 60 (minimum payment rest going into savings)
Total: 1049.67

Debts:
BMI Card 1.9% until Jan: £2,200.00
Abbey Overdraft (0%): £887.90
A & L Overdraft (0%): £850

Total 3937.90

So as we can see I should have circa £600 a month spare ... and this is why i really don't think anyone will help, i've always been crap with money but always had a good wage so never really worried.

Any questions or just shouting at me invited.

CLAPTON

find out where the money is actually going.
start keeping a spending diary where you write everything you spend down and see where its all going. also think about any yearly/one off/quarterly costs.
so maybe you spend some money going out, takeaway, clothes, xboxes/boys toys, weekend away, holidays, haircuts, dental/optical/medical, magazines, newspapers, odd present, xmas expenses.
anyway the essential start is the spending diary and write down absolutely everything.

bonnie_2

it's very admirable for you to give your parents £200, but can i ask why, surely there entitled to benifits or outside help of some sort.
What happens to them if you lose your job or start a family.

Snaggles

Hello! Firstly, I doubt if anyone will shout or criticise - you've recognised a problem BEFORE it got too out of hand, so should actually be applauded for that.

Secondly, keeping a spending diary is an excellent idea - it will really show you how that extra money is spent each month.


Apart from that, you're in a pretty good position really, with all your debts on low or 0% interest rates - there are probably some savings you could make with regard to your food budget which sounds high - we spend about £40 p/w for 2 adults and 1 child (and a goldfish ) - have a look at the Old Style boards for tips on this. Also, gym/mobile could possibly be areas where you could make small savings, however, if you could keep other spending to a minimum, you would have a good chunk of money to throw at your debts each month, and have them cleared pretty quickly.

Good luck, Love Snaggles xx

markrmagee

bonnie wrote:

it's very admirable for you to give your parents £200, but can i ask why, surely there entitled to benifits or outside help of some sort.
What happens to them if you lose your job or start a family.

Hiya,
Basically my folks all live abroad & they had some misfortune. They looked into coming back to the UK and were told they'd be entitled to absolutely nothing in benefits (despite paying into the system their entire lives), so they'd be in the same boat they are now but with worse weather.

I'm only young and have no real responsibilities (jobs are pretty good in my field) so think that I should pretty much be able to afford £200 a month for the foreseeable ( :rolleyes: ) future.

I do plan to start saving for a house deposit which I think is what's actually spurring me on to do something about this!

Annie_Fanny

markrmagee wrote:

Hi,
Been lurking for a while, posted a couple of times though.
Want to get rid of my debts (except student loan, that can do what it wants!). Avoided posting as my situation is nowhere near as bad as 99% of people here!

So, here goes:
Monthly Incomings:

My salary 1650 (Net)

Monthly Outgoings:

Mortgage/Rent £411.67 (moving soon, this will increase)
Council Tax included in rent
Gas included in rent
Electric included in rent
TV License no TV (:))
Sky No TV (:))
Phone 10 (only have for net)
Internet 30 (I know it's high but needed a monthly contract and the speed (work)) (Ahh but you have to learn the skill of haggling? You say it is for work - do you work for someone? If so shouldn't they pay for it? Who are you with for broadband? I rang ntl earlier this week and got my broadband reduced from £17.99 to £9.99. If you are a good customer they will do their upmost to retain you!)
Mobile 25
Food 200 (estimate, i really, really have no idea)
Car Insurance 50 (Motorbike but close enough!)
Petrol 50 (erm probably less than this but as an average, not bad)
Tax 5
Gym 28 (You could stop this if necessary? Running is free! I am a member of a Triathlon club and only pay £15 a month and am a lot fitter then I would be going to a gym)
Parents 200 (ongoing payment so they have somewhere to live, not adjustable)
Credit Card 60 (minimum payment rest going into savings) (Have you got the best savings rates etc ISA? ICICI?)
Total: 1049.67

Debts:
BMI Card 1.9% until Jan: £2,200.00
Abbey Overdraft (0%): £887.90
A & L Overdraft (0%): £850

Total 3937.90

So as we can see I should have circa £600 a month spare ... and this is why i really don't think anyone will help, i've always been crap with money but always had a good wage so never really worried.

Any questions or just shouting at me invited.

There is rarely any shouting here, maybe some tough love but that's about it? Also don't put yourself down by saying stuff like "I've always been cr&p with money..." Just tell yourself this is a new start and that you are going to learn to be good with money. Being financially savvy is a skill - which you can become master of!

Good luck!

Annie

bargainbetty

Are you sure about the benefits system? Frankly, if they have made NI contributions, and can prove it, then they have as much entitlement to any EU citizen to come here and claim. They may not get great housing straight away, but they will have entitlements.

Get onto your local CAB to arrange a full meeting about it, as they will have all the forms etc for them. OK, the weather will stilll suck, but even this place can't do anything about that!

The debt diary will help too - I was amazed and then quite ashamed of the junk I was buying.... also, do a big inventory of your store cupboards and see what you don't need to buy for a while. I cleared out my bathroom cupboards, and realised I had enough shampoo bought on special offers to last a year!

Good luck hon, whatever you choose to do x