can anyone give me advice here 31 May 2010 at 11:07PM edited 1 June 2010 at 11:24PM in Debt-free wannabe 5 replies 762 views

reisse03

below is my soa, and although it doesnt look too bad (ive just paid off a credit card)
i dont seem to have this much left at the end of the month.
i have been doing a spending diary every day but im finding it doesnt really deter me from actually spending the money.
i have £500 saved but i really want to go on holiday at the end of this month and need slightly more to be able to do it
any advice is appreciated

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 823
Partners monthly income after tax....... 0
Benefits................................ 552.93
Other income............................ 390
Total monthly income.................... 1765.93

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 151.1
Rent.................................... 273.6
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 43.33
Gas..................................... 43.33
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 160
Clothing................................ 5
Petrol/diesel........................... 195
Road tax................................ 11.5
Car Insurance........................... 42
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 7
Other child related expenses............ 2.5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1173.36


Assets
Cash....................................380
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 0


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
legal aid......................822.5....(43.1).....0<
council tax arrears............462......(82).......0<
overdraft......................1250.....(26).......0
Total secured & HP debts...... 2534.5....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,765.93
Expenses (including HP & secured debts). 1,173.36
Available for debt repayments........... 592.57
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 592.57

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -2,534.5
Total Unsecured debt.................... -0
Net Assets.............................. -2,534.5

syedlfc

just cut down on groceries and petrol..

somethingcorporate

+1 to the post above. It looks quite trim to me.

What is the other income?

Poosmate

I'm seriously not being funny but you have a surplus of nearly £600 after ALL of your bills and debt payments have been made!

What on earth are you spending that on?!

After my bills are paid, I'm left with £85 a week out of which I pay for food and petrol and petrol costs £25 per week!

How long have you been keeping your spending diary? Did you enter everything you spend?

Poo

josephine82

It looks pretty good to me.
You need to focus on where that surplus is going.
You mention £500 savings but this is not listed.
If it were me, I'd pay that £500 off the council tax arrears now.
I would wait until you were debt free to go on holiday, personally. £500+ is a lot to spend on holiday when you are £2000+ in debt.

Then I would pay the surplus towards the legal aid until cleared, and then clear your overdraft.

You could clear these debts within 4-5 months.
You could also shave money off your budget: groceries, mobile phone to generate some more extra cash.

reisse03

thanks for all your replies. i know i should have all this left but i dont. what i spend it on is a mystery except i do my mobile bill is usually about £80 so im working to bring this down so im always within my usage.
i had been spending more on petrol by driving faster than i should, apart from that ......im ashamed to say i dont know. im a single parent and maybe spoil my son a bit too much