New Realistic Me!!

Nemesis28

Hi,

I posted a couple of months back with my statement of affairs only to realise that i had forgotten several outgoings/debts that i had each month plus now i have moved, things are slightly different so i decided to start afresh!

My pay fluctuates each month depending on what nightshifts/weekend work i do so i went with the lowest i have received as it could quite easily be that amount again.

Entertainment may seem high but it includes a £13 cinema pass that i have as i don't go out drinking and love movies! Also includes a £23 monthly gym fee which i do use so its not wasted like many people do.

As i have just moved, alot of my paperwork is in boxes so i dont know interest rates except that for the preference accounts are sky high! My personal loan has only 6 more payments left so that money can be relocated as of Feb!

I have also been researching second jobs so fingers crossed i find something that i am allowed to do soon!

Opinions welcome!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1550
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1550
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 172
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 15
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 48
Car maintenance (including MOT)......... 18
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
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........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Bank Fees on 2 overdrafts............... 50
Catalogue debt.......................... 20
Total monthly expenses.................. 1303

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 7000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5676.....(172)......28
Total secured & HP debts...... 5676......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Preference Account ............500.......25........0
Preference Account.............1000......50........0
Halifax Personal Loan..........876.......145.......0
Total unsecured debts..........2376......220.......-

Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,303
Available for debt repayments........... 247
Monthly UNsecured debt repayments....... 220
Amount left after debt repayments....... 27
Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total HP & Secured debt................. -5,676
Total Unsecured debt.................... -2,376
Net Assets.............................. -1,052
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

Fang_3

Sell the car and buy a cheaper one?

bottleofred

Hi,

If you could clear the overdrafts you'd have an extra £600 per year. You could consider selling the car, clearing the overdrafts and buying a car with what money is left, but it's up to you really.

Good luck with whatever you decide

Hannah_10

Is the HP debt against the car though?

bargainbetty

You appear to have listed the overdraft fees twice - in your main area you have £50 of bank fees and then you have another £75 of fees in the debts. If these are not overdraft fees, but actuall account fees, then call your bank immediately and ask that the accounts be swapped to standard accounts - that is extortionate!

Either way, you free up £50 per month, which can be thrown at your overdraft. Not much, but it's a start!

If you do earn more, try contacting your bank each month to reduce your overdraft, so you can't get so far in det each time. They will try to convince you otherwise, saying that if you give it up you might not get it back if you need it, but the whole point is that you don't want to have it back! Drop it by £50 per month if you can - your o/d fees should drop.

It might be worth doing a storecupboard inventory to see if you can reduce spending for a month. Do a full list of everything you have in your stock cupboards - food and household stuff. I lost my job in 2008, and had no work for five months. I had no option but to stop spending money, as I was living off savings. I went through everything, sold off a stack of old dvds, books and bits, and discovered that I had a huge store of things. The stuff you throw in the trolley every week - bleach, cleaning stuff, rice, pasta etc. I didn't need to buy bleach for two months, didn't buy moisturiser for a year, shampoo for five months and had over 4kg of pasta.

Then you shop around what you have. Meal plan, purchase only what you need, take packed lunches to save money, and eat cheap healthy food!

Good luck, I hope it works out x