Help and Support needed please xx

Louise06_2

Hi all

I have attached below SOA :eek: . On a positive note it seems i have more money coming in than i need to pay out:T although i really do have no idea where the remainder of my money is going.

I got a new job last month and recieved my first payment on 30 Aug which has cleared my overdraft. I have bought a small pad from Tesco and since forcing myself to write down what i am buying, seem to not be buying much, so still do not know where my money was going.

I guess just reading through this site has given my the strength to get to grips with facing up to my debt and i would love to have any advice and support from you as i know this is only the beginning of a long journey of trying to clear debt. xxxx


SOA (state of affairs).

Monthly Incomings:
My salary £1,535
Partner – pays half the total price of each bill and his share of the rent.

Monthly Outgoings:
Bills payments = I pay £100 in total towards bill (I have typed the breakdown below)

• Council Tax - £44.10p (total monthly cost for two people is £88.20

• Gas - £15 (Gas price is based on sales persons estimate of £30 per month for two people.

• Electric - £12.50 (Elec priced based on sales persons estimate of £25 per month for two people

• TV License - £5.50p (TV License is 10.99 per month)

• Telewest £22 (£43 is the total monthly bill- breakdown is £11 line rental, talk eve and weekend is £5.50, Cable channels are £17.50 and internet is £9.99

Mobile - £10 per month for pay as you go

Food toiletries - £100 at the moment (am trying to get this lower this month have started keeping the receipts to see where I am over spending)

Travel £53 monthly travel pass –

Save - £50 for dentist etc as advised by southern scouser

Loan repayments - £360 per month

Rent £310 per month

Insur £10 per month

Pet food £25

Total: £992.35

Cash left 542.65

Personal loan – Balance £25,587 8.9% fixed monthly payments of £360.

credit card 1 – Balance £2,365 APR 0% for 8 months thereafter 25.9%

credit card 2 – Balance £4,136 APR 13.9%

After using the snowballing calculator from Southern Scouser I can see that I must pay of credit card 1 first before I reach the 25.9% interest rate.

chevalier

Louise06 wrote:

SOA (state of affairs).

Monthly Incomings:
My salary £1,535
Partner – pays half the total price of each bill and his share of the rent.

Monthly Outgoings:
Bills payments = I pay £100 in total towards bill (I have typed the breakdown below)

• Council Tax - £44.10p (total monthly cost for two people is £88.20

• Gas - £15 (Gas price is based on sales persons estimate of £30 per month for two people.Have you checked your meter readings? If you are on an estimate and are over using, you could have a nasty shock when your bills come in.

• Electric - £12.50 (Elec priced based on sales persons estimate of £25 per month for two peopleSame as with gas

• TV License - £5.50p (TV License is 10.99 per month)

• Telewest £22 (£43 is the total monthly bill- breakdown is £11 line rental, talk eve and weekend is £5.50, Cable channels are £17.50 and internet is £9.99I am sure I have seen on here packages with free weekend and night calls, also threaten to give up the cable and you might get a better deal:D .

Mobile - £10 per month for pay as you go

Food toiletries - £100 at the moment (am trying to get this lower this month have started keeping the receipts to see where I am over spending)

Travel £53 monthly travel pass – Could you get a bike, car share or walk instead?
Save - £50 for dentist etc as advised by southern scouser

Loan repayments - £360 per month

Rent £310 per month

Insur £10 per month

Pet food £25

Total: £992.35

Cash left 542.65

Personal loan – Balance £25,587 8.9% fixed monthly payments of £360.

credit card 1 – Balance £2,365 APR 0% for 8 months thereafter 25.9%

credit card 2 – Balance £4,136 APR 13.9%

After using the snowballing calculator from Southern Scouser I can see that I must pay of credit card 1 first before I reach the 25.9% interest rate.

Do you have anything you can sell on Ebay/Amazon to raise extra money? Could you get another part time job?
Hope this helps a little. Best of luck
chev

freda

Things you have not accounted for:

Water bill (unless you live in Scotland, where it is incl. in C.Tax?)

Christmas/birthday presents

Going out / ents / takeaways

Holidays

Any subscriptions, i.e. gym, mags

Any pension contributions

Emergency fund savings

Clothes/haircuts

'spends' money, i.e. cash in your pocket to buy magazines, chocolate bars, newspapreprs, coffee etc when you are in town. This is a biiiig place where you can easily just lose money without realising!


In order to work things out, as well as the spending diary take a close look at your past bank statements, find out what direct debits are going out and what they are for. Its common for people to not have a clue about what direct debits are leaving their bank accounts, and for people to therefore be paying for stuff they no longer need, simply becuase they've not stopped the DD.

You may well find that keeping the spending diary in itself makes you think more about what you spend and, in itself, reduce your spending. After a while f keeping it, you'll start working out where the money is frittering away to, and you'll be able to make informed choices as to what to change.

Mike_St_Helens

This is the exaustive list of what you are allowed... make sure you put down all and you will then get a true reflection on what you spend... well..... i say that but I always spend more than ever !!

Mortgage
Council Tax
Building Insurance
Gas
Electricity
Water
Christmas / Bday / Hols
TV Licence
Telephone/PAYG Mobile
Road Tax/MOT
Car Insurance
Petrol/Oil/Diesel
Car Maintenance
Breakdown Cover
Food\Household Goods
Dry Cleaning
Clothing/Footwear
Haircuts
Health
Prescriptions
Dentist/contact lenses/Glasses
Pets


Mike x

southernscouser

Louise06 wrote:

I have bought a small pad from Tesco

For a minute there I thought Tesco had started selling property! :eek: :rotfl:

Louise06_2

hi all thanks for your tips and comments

chev - i will get meter readings for gas and elec tomorrow - i was over paying up until August so hopefully should be ok. Will asked to be billed rather than an estimated reading, will look into walking 2 work and contact cable tomorrow - thanks

Freda - i am looking through statements now and can see alot of transactions for cash that i have just spent on rubbish but lots of takeaways and nights out, also high mobile bills and expensive presents for other people, in fact alot of my money has been spent on things for other people and lots of bank charges so far - thanks

Mike and Freda - there seem to be alot of items on your lists that i havent accounted for.i also noticed that when going through my bank stuff that i forgot to include credit card payments.

I am a bit confused at how much i should be spending on things - any suggestions on clothing, footwear, haircuts? At the moment it feels wrong to spend any money on these things unless i desperately have to - but then it seems that this debt clearing is going to take alot of time so need to account for those items.

At the moment i have been trying not to spend anything - and so it has become very clear that i spent alot of money on other people especially on treating them for their birthdays and special occassions and have noticed that people that had promised to chip in for the dinner meal never did and i was to embarrased to ask so just put down my card.

thanks again for replying you really cheered me up - have a nice evening and look forward to hearing from everyone soon xxx

Louise06_2

southern scouser - ha ha wish i could buy a place for 53pence in tescos