First Timer HELP!

miss.a_3

Hi All,

Hope you can helpI'm getting in a real mess with my finances.:eek:
I pay direct debit on everything and do not miss a payment yet after a couple of weeks after I've been paid I'm using my credit cards to pay for essentials. Its starting to spiral out of control now

Ive done a SOA

Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 412
Management charge (leasehold property).. 0
Council tax............................. 86
Electricity............................. 46
Water rates............................. 13
Telephone (land line)................... 22
Mobile phone............................ 15
TV Licence.............................. 11
Groceries etc. ......................... 30
Clothing................................ 30
Petrol/diesel........................... 30
Road tax................................ 10
Car Insurance........................... 21.49
Car maintenance (including MOT)......... 10
Medical (prescriptions, dentist etc).... 2.5
Contents insurance...................... 4.15
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 100

Total monthly expenses.................. 878.14
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description.....................Debt......Monthly...APR
m&s credit card................2405......60.13.....1.805
tesco credit card..............1028......30........1.873
mbna credit card...............1566......30........3
Total unsecured debts..........4999......120.13....
Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 878.14
Available for debt repayments........... 421.86
Monthly UNsecured debt repayments....... 120.13
Amount left after debt repayments....... 301.73
Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,999
Net Assets.............................. 1

Hope someone can help?

La_escocesa

Hi miss.a :wave:

So this says you should have £300 to play with. I'm guessing this is not the case though... You could try filling in a spending diary for a month or so and see where it's all going. I'm addicted to one on www.spendingdiary.com but you could just as easily use a notepad etc.

You should check the APRs on your cards - they look like monthly amounts...??

Could also try a snowball calculator to see when you could pay them off. I don't have the link right now (and I'm heading out) but someone else will be along soon.

I also love posting on the small things thread. come join us! https://forums.moneysavingexpert.com/discussion/2675747

Marisco

Hi miss a, the one that really can be cut down is entertainment:eek: Also can you pay CT over 12 mths instead of 10? Are you sure groceries are only £30pm??? Maybe make do with the clothes you have for now, 'till you get back on an even keel:)

blondieliz

Hey MissA,

Well done on your SOA.

You are in a better position than some as on paper you have £300 left - however, I guess this isn't what it feels like! Try a spending diary or the demotivator tool on here - it scared me in to not buying my daily coffee and my weekly trashy mags i'll tell you.

£30 for grocery - is that a true figure or a guess? Try doing what I now do (which is very sad). Use the calculator on your mobile to add up your purchases as you shop. It not only stops nasty shocks at the till, but it makes you think twice as you put things in the trolley! I have started doing this and only taking the amount of money that I want to spend. (£50 per week for Hubby, 3 part time kids! and Me).

Also, I see you are the only one in your house - could you downsize or go in to a house share? Seems drastic, but would really help you to clear your debt.

I really feel that you could do this if you really focus. There are a few other cuts that you could make on your SOA i'm sure and I recon loads of helpful advice will be along soon xx
:j

stargazer82

Hi Miss A ,

First of all don't panic. As previous posters have said according to your SOA you have £300 left per month (however no matter how many SOA's I fill out, my left over balance never seems to materialise at the end of the month either!). Just having a quick look there are a few things that I wanted to check:

* are you claiming single person discount on your council tax - I presumed you live alone?

* for your landline - are you in any sort of contract or is this just your normal line rental plus calls you make - I have the cheapest BT package (free calls weekends only) and then use a carrier number (18185) to make any other calls during the week (e.g calling uk landland numbers (not 0845, 0870 etc) is only 4p connection and then 0p per minute. You then get a bill from 18185 via email (I tend to check myself as not always reliable at sending them out). My last couple of bills from them have been less than £2 - there is a good section about this on this website.

Hope this helps - good luck

Stargazer82