Out of Hiding

debtfreegonnabe_2

Hello Everyone, as my title says "I'm out of Hiding", Ive been reading for a few days. And Ive been Hiding from my debt for years.

My problem is not, not having enough to pay my debts but wasting best part of it :eek: and that then leads to no money to pay my debts :eek:

Both myself and my OH are in full time employment and i have total control of our money. I reckon on paper I should have about £100's of pounds left over at the end of the month, but I'm always waiting for payday !!! this is purely through me having my priorities in the wrong order. I am currently in a bit of a mess, I frequently get into these and some how always manage to scrape my way through, sometimes with a payday loan :eek::eek:.

I am so tired of this, its so ridiculous, with some organization I could have a decent amount of savings.

My debt is trivial in comparison to most. I just cant stop spending money on rubbish and stuff I do not need. I have just taken on a second job to keep me away from the shops and earn some extra income. My idea was to spend my second income on bits and bobs that way I would not have to withdraw from current account.......did it work........of course not, I just spent more.

But with your help and guidance, I WILL BECOME MY USER NAME.

Thankyou for reading

andys15

We need an Soa

debtfreegonnabe_2

Ok, when i find out how to do it I will post one

Thankyou

RoxieW

Hi there - I was in a similar situation and had run up an overdraft of 3k just from frivilous spending. I started a diary in the diaries section. What I have done is - go through the bank account with a fine tooth comb and do an SOA based on actual spending. From that I identified many areas that I was overspending in. Well, pretty much all areas! I have cut back on groceries by dropping a brand, menu planning and not buying as many treats. I have cut back on entertainment. I have cut back on clothes. I set myself a basic budget plus a little wiggle room for a couple of treats such as a friday night takeaway/lunch with friend/taking the boys to a playcentre etc and I draw that money out in cash. it has really helped me to see the money diminish and if I overspend one day then theres nothing for the next day so I have to prioritise my spending and not fritter it on crap as then i wont be able to afford something i really need or want another day.
I went through all my DD's and cut out anything non essential such as magazine subscriptions, movies, chairty, warranties, etc. I then shopped around for better utility deals and got them through cashback sites such as quidco. I then started ebaying and joined in with the make £10 a day challenge on here.
As a result of all that we have almost got rid of our debt in 1 month! Just goes to show that saving/earning can add up just as quickly as spending and debt can!!
Good luck!

GeorgeUK

Here's a link that may help you with this.
https://www.makesenseofcards.com/soacalc.html

debtfreegonnabe_2

Hiya Roxie.......wow al that in one month, you have done really well. Was this your first attempt or have you had a few tries and succeeded this time ? I have started well many many times, but never done any longer than a week ! I am going to search around all the different boards and see what I can come up with. I am going away on holiday, with up to now NO SPENDING MONEY ?

DFGB

debtfreegonnabe_2

Thankyou George

DFGB

josephine82

Hi debtfreegonnabe

The most useful thing I can suggest is the spending diary.
Keeping the diary shows you how much money you waste, what you need to buy and gives you an idea of your actual incomings/outgoings.
Once you get in the habit of keeping the diary, it starts to make you think about what you are buying and whether you really need it.
For example, I used to buy a Starbucks everyday M-F, without thinking about the cost of it. Once month i added up how much money 20 starbucks cost me: £42! I stopped buying them after that and only let myself have one if I was in a coffee shop meeting a friend- no takeaway ones!

Now I think about everything before I buy it: 'do I really need it?'
It takes a while to get used to, but you do, and you soon become obsessed with saving every penny (as you can see from my signature!)

Good luck

debtfreegonnabe_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1800
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400 actually 300 but paying off arrears, just month and its cleared
Management charge (leasehold property).. 0
Council tax............................. 130 actually 80 paying off arrears
Electricity............................. 190 ? very large, I never seem to clear this, I always seem to get large bills and i don't feel i use it excessively, this includes my gas too, gas is the biggest part
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30 includes broadband bt
Mobile phone............................ 25
TV Licence.............................. 11
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 200 planning on trimming this some what
Clothing................................ 50 trimming this too
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 21
Car maintenance (including MOT)......... 15
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 40
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 50
Haircuts................................ 6
Entertainment........................... 50
Holiday................................. 120 usually have at least to holidays a year
Emergency fund.......................... 0 :eek: very very bad i know
Total monthly expenses.................. 1556[/b]

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
welcome........................600.......0.........0
provident......................1800......0.........0
payday loan....................650.......0.........0
Total unsecured debts..........3050......0.........-

Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,556
Available for debt repayments........... 244
Monthly Unsecured debt repayments....... 0
Amount left after debt repayments....... 244
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,050
Net Assets.............................. -1,050



These are just estimated amounts, but very close. As you can see, lack of money not the problem, its my wastefulness :eek:

DFGB

debtfreegonnabe_2

Forgot to put in, only 3 more payments to welcome and I am currently going through trying to claim my ppi payments back

DFGB

debtfreegonnabe_2

Once month i added up how much money 20 starbucks cost me: £42!

:eek: When you put it like that, it does make you think. I have seen a calculator on this site but have not put anything in it yet. Think I had better though, before I step out of the door again.

Thankyou

DFGB