Time to get honest with myself, a proper SOA!

littlepinkstars44

Katie-Kat-Kins wrote: »

This is easily sorted!

Cancel the gym and zumba classes.

Halve your clothing budget and then try to challenge yourself to not buy any unnecessary clothes, shop from your wardrobe and only buy new things when you genuinely have no other option. If you have to buy stuff buy from asda, primark etc. Any surplus at the end of the month goes on debt repayments.

I'm inclined to say cancel the driving lessons but on the otherhand I know what a difference a driving licence can make to your earning potential. See if you can continue with your lessons more cheaply, perhaps by having them less frequently and supplimenting by going out with your parents in their car or something.

I would cut the grocery budget and take pack up to college with you, be really strict on what you buy, try no spend days.

Is your mobile on a contract or is that PAYG? Are you sure you are on the best deal? Can you switch to PAYG and be really tight about not using your phone more than necessary?

Stop smoking NOW, make today the last day, see your GP for free support. £45 a month will make a big difference to your budget. In fact even if you could have it you would save, but think about the health benefits too!

What about your travel? Can you cut that? Is walking or cycling an option? Or getting a lift with someone who has a car and paying them a small petrol contribution? Again if you could say get the bus to college and walk home this would save you a fair whack.

The entertainment budget is the big area to save, £100 a month is three quarters of your shortfall. To get yourself straight again you could cut this drastically for a few months and then up it when you have repaid some of the more expensive debts. There are lots of cheap and free things you can do. Also if you can get a pub job or something this will fill some of the hole in your social life.

Presents - I appreciate it is hard with christmas coming up but you can really cut this hugely. Your parents will be quite happy with a gesture rather than a present that costs money. Something handmade or an IOU for doing something for them or with them. For your friends I would suggest that you either ask them not to buy for you and you don't buy for them (martin has done a standard email doing this) or suggest a secret santa so you buy less. With anyone that you really have to buy for try your best to come under budget by buying in the sales or recycling presents.

You can tackle this without drastic measures if you just get a bit strict with yourself and start living within your means. Students are supposed to be poor! The stereotype is that they wear clothes with holes in bought from charity shops and eat 9p noodles bought in netto!!!! Don't get drawn into a lifestyle you can't afford!

Thanks for replying, Zumba is definatly going for now, as much as i love it i realise i can't afford it! I also go to a free womans keep fit class, and we play netball afterwords on a tuesday night. The gym i only joined last month, so i'm not really sure if i can get out of it so easy but i will see about that!

I am not buying any new clothes until i am really need them, i don't need anything right now at all. The only thing i am thinking i might need in the future is a new sports bra, and possibly a dress for my birthday in Jan.

Driving lessons, my mum's friend does them for me i get 2 a week at £20 each, which is the cheapest around this area by far! I've been getting lessons on and off for 2 years now and i feel bad having to keep stop them but i can't afford them. To be honest i'm not enjoying it, and am not too intrested in driving, it's my mum that keeps pushing me to learn, so these are being stopped for now, Might go back to them once i've finished uni and got a full time job!

I am only in uni 2 half days a week Thurs 9-3 and Fri 9-1. On a thurs we have a 3 hour break, and tend to all go to the pub for lunch but from now on i think i'll just go to the library and get my lunch when i get home instead!

My mum came home from Spain yesterday and bought me 200 ciggs, so when they are done i am going to seriously going to think about stopping. My mum did it 2 years ago and was off them for 9 months, bought herself a wii with the money she saved, but shes back on them again, so it could be something we do together!

For a 4 weeks student pass between 2 zones it's £37 odds. I'm not sure exacly in miles how far away my uni is, but it takes about 50 minutes on the bus there and back. I could walk to and from work, which takes about 30-40 minutes each way but since i have a pass i just end up using that. I don't really speak to people in my class outside of uni, and none of them stay near me or know how to drive. My mum drives, but she wuldn't drive me into uni in the mornings, she refuses to drive into the city centre, all the one way streets confuse her!

The £100 entertainment is generally just spending on nights out, going out for dinner, the cinema, buying books, dvds, make up etc. So all of these can definatly go for now!

Christmas i am only buying my mum a wee £5 set from Boots, my step dad is getting the same, my grandpa a wee handmade card from me and my brother, and a £10 voucher for M&S, again from the both of us. My wee brother, i will prob spend about £50 on, my wee sister will be getting a £5 boots set too (i don't see her often, lives with my dad) My dad and step mum will be getting a handmade card (i never buy them anything) and my best friend will be getting another Boots set! Oh and doing Secret Santa with uni class.
The only thing is that it's everyones birthdays this time of year too, my best friend is the 22nd Dec, then in Jan my aunt is the 14th, grandpa 19th, brother 20th, and mine the 26th. But i usually get them a card and a wee something in the sales with christmas money my grandpa gives me.

Sorry this seems like a total essay now, but i wanted to reply to everyone of your points, and thanks again for the advice!

littlepinkstars44

Katie-Kat-Kins wrote: »

If you have in the past bought lots of books and dvds why not watch them and then sell them to help pay off your debts.

If you really don't want to sell them then organise swaps with your friends so that you can have lots of dvds to watch/books to read for free. DVD nights are good cheap socials too, you all meet at one person's house, and people each bring some cheap nibbles. You watch DVDs that people already have.

Also join your local library, you can borrow books for free and DVDs very cheaply. You never need to buy books or DVDs again!

Thanks for that, i am a member of the library, its only 5 mins walk away but i think i've only been in there once! So once my list of to read books are done i am really gonna go down there and see what i can get!

The only thing about swapping books, is we pretty much read the same books, it's actually so silly when you think about it. Like say theres 4 books in a series, we both buy all 4, when really we should buy 2 each and swap them!

littlepinkstars44

josephine82 wrote: »

LittlePinkstars

You have posted your SOA many times before- Is this an honest, true reflection of the way things are?
If so, then you need to be finding an extra £158 just to break even, before you can think about paying back any of your debts.

You mention looking for lots of part time jobs- would one job with more hours not be better? I apprecaite this might not be available but this may be a more stable option for you.

You could make a few changes to your SOA- giving up Zumba- why are you paying for this when you also pay for the gym?
Giving up smoking is an obvious one, and cutting down on entertainment. Clothes could go to essentials only for the next 6 months, and you will just have to not buy presents for a while.
You just can't afford driving lessons at the moment, I'm sorry.

If you can get a job that covers the surplus and a bit more, then you could really start to make some inroads into clearning these debts, once and for all.

Yes, i've actually went though everything with a fine tooth comb this morning, and been brutually honest with myself for once...and i am not liking the outcome one bit!

I've been going to Zumba 2 times...sometimes 3 times a week since Feb. I only joined the gym last month, and they don't offer Zumba as one of their classes It will have to go for now i know, i really do love it though i am trying to work out if there is a way i could afford to go once every 2 weeks instead, meaning it would cost me £8 a month.

Currently i only work 9 hours a week in Morrisons, although this week i am doing 16 as i am doing a 8 hour kiosk shift on sat to get trained for it. I sometimes get extra shifts in the petrol station or the cafe, as i'm the only checkout person who is actually trained for these depts. Have applied for Boots christmas temp 9-6 Mon and Tue as i don't actually do anything at all those 2 days and Morrisons will never bring me in those 2 days as they have staff with set shifts. Also applied for a cleaning job mon-wed 6am-8am and a PR job fri and sat nights 10-12pm.

littlepinkstars44

Also just realised i pay £7.99 a month for xbox live!

callistris

littlepinkstars44 wrote: »

Also just realised i pay £7.99 a month for xbox live!

If you are intent on playing the xbox online, why don't you get your membership as a 12 month sub from ebay;)

I got one from there recently for my nephew and it only cost £29.99.

The way you're doing it is costing £95.88:eek:

The_White_Horse

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 240
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 440
Total monthly income.................... 680
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150 ask parents if you can reduce this
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20 get rid. get payg.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 35 if you live at home, not needed.
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 38
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 3
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 cut down on this
Haircuts................................ 0
Entertainment........................... 100 take this to about zero
Holiday................................. 0
Emergency fund.......................... 0
Cigs.................................... 45 er, give up?
Zumba Classes........................... 32 stop
Driving Lessons......................... 160
Gym..................................... 16.99 stop - i earn loads more than you and i don't go for financial reasons.
Total monthly expenses.................. 674.99

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Old Student account............898.......15........0
Overdraft......................200.......0........ .18.9
New Look Card..................98........5.........29.9
Capital One Visa...............196.......30........32.9
Very...........................2190......50....... .34.9
Kays...........................163.......35....... .0
Dorothy Perkins Card...........201.......10........28.9
Topshop Card...................186.......19........28.9
Total unsecured debts..........4132......164.......-

Monthly Budget Summary
Total monthly income.................... 680
Expenses (including HP & secured debts). 674.99
Available for debt repayments........... 5.01 is this a joke? you spend 100 on entertainment and yet only have a fiver to repay debts?
Monthly UNsecured debt repayments....... 164
Amount short for making debt repayments. -158.99
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,132
Net Assets.............................. -4,132
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

littlepinkstars44

The_White_Horse wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 240
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 440
Total monthly income.................... 680
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150 ask parents if you can reduce this
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20 get rid. get payg.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 35 if you live at home, not needed.
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 38
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 3
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 cut down on this
Haircuts................................ 0
Entertainment........................... 100 take this to about zero
Holiday................................. 0
Emergency fund.......................... 0
Cigs.................................... 45 er, give up?
Zumba Classes........................... 32 stop
Driving Lessons......................... 160
Gym..................................... 16.99 stop - i earn loads more than you and i don't go for financial reasons.
Total monthly expenses.................. 674.99

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Old Student account............898.......15........0
Overdraft......................200.......0........ .18.9
New Look Card..................98........5.........29.9
Capital One Visa...............196.......30........32.9
Very...........................2190......50....... .34.9
Kays...........................163.......35....... .0
Dorothy Perkins Card...........201.......10........28.9
Topshop Card...................186.......19........28.9
Total unsecured debts..........4132......164.......-

Monthly Budget Summary
Total monthly income.................... 680
Expenses (including HP & secured debts). 674.99
Available for debt repayments........... 5.01 is this a joke? you spend 100 on entertainment and yet only have a fiver to repay debts?
Monthly UNsecured debt repayments....... 164
Amount short for making debt repayments. -158.99
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,132
Net Assets.............................. -4,132
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

My mum has reduced it from £200, it goes down to £100 in the summer when i don't have a student loan. My mum only works 1 and 1/2 days a week, so she can't afford to take any less off me.

When i had a pay as you go phone, i was spending £50+ a month on it, I'm with Virgin £18 a month unlimited texts and internet. So this works out much cheaper for me, also i'd need to buy myself out of my contract which isnt up till March which would be about £100.

Groceries figure is lunches at uni/dinner at work when working till 10pm. Also for juice, water, chewing gum etc during the day, and if i want any treats for after dinner i buy them myself. Lunches at uni and dinner at work will be cut, i'll just have to wait till i come home to get something to eat.

Present wise, christmas is round the corner and have 4 family birthdays coming up too, as well as my best friend on the 22nd Dec.

Entertainment will be getting cut, not quite to zero as i need to get out sometime or i might go crazy, prob cut it down to about £25 a month.

I've thought about this, and i'm not willing to give up the gym, i only just joined it, and the gym i was at before was £50 a month for students, and the gym in my uni is £24 a month. It's brand new, loads of equipment and to be honest i need the exercise and the different equipment they have there. Been going to zumba 2-3 times a week since Feb and i am still the same dress size i was when i began, so i think the gym is the only way for me to loose weight!

Tixy

If you cancel the driving lessons that will just cover your shortfall and allow you to repay the £164 showing each month to all your debts. If you do that without fail it will still take you 3 years to clear them.

Assuming you don't still want to be paying for clothes you purchased 2years ago 5years after you bought them and possibly 4years after you stopped wearing them them then you need to be freeing up more money to pay more off your debts and you also need to be totally committed to not buying anything else on any of your cards catalogues etc.

If you have allocated a budget for presents etc in your SoA then you should have the money available to buy these items without using further credit.

Only you can motivate yourself to change your spending patterns permanently and stop the debts spiralling. I hope that you manage to do so.

Katie-Kat-Kins

You don't NEED gym membership. If you can't cancel it without penalties then fine, make it your main form of entertainment, if you can cancel it then do. There are plenty of other ways to loose weight. Power walking or running are free, or you can get fitness DVDs from the library.

I thought the travel might be a monthly pass. Checkout whether buying one for a longer period is cheaper, and check out the zones. Could you buy a 1 zone pass and walk part way to uni? That would be great exercise and moneysaving.

Cut the presents right down, £50 on your brother is excessive. I earn much more than you and only spend about £20 on my sister. Either he is old enough to understand that you are a student and skint or he is young enough that he won't really notice the price as long as you have bought him something thoughtful. The rest of your family be straight with them tell them you are having money troubles and give gifts that are free to you. Family understand, and frankly a £5 set from boots isn't a very thoughtful gift anyway. I'd rather have something thoughtful and free. With the presents you actually need to buy get stuff in sales or use your loyalty points so that it looks as though you have spent near enough your usual amount even though you have spent less.

Forget spending the bits and pieces on food and drink, it has to go, you need the money to get out of debt. Each time you buy a bottle of juice you could be using that money to pay of your debts. I think payment a day would help motivate you with this. Save a bottle and refill it at home so you don't buy juice when you are out. If you really need snacks while you are at work or college, buy them in bulk cheaply from lidl or somewhere and take them in with you. Stop buying the treats for after dinner, they are a waste of money and will make you fat.

Stop smoking when the ciggarettes you have are gone and mean it. Pay your ciggarette budget straight off your debts.

If your friends go to the pub for lunch you can still go with them. Eat your pack up before you go in and just have tap water or water with blackcurrent cordial, tap water should be free and cordial is normally about 30p. Do the same on evenings if they go out.

Chuck the x-box live, it is unnecessary and a waste of money. It will be worth it when you are debt free and have all the money you are currently spending on re-payments to spend on yourself!

If you are locked into your mobile contract stick with it but make sure you never go over your inclusive texts and minutes.

Make a plan for what you will do with your clothing and entertainment budget and redo you SoA so that it balances. If you quit the gym and walk instead you won't need that sports bra. You don't NEED a new dress for your birthday, you want one, learn the difference. Wear one you already have (I bet you have dresses that have only been worn half a dozen times) or ask everyone to buy you vouchers or give you cash towards a birthday dress.

You really need to realise that if you want to get out of this you need to change your ways. It is possible to make up your shortfall and begin repaying your debts but only if you make the changes. You need to realise that while it is possible to climb out of this now if you don't tackle it head on now it will only get worse and more difficult to tackle.

Give yourself a good talking to, reassess everything on your SoA and think do I need it or do I want it and redo it. Then join the no spend days challenge and the payment a day challenge as i think these will really help you.

littlepinkstars44

Katie-Kat-Kins wrote: »

You don't NEED gym membership. If you can't cancel it without penalties then fine, make it your main form of entertainment, if you can cancel it then do. There are plenty of other ways to loose weight. Power walking or running are free, or you can get fitness DVDs from the library.

I thought the travel might be a monthly pass. Checkout whether buying one for a longer period is cheaper, and check out the zones. Could you buy a 1 zone pass and walk part way to uni? That would be great exercise and moneysaving.

Cut the presents right down, £50 on your brother is excessive. I earn much more than you and only spend about £20 on my sister. Either he is old enough to understand that you are a student and skint or he is young enough that he won't really notice the price as long as you have bought him something thoughtful. The rest of your family be straight with them tell them you are having money troubles and give gifts that are free to you. Family understand, and frankly a £5 set from boots isn't a very thoughtful gift anyway. I'd rather have something thoughtful and free. With the presents you actually need to buy get stuff in sales or use your loyalty points so that it looks as though you have spent near enough your usual amount even though you have spent less.

Forget spending the bits and pieces on food and drink, it has to go, you need the money to get out of debt. Each time you buy a bottle of juice you could be using that money to pay of your debts. I think payment a day would help motivate you with this. Save a bottle and refill it at home so you don't buy juice when you are out. If you really need snacks while you are at work or college, buy them in bulk cheaply from lidl or somewhere and take them in with you. Stop buying the treats for after dinner, they are a waste of money and will make you fat.

Stop smoking when the ciggarettes you have are gone and mean it. Pay your ciggarette budget straight off your debts.

If your friends go to the pub for lunch you can still go with them. Eat your pack up before you go in and just have tap water or water with blackcurrent cordial, tap water should be free and cordial is normally about 30p. Do the same on evenings if they go out.

Chuck the x-box live, it is unnecessary and a waste of money. It will be worth it when you are debt free and have all the money you are currently spending on re-payments to spend on yourself!

If you are locked into your mobile contract stick with it but make sure you never go over your inclusive texts and minutes.

Make a plan for what you will do with your clothing and entertainment budget and redo you SoA so that it balances. If you quit the gym and walk instead you won't need that sports bra. You don't NEED a new dress for your birthday, you want one, learn the difference. Wear one you already have (I bet you have dresses that have only been worn half a dozen times) or ask everyone to buy you vouchers or give you cash towards a birthday dress.

You really need to realise that if you want to get out of this you need to change your ways. It is possible to make up your shortfall and begin repaying your debts but only if you make the changes. You need to realise that while it is possible to climb out of this now if you don't tackle it head on now it will only get worse and more difficult to tackle.

Give yourself a good talking to, reassess everything on your SoA and think do I need it or do I want it and redo it. Then join the no spend days challenge and the payment a day challenge as i think these will really help you.

Thanks for that, i already am part of the nsd challange, i did the payment a day thing before but it ended up costing more in phone calls as they are all 0845 numbers, and takes like 3 minutes each to process a payment of just £1.

I can't get out of my phone contract, it's not up till march and i have unlimited text and internet, i never use any minutes i don't phone people, i always text so i can't go over my allowances.

As i said before i'm not going to give up the gym, i've thought about it and decided against it, i'm making cuts everywhere else but i am not prepared to stop that. I go 4 times a week, and planning to go to some of their classes next month when i can book them online.

I don't actually think my xbox live is a waste of money, i spend around 3 hours every night on there, and if i am not going on anymore nights out then i need something to do. But i am planning on asking for a year subscription for christmas from my mum, as i've looked around and can get one for about £23! Which will be good news to her, as she also pays £7.99 a month for my brother live account.