Time to get honest with myself, a proper SOA!

littlepinkstars44

Tixy wrote: »

Hi LPS

I think you need to re-read the title you gave this thread and your first post

Time to get honest with myself, a proper SOA


For the first post you seemed really motivated and ready to change. But already this is starting to look like your previous threads where people make suggestions and you give excuses as to why you can't or won't stop spending in a particular area.

Take a close look at this SoA and your list of debts. E.g you owe Very £2190. In January you owed less than £800. So you have spent £1400 on that account this year. Was what you bought worth the money and worth putting yourself in all that debt for?

You know what people have recommended and where they have suggested you can save money. When you are ready to make changes look back at this and your previous threads and re-read the advice you have been given. Until then I think your debts will continue to increase.

The £800 was the amount that wasn't on a buy now pay later deal, so i never included the full figure at the time. I'm ignoring the balance on deals now, and facing up to the full amount i owe on there. Yes i have spent on it, like i said before i got a new laptop that i needed from there, and have bought birthday presents for people on there when i had no money to go out and buy them something.

climbgirl

Completely agree with Tixy - every time somebody suggests a way to cut down on your spending you come up with a pretty weak excuse as to why it isn't going to work. When a previous poster suggested you work out how long it's going to take you to repay as a way of motivating yourself to shorten the time period, you just refused.

Seems to me like you're burying your head in the sand a bit. You are in the very fortunate position of living with your parents and only needing to pay a nominal amount for rent and bills. Everything else is a luxury and could be cut to pay off your debts.

Until you are truly ready to face this, there's very little point in asking for advice! Sorry to be harsh, but sometimes people need a little wake-up call!

littlepinkstars44

climbgirl wrote: »

Completely agree with Tixy - every time somebody suggests a way to cut down on your spending you come up with a pretty weak excuse as to why it isn't going to work. When a previous poster suggested you work out how long it's going to take you to repay as a way of motivating yourself to shorten the time period, you just refused.

Seems to me like you're burying your head in the sand a bit. You are in the very fortunate position of living with your parents and only needing to pay a nominal amount for rent and bills. Everything else is a luxury and could be cut to pay off your debts.

Until you are truly ready to face this, there's very little point in asking for advice! Sorry to be harsh, but sometimes people need a little wake-up call!

I didn't say no, i said i hadn't thought of doing that before, which is why i've spent most of my afternoon making budgets so i can see how much cash exactly i will have every month to go towards debt repayments, so that i can use the snowball tool.

climbgirl

What you said was "as long as it was going down, you were happy". Which doesn't exactly show good motivation in getting rid of this debt as quickly as possible.

Let me just reiterate the point in case it's missed the mark - you are young and you are in the very lucky position of being able to live at home for a very low amount of money. Which means you have a LOT of luxury expenses that can easily be cut and put towards clearing the debt.

Not many people in debt have this as an option. Trust me, when you get older and move out into your own place you'll suddenly be faced with a whole world of bills and things you have to pay - electric, council tax, rent/mortgage, water, you name it.

Take the advice on these boards, cut all the luxuries you're currently spending on and clear the debt as quickly as possible. Learn good money habits while you can, while it's still easy for you. Set yourself up for the future. Don't keep giving us weak excuses!

KingElvis

Love how you only go to a "club" three or four times a month, go girl that's what I say LOL

I would cut all the luxuries out until my debts were paid off, imagine the luxury of going out and NOT having those babies playing on your mind :rotfl:

shell_girl

I mean this in the nicest possible way LittlePink, but have you ever thought that however much you like talking about getting out of debt, thinking about getting out of debt and even posting up threads about getting out of debt... that none of these things will actually get you out of debt?

The majority of people who post on your (numerous!) threads really are trying to help you- but they can't fix it for you. I've read enough of your threads that I know the only way you will get out of debt is if you actually DO IT!!

Stop kidding yourself about things you 'need', understand that to want something is not to need it. Stop wasting money on rubbish from eBay, the grabbit board and catalogues, and be realistic about paying off a decent amount each month.

Based on your answers to previous posters I'm not going to make suggestions about your SOA- I have a feeling you'll find reasons to not implement any changes. But please- think about what you can actually DO that will make a difference to your situation- or in a couple of months there'll be a new littlepink thread telling us you're really determined this time etc, you've added EVERYTHING up... but your totals will be higher.

I really hope you can do it this time, good luck.

Calmerwater

Seems like a few people are getting quite hot under the collar here - so can we just remember Martin's sticky about being non-judgemental and thinking about how the other person is feeling... what's clear from reading this conversation is that LittlePinkStars is getting defensive because people are being "honest" (rude, patronising) with her - many of the replies from Forum members have sounded mean, shouty and sarcastic.... if you're frustrated with her because she hasn't agreed with everything you've said, you should think "oh, okay, it's her life (and her money), I wish her well" and leave it at that. She might take many attempts to get debt free - lots of us do - and I don't think it helps to slate her each time she tries....? It's her call whether she listens to and does what you say, it's not obligatory!!

vintagegirl

hiya ive never posted much but i wanted to share things with the op. Im not sure how old you are . im 28 now and have been in debt since i was 18. it made my life absolutely miserable and has ruined my 20s. almost everything is paid off, i paid off thousands, in my ex husbands name as he did a bunk but it was hard.

i saw things my friends had, and wanted to keep up, the bank threw loans and credit cards at us when we were 18 and on well below the minimum age,
a £100 limit turned into £350 with the interest rates,
i couldnt get a decent mobile contract or car finance cos i was so stupid.

its taken years to get my lightbulb moment but now i think very carefully before i spend money.
thats not to say i dont blow some but i have a child and dont want her to end up spending her 20s stuck in a job she hates just to pay debts back.

It means cutting back in the short term but you need to enjoy yourself as well or you'll go crazy.
i say drink in the house with your friends then go to the club, that way youre not lining the pubs pockets, (vodka costs a fortune) haha.

go to the gym as much as you can and get your moneys worth.
but just think while youre paying these debts, how much are you really paying off by the time the interest is added.

that £100 credit card which i only bought a pay as you go mobile on 4 years ago cos me over £300
x

MFWannabe

littlepinkstars44 wrote: »

Ok, so this morning i have went through EVERYTHING and realised i hadn't been so honest with myself in the past. This is my new soa, which is true to what actually goes on every month, and i have actually shocked myself to see the real figures!:eek:
I know a lot of stuff has to go....now!!! I think taking the time to go through everything properly has really scared me, i'm only 23, how on earth did i get myself into this mess?! I have been applying for a second part time job online this morning, at this point i will pretty much take anything thats going!

EDIT: Just though of another thing i buy every month, my xbox live subscription £7.99 a month! Plus i generally buy a new game every 2 months or so, at £30-£40 a game.

So here it is...drum roll please....

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
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 35 - You need to cut this out if you live at home. Take packed lunches so you're not tempted to buy anything
Clothing................................ 50 - you need to cut this right down. Wear what you have for now
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 - you need to cut this down to £10 per month; explain to people that you can't afford this
Haircuts................................ 0
Entertainment........................... 100 - Cut this right down to approx £30 per month?
Holiday................................. 0
Emergency fund.......................... 0
Cigs.................................... 45 - You need to stop smoking; this is a lot of money you could use towards paying off debts
Zumba Classes........................... 32 - You have said these are going
Driving Lessons......................... 160 - You have said these are going for now; but what about halving the amount you have? You may not be able to afford a car right now but having a licence can make a big difference
Gym..................................... 16.99 - If you are cutting down everything else then i would agree to keeping this
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
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.

Hi
I've added some comments above. I don't agree with others that are more or less shouting at you to get rid of your gym membership. It is very cheap gym membership and if you are cutting down everything else and stopping smoking then you should keep this as your 'entertainment'.
I am only commenting on this post and if you are serious about getting out of debt if you make the cutbacks then you can do this. Make the cutbacks and then first month you could pay off Capital visa then move on to the next low balance high interest card and so on. When you pay it off cut up the card and close the account!! Just think how much better off you will be once you've got rid of these debts and high interest store cards.

vintagegirl

ps i agree. try and keep up even minimal driving lessons.
driving changed my life