Taking the plunge

Woowoo

rara879 wrote: »

**Kat** the thing with that is that when I borrowed the money I promised my mum I would definately give her it back by the end of November as half of it she has promised to give to my Grandad who emigrated to South Africa and needs an operation but cant afford it and the rest is what she has saved for Christmas.... I would feel absolutely awful not paying her back.

In that case I would stick to the plan and pay your mum back, it's one thing owing the banks etc, but I know how guilty it makes you feel owing family money x

Kepp

rara879 wrote: »

So here it is....

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1492.97
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1492.97
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 687.5
Management charge (leasehold property).. 0
Council tax............................. 161 this is really high - is that because it's London? Or does this include arrears?
Electricity............................. 45.67
Gas..................................... 0
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 0
Mobile phone............................ 45 Can you get the tariff reduced?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 80 Does this include lunches at work etc?
Clothing................................ 0
Petrol/diesel........................... 70
Road tax................................ 10
Car Insurance........................... 40.27
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0 Is this an accurate figure?
Holiday................................. 0
Emergency fund.......................... 0
Car Loan................................ 153
Total monthly expenses.................. 1335.44

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................500.19....23.96.....27.9 Then this one
Aqua Card......................319.96....20.41.....35.9 This one second
Very.co.uk.....................377.38....40........39.7 Once arrears are cleared you need to attack this one first
Electric Arrears...............45.67.....0.........0
Orange.........................70........0.........0
Mum............................160.......0.........0
Littlewoods....................131.06....20........0
Total unsecured debts..........1604.26...104.37....-

Monthly Budget Summary
Total monthly income.................... 1,492.97
Expenses (including HP & secured debts). 1,335.44
Available for debt repayments........... 157.53
Monthly UNsecured debt repayments....... 104.37
Amount left after debt repayments....... 53.16 This is the amount you should have left - if you find you don't then start a spending diary to see where it goes.
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,604.26
Net Assets.............................. 2,395.74
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hope that makes sense and sorry if I've pointed out anything that has already been said.

At least you don't have a deficit at the end of the month, so you shouldn't be going any further into debt.

I saw earlier you said that you paid your boyfriend's phone bill - as harsh as it sounds, you really should tell him no, you're in no position to be paying his bills too.

Hope that helps x

rara879

Thanks beccie!

Yes council tax does include arrears, wasnt far off that though but get 25% single person dicount as I live by myself.

Cant get the tarriff reduced for my mobile as am in a contract and they wont let me. Its so high because its an iphone and the one off payment for the phone was stupidly high with any other lower tariff! Plus I talk too much and usually nearly use all of the minutes anyway!

Yes the groceries does include work lunches, except for the very rare day when I havent had a chance to go shopping to buy packed lunch stuff and so have to buy lunch but I try not to make that happen too often!

I put 0 for entertainment because these days it is very very rare that I even go anywhere or buy anything because I just either dont have the money or cant face spending it on something unnessecary - I hate being in this situation!

I think the amount I have left is about the amount that I have left this month after everything... but I havent paid electric arrears or either credit cards. Although I did pay my mum back £110. Also at the end of November I pay the last payment on my car so that will be an extra £153 per month. I will use that every month to pay off debts and I wont even feel any worse off.

As for boyfriends phone bill.. he has paid me back £30 of £36.60 which I didnt think he would. On the day I wrote that we had been arguing and I was very down on him lol but now he knows hes in the dog house so is being extra nice!

Thanks for your advice it is really appreciated!

Keebs

Hi, and congratulations on having your LBM moment so early (wish mine had come a darned sight sooner I can tell you :rotfl:)

Fabulous news on the end of the car loan that should really help :T

Re SOA, with the soon to be released funds above you may want to factor something in for an emergency fund (I generally use mine to fund all the things I forgot to budget for Doh!) Also entertainment as, unless you can clear this in a few months, you will need some semblance of a life. No need to spend it but handy to have it there incase you need it.

I didn't see mention of your overdraught, is this interest free?

Also, you mentioned occuring charges, hopefully these are a thing of the past now but if not then it'll be a case of looking at why the charges are being applied and finding a work around.

Glad your boyfriend came through with the £30 and admire your determination to pay your Mum back as promised.

Best of luck in your journey

PS I mostly cheer silently from the sidelines, so if I don't pop up again don't think I'm not watching

**Kat**_2

Woowoo wrote: »

In that case I would stick to the plan and pay your mum back, it's one thing owing the banks etc, but I know how guilty it makes you feel owing family money x

I agree - if the money is going to something as important as your grandad it needs to be done, was just trying to think of a way to get the arrears gone. Have you thought about bar/restaurant work as a second job? It's coming up to Christmas so most places could do with extra staff and tips will become good xx

rara879

Thanks Keebs its nice to know there is all this support even if some of it is silent! I used to have an "Argggghhh" moment every day when I just couldnt see any way out of this but now I feel much better! I just have a "must check my diary" moment everyday lol, this is quite addictive!! (By the way, what is an LBM moment?!!)
Stupidly forgot to add my overdraft onto my SOA which isnt interest free, get charged about £8.72 every month on a £750 overdraft though not exactly sure what that makes the apr.

**Kat**, Ive been looking for a second job and been to a few interviews but not got anywhere so far. I have to admit I dont really want a second job so havent been putting much effort into it but needs must so I am going to step up my search! Im quite quietly spoken and have the stereotypical idea that bars are going to want someone much louder - which for some interviews I have been too is obviously the case but hopefully not all places are like that!!

Almost had a NSD yesterday but spent £1.39 on juice so not quite! Today definately should be a NSD.

Just found out I have been given a date to have my gallbladder removed, an operation I have been waiting for since april. The date is 12th November - exactly two weeks, they dont exactly give you much notice! This is bad timing though, have already used up my full pay sick entitlement this year from being in hospital on April so seems like my wages might take a dip - that will be a major set back. Going to talk to my manager and see if there is anything they can do as I know they have extended the full pay for people in the past and its not like I usually take time off sick. Fingers crossed!

Hmmm thinking about it, that would probably mean I wouldnt be able to get a second job over Christmas either, as I wouldnt be recovered until December time which would prob be too late.

This has not put my spirits up!

Kepp

LBM is light-bulb moment - basically when you decided enough was enough!

That's good news on the operation finally coming around but your right not much notice! :eek: Definitely try talking to work and see if you can sort something out.

I think a second job is a very good idea - even if only for 6 months while you get yourself straight.

It can be odd to start with when you get used to it it's fine! i work in an office during the day but I also work in a pub and have 3 cleaning jobs and am hopefully tonight popping in to see someone at the strip club near me to pick up some hours (working behind the bar, no-one would pay me to strip! :rotfl:) I really couldn't do without the extra money that brings in so definitely worth considering.

If you've just had an operation you may have to delay the plans to work in a bar but maybe you could use the time off sick to get into surveys, daily clicks etc?

**Kat**_2

I also work in an office full time days and work around 3 nights a week as a supervisor in a restaurant. It's hard as I have a 2 1/2 year old but the extra money is a godsend - it's also nice knowing even though I don't really see it coming off my debts, as I get xmas prezzies it's coming from money I never used to have (only done this since September). It is hard at first but I quite enjoy it now - just wish my full time job paid enough that I didn't need it:rotfl:

EB69

I m not sure if I have done this right rara, but I think the APR on your overdraft is 13.95% (ie you are paying £104.64 per annum against a debt of £750). does that sound right?

rara879

Thanks EB69, you worked the apr out pretty accurately, it is 13.9%! I see we mathmatician on board, I would never have known how to work that out!!

Been back and fourth to the doctors/hospital since Friday to see if I really need this operation - doesnt sound like I actually do but just waiting to have a scan to double check. Dont want to be chopped up if I dont have to and cant afford to be either lol!

Went to a Halloween party at the weekend, I was pretty proud of myself, I managed to make a pretty good outfit (if I do say so myself!) and I only spend £7! The decent ones I saw in the shop were about £25-£35 so I was pretty pleased with myself. Found a plain boring black dress in the reduced section in Primark which cost £3, chopped that up into a witch style dress, bought a witches hat for £3 (the pound shop were sold out!) and some stick on witches nails for £1 (I didnt really need them but I couldnt resist!) The dress was quite short so I made holes in some leggings which were in my "throw away" pile and made the bottoms look tatty, put some starry tights underneath so you could see them through the holes, used eyeshadow to make my face green and voila! a pretty cool witches outfit! I drove too so I didnt spend money on a cab or taking alcohol so a good cheap saturday night!

Got a hectic week this week but going to try and spend as much time as I can looking for a second job. I feel like I am making progress already and I cant wait to step it up!!

Still havent sorted out stuff to put on ebay so must do that in the next couple of days too.

By the way, thanks anyone thats commented and I havent acknowledged it feels really great to have all this support - wish I discovered this board a long time ago!!