Thinking of the future/Help needed please.

Chasing_cars

Hi everyone, new to the forums and I'm quite tired of seeing all my money/or most go out on bills every month, so hoping to get some advice if that's ok?

A little background, I'm a 26 year old single male, living in a shared house with my friends, no real expenditure going out apart from bills: as I don't smoke, drink occasionally and generally quite smart with my money - however a recent graduate but working full time in a good job (lucky one I know). Anyway each month I keep a tally of my earnings/expenditure and I seem to always end up with nothing/next to nothing left over.

...you may ask why I worry but as you can imagine I had to borrow quite a bit of money to get myself through university and finish so now I feel like I'm constantly fighting by bills each month. I am also worried about the future because on top of that each month I still need to:

Cons
- Learn to drive.
- 6 months time start to pay back my student loan.
- Lower 2 graduate over-drafts of £500 each into the £1,500 mark.
- Started a pension at work.
- Think my credit history is affected BIG time !
- No savings to speak of.
- Christmas.

Pros
- My rent is all inclusive.
- Never had one single red letter in my life.
- Pretty sensible.

Advice? (sorry for the long post, but has helped to be so honest!)

MFWannabe

You need to post a proper soa using www.makesenseofmoney.com

barbiedoll

Well, by looking at your outgoings, you seem to be missing around £400 each month, which is obviously going somewhere! Can you post up a full SOA, using the link in the sticky thread at the top of the page? Be absolutely honest about where your money is going. Include fares to work, lunch and coffee money, newspapers, magazines, clothes etc etc. We can then get a much clearer idea of what you're spending your cash on and maybe make some sugggestions to help you.

Chasing_cars

barbiedoll wrote: »

Well, by looking at your outgoings, you seem to be missing around £400 each month, which is obviously going somewhere! Can you post up a full SOA, using the link in the sticky thread at the top of the page? Be absolutely honest about where your money is going. Include fares to work, lunch and coffee money, newspapers, magazines, clothes etc etc. We can then get a much clearer idea of what you're spending your cash on and maybe make some sugggestions to help you.

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.................... 0

Monthly Income Details
Monthly income after tax................ 1005
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1005

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 50
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Barclaycard Normal Credit Card.......... 25
Llyods Student Credit Card.............. 30
Natwest Student Credit Card............. 30
Halifax Overdraft....................... 40
Lloyds Standing Order to Ex............. 70
Llyods Loan............................. 50
Total monthly expenses.................. 990

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

Monthly Budget Summary
Total monthly income.................... 1,005
Expenses (including HP & secured debts). 990
Available for debt repayments........... 15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 15

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

is this right? thank you btw

barbarawright

£50 a month on food and cleaning /washing stuff? Seriously? You might want to keep your receipts for a couple of months - I suspect you'll have a bit of a shock unless shampoo and toothpaste are included in your rent.

Chasing_cars

barbarawright wrote: »

£50 a month on food and cleaning /washing stuff? Seriously? You might want to keep your receipts for a couple of months - I suspect you'll have a bit of a shock unless shampoo and toothpaste are included in your rent.

It works just over £10 a week for everything I get from coop including house stuff etc, it's closet to me without having to taxi to town.

£10 to much then?

NorthernLas

£50 a month is cheap for food, assuming that you pay for breakfast, lunch and dinner from this and include cleaning stuff.

If you don't smoke or drink, then do you spend £200 on entertainment?

Maybe a spending diary would be useful so that you can see where you really do spend your money.

It would be better if you separated out your debts and put down how much you owe and the interest rates. Then you can see which one to pay off first and how long you will be paying for.

MFWannabe

Chasing_cars wrote: »

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.................... 0

Monthly Income Details
Monthly income after tax................ 1005
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1005

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55 - this is incredibly high; drop to lowest tariff
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 50 - Well done if this is correct; but does this include coffess at work; the odd snack etc
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 - Cut this to £10 per month?
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Barclaycard Normal Credit Card.......... 25
Llyods Student Credit Card.............. 30
Natwest Student Credit Card............. 30
Halifax Overdraft....................... 40
Lloyds Standing Order to Ex............. 70 - What is this for?
Llyods Loan............................. 50
Total monthly expenses.................. 990

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

Monthly Budget Summary
Total monthly income.................... 1,005
Expenses (including HP & secured debts). 990
Available for debt repayments........... 15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 15

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

is this right? thank you btw

Hi
I've added some comments above. But in the soa your debts should be listed with amounts owing, payment you are making and APR's so that we can get a true picture of debt and which ones to tackle first.
Also in your first post you say you've started a pension at work but i can't see that listed in your soa

Chasing_cars

NorthernLas wrote: »

£50 a month is cheap for food, assuming that you pay for breakfast, lunch and dinner from this and include cleaning stuff.

If you don't smoke or drink, then do you spend £200 on entertainment?

Maybe a spending diary would be useful so that you can see where you really do spend your money.

It would be better if you separated out your debts and put down how much you owe and the interest rates. Then you can see which one to pay off first and how long you will be paying for.

Yeah includes breakfast, lunch (normally rolls and fruit) and dinner and sometimes supper.

I don't smoke, but I do tend to see friends a lot and go pictures etc, also wanted to start saving £50 of £200 entertainment budget a month, so is £150 to much then?

PS: The £70 Llyods standing order is for my ex-partner because years ago we lived together and it didn't work out (life can be that way) and because the loan was in her name and I was the one who left/ended the relationship, I said I would help her pay it back i.e half each month for the next 5 years till it's clear.

MFWannabe

Chasing_cars wrote: »

Yeah includes breakfast, lunch (normally rolls and fruit) and dinner and sometimes supper.

I don't smoke, but I do tend to see friends a lot and go pictures etc, also wanted to start saving £50 of £200 entertainment budget a month, so is £150 to much then?

PS: The £70 Llyods standing order is for my ex-partner because years ago we lived together and it didn't work out (life can be that way) and because the loan was in her name and I was the one who left/ended the relationship, I said I would help her pay it back i.e half each month for the next 5 years till it's clear.

Well done for not shirking your responsibility for paying this debt back and not leaving it to your ex. A lot of people could learn something from you.

Chasing_cars

FREEZ wrote: »

Well done for not shirking your responsibility for paying this debt back and not leaving it to your ex. A lot of people could learn something from you.

Thank you but i dont really see the issue, so dont really understand why people leave others in debt? She\we took the loan out to setup a life, get some nice bits... as time went on relationship broke down and we ended up breaking up, her loan was technically our loan so for me to leave and leave her with the loan was neither respectfull nor fair, hence we worked out the standing order, regardless we dont talk anymore to me the debt of gratitude still stands.

I was thinking of printing these workings out and going to my bank manager and maybe duscussing ONE big loan? they keep ringing me atm but i cant get in to see them as im working a lot of overtime... could the banks be a route then?