Turn my life around...

tbourner

I recommend a spending diary, keep all receipts and if you don't get receipts for something write it down. You'll be surprised how much 'the odd little bits on milk, bread etc.' can build up to over a month!! Same with haircuts and presents, even if it's only a small amount it should be included, cards are quite expensive as well!!

Entertainment is stuff like going down the pub, going to the cinema, renting a DVD, even a takeaway if you want to include it. Our entertainment budget is pretty much nothing but again the spending diary is useful here. Takes a while for it to become useful but you do have to start it at some point!

Robert_Roberston

Should be able to reduce o2 by £5 a month now until it's at the lowest rate (which will be £10?) so ring up every month and ask to reduce it and they'll do it for you.

Same with Vodafone, how far are you into that tariff as you can do the same but it depends how long you've had it.

Make sure you request the cancellation policy for 02 and cancel it, I got stung with another month due to call centre incompetence.

WASHER

I am under the impression that you can lower the Sky Package today, you won't be able to cancel it as you have a 12 month contract. Phone and drop to the min package today.

Your Gas is huge, are you sure this is correct?

Your mobile phone bill is also high, phone and lower the tariff today, you can generally lower a tariff by £5 per month after month 9 with O2. (I have done this so i know it can be done, and phone from your mobile as its free:D).

As for the holiday, I'm afraid you cannot afford it, I would rather live comfortably twelve months of the year rather than having a 2 week holiday. Holidays are a luxury, repaying your debts is a priority. I think you may look at this when you have had your true light bulb moment.

WASHER.x.

SniperMonkey

Thank you all so much for your input, you are indeed a wise bunch of people.

katsu

Hi Sniper Monkey,

Your gas and elec is crazy. There are two adults in our house and we spend around £46 on both gas and elec - gas at around £30 and elec at <£20.

I suggest you check the details of your tariff and usage and then use a comparison site to see if there is a better deal for you with another provider.

You can reduce your gas and elec usage by:
* turning things off - lights when you are not in the room, unplugging mobile chargers, only charging for 1hr not overnight etc.
* fitting energy saving bulbs
* blocking draughts and lining curtains
* turning down the thermostat
* not using the electric immersion to heat a tank of water - gas is cheaper if you have a big tank in the airing cupboard. My gas boiler man told me using the electric immersion switch is like boiling a kettle constantly.
* using the timer setting on the central heating so you are not heating the home when you are out.

I realise you may know some of these already but you really should be able to reduce your bills significantly.

Hope this is some help.

dancingfairy

SniperMonkey - are you sure your meteres are o.k? they're not trying to do an imperial to metric conversion are they and double charging? firstly check your usage and use a comparison site to see how much you could save if you switch - if you really do appear to be using that amount of energy then you need to think about a) being more energy efficient and b) investigating what's causing the problem as that seems ridiculous.
Good Luck
df

MFWannabe

SniperMonkey wrote: »

As per your request:

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

Monthly Income Details
Monthly income after tax................ 969
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1919

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 30
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80 - this is a huge amount; you need to check comparison sites - We pay for exactly what we use each month and we currently pay appros £25
Gas..................................... 120 - this is a huge amount; you need to check comparison sites. We pay for exatcly what we use each month and at the moment our Gas bill is £45 per month for the two of us.
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 10
Mobile phone............................ 110 - This is a hige amount to be paying on mobile phones. Change to lower tarriffs; if you are in contract ring them and tell them you can't afford current tarriffs
TV Licence.............................. 25
Satellite/Cable TV...................... 68 - You need to drop to lowest package; even if you are in contract you can still lower package
Internet Services....................... 10 - Could you get this and telephone line cheaper through satellite tv provider as a package?
Groceries etc. ......................... 200 -
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 75
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 200 -I know you have already booked this; but you really cannot afford it. How much would you lose if you cancelled?
Emergency fund.......................... 0
Total monthly expenses.................. 1537


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 600......(30).......0
Total secured & HP debts...... 600.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Very...........................3800......290.......0
Empire.........................600.......70........0
Lloyds TSB.....................250.......10........0
Personal Friend Loan...........1100......200.......0 -
Capital One....................500.......30........0
Natwest........................450.......45........0
Total unsecured debts..........6700......645.......-


Monthly Budget Summary
Total monthly income.................... 1,919
Expenses (including HP & secured debts). 1,537
Available for debt repayments........... 382
Monthly UNsecured debt repayments....... 645
Amount short for making debt repayments. -263

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -600
Total Unsecured debt.................... -6,700
Net Assets.............................. -7,300

Hi
I've made some comments above where you could make some cutbacks. I know you say the holiday is booked but you really can't afford it. Weigh up how much it will cost you to cancel aganst how much you still have to pay. If you stop paying this then you've nearly made up your shortfall. You could then promise yourselves a holiday when the debts are paid and you can save and pay for it.
I can't believe how much gas and electric are; are you paying arrears?

the_cat

SniperMonkey wrote: »

Hey peeps.


Many thanks and I appreciate any feedback, no matter how harse. It could be the kick up the pants I need.

Ok well you did ask!

The holiday is out of the question. You do not have the money to meet your current commitments, even without it

That might just about be bearable if you owed money to organisations! But seriously, you want (not need) a flash holiday whilst being unable to repay a friend? Not likely to remain a friend for long in those circumstances!

Sorry I know that is harsh. Maybe too harsh. But you haven't listened to anyone who has phrased it more gently!