Demotivation, tight month, then a massive bill / payment :(

Gemmzie

learning_to_drive wrote:

Some good points thus far, could do with some assistance on a budget though! In terms of what to include, how to do it etc. I want to but I always end up forgetting something etc!!

With regards to the car, it's a new one '05' plate and is on finance, I got a new ish one when I got my promotion as i thought it was something i deserved, however it's affordable but makes things tight.
I don't think it is affordable at the moment. On your salary, yes, with debts, no

There is something that I have to pay the first 3 months payments then I can look to pay it off without being stung for the interest charges. Again it's something I will look at.

The insurance was cheapest with Tesco believe it or not, Quin was marginally more expensive, Tesco was cheaper!!!

I think that covers all the points made, I'm still under contract with blueyonder at the minute though, so will shop around once that runs out. In terms of mobiles, I'll call Orange and get rid of the bundles, not only that certainly cancel the carphone warehouse one as soon as it runs out!
Good move on both

I will list my debts on my sig, and focus upon Next and Argos first, as they are under the parents name, and it would please me to be able to clear that.

Added points above...

learning_to_drive

Good points about the car, regarding that, the finance agreement is as such, I can't do anything about it until after the 3 months. I'm unsure what the 3 months will change but I will speak to them after the three payments have been applied to the account and then move from there.

Using the taxman info, that website indicates I will be earning £940 a month after tax on my training rate, however my salary increases to £14,400 after training and then again to £15,100 after sign off and performance assesment.

This indicates even on my training rate I am on a better salary that Sainsbury's. Which is a serious positive,

However, ebay, I've not started listing yet, but I must do!!! If not I will tomorrow, after football.

Anymore advice on budgeting? Or stories or anything!

Would it be wise to skin myself budgeting, I need one strong tight month to prevent myself going into my overdraft, that is what does me over every month. I could earn £930 but only be left with £430 because of my £-500 overdraft that I max every single month.

sophiesmum_2

learning_to_drive wrote:

In terms of mobiles, I'll call Orange and get rid of the bundles, not only that certainly cancel the carphone warehouse one as soon as it runs out!

Hi learning to drive, when you cancel the mobile contract don't forget they usually ask for a months notice to cancel.Ring and ask them for the date thet ends your minimum contract and then write so they receive the letter more than a month before the date,(to allow for postage times etc). If they don't get the notification at the right time they can sting you for another month's rental. if your contract is up January i would contact them by the end of November. Don't give them any more money than you have to.

sophiesmum

learning_to_drive

Thanks SMum, sound advice, will certainly do that straight away!

On the terms of budgeting then? I need to include everything then the amount i want to spend?

I don't want to be in the situation where im constantly maxing out my overdraft, i need to be out of that cycle so i can have all my salary to hit my debts with an live on the rest without relying on overdrafts.

At the minute i cant see a way out of that

sophiesmum_2

Hi learning to drive,
a good place to start would be to do a spending diary.Write down everything you spend for a month no matter how small.This will give you an idea where your money is going.You may be able to cut down on things without it making too much of a difference to your life.
make a detailed budget of what you have to pay out for and stick to it.Your budget should ideally cover your outgoings without using your overdraft facility.

One way of reducing your overdraft is by asking the bank to lower your limit slightly. say your overdraft is £500 and you come in each month using £450 get the bank to reduce the available limit to £450. Then the next month try and come in under £450, once you can do this comfortably perhaps reduce it to £400. Gradually reducing the money you are overspending until you can cancel the overdraft completely.
I used this tactic with credit card everytime I paid off £100 I asked the provider to lower my available credit by £100 so that I wouldn't be tempted to re spend. I intend to be credit card free soon

sophiesmum

learning_to_drive

Good advice again, I've thanked everyone associated with the situation, all appreciated, good advice, in the process of working out a budget / proper SOA.

Difficult because I dont know what my wage from Sainsburys will be because of overtime etc etc etc, whne I move jobs then hopefully it will calm down because it will be constant.

learning_to_drive

Payday today, later tonight ! full SOA to come for the month and budget assistance required!

learning_to_drive

Ok, SOA : (Paid 10/11/06 - Next Payday - 7/12/06 - New Job Pay 20/12/06)

WAGE £623 -

PAID / REPAID

FD Overdraft £-600 (First payment on Car caused overdraft extension increase)

Board - Parents - £60 (inc payment for argos catalogue)

---

TO PAY

Tesco Insurace (car) 14/11/06 - £112

Telewest Bband 17/11/06 - £25

Orange - Mobile (bundle cancellation) £51 - 16/11/06

Carphone Warehouse (gone massively over text allowance) £60 - 20/11/06

HFC (Laptop payments) £33.95

Mint Mastercard - £21 -23/11/06 (paying £50 soon on the balance in exchange for frozen interest because of cash advances)

I think that's about it, obviously I have other outgoings such as food, I've budgeted £20 for petrol a week too, that's put in every Friday, obviously If I don't need it then I won't put it in! Depends on travelling, for example I have to go to my new job for some training this week before i start the week after.

Ditto with food, entertainment etc, if kind souls could offer advice with regard to budgeting after that little lot has come out.

It's my 21st birthday in 11 days, I'm hoping that I should get some money for that, obviously It's poor practice relying on gift money.

Additionally, my ebay mountain is to be tackled today, so that should provide some income. To remind you of my longer term debts:

Argos £-50 (roughly, give or take a few pence)
Next £-60 (ditto)
HSBC Account O/draft (been there for some time) £-93

What priority should I take with these, should I attempt to get my overdraft limit down (not max it out) and use the ebay funds to do this?

I have an interview for a part time job at Tesco today, on top of my full time one, should provide some welcome income,.

Please feel free to ask any further questions.

learning_to_drive

Some budgeting advice would be great, or guidance on how to complete one, templates and the like, I would then stick to it, I take it I need to work out how much i can live on a week?