Help Me, please! Budget problems, have debt but do work!

hellokitty08

I have been a money saving expert for a couple of years now, and whilst I have picked up some excellent ideas over the years I am still in a bit of a mess with my money. If I can explain, I have the following debt,
£1800 on a credit card - usually gets paid £100 a month, so making progress
-£2425 overdraft limit with barclays - always maxed out at the end of each month, its been this way since I was at uni (finished 6 years ago)
-£300 over draft with Nationwide - maxed out

I work two jobs six days a week and bring in around £1300-£1400 a month. I do live on my own and this is the one thing I wont be willing to move on, but I feel like im going nowhere with paying everything off.

I have just incured £100 + of charges with Nationwide, and their new charges I knew nothing about, not sure how that happend, but i need to get this under control as soon as possible.

What help / moral support can anyone offer. Everytime I write a budget it always seems to go wrong somewhere. I obviously need a big kick up the butt but what can anyone suggest, i dont want to live like this forever.

Lokolo

Do you keep a record of what you spend?

If so, why don't you put them into here and copy the MSE format into here.

http://www.makesenseofcards.com/soacalc.html

If you don't. You are obviously not being strict enough / not enough willpower to stop spending so much. You should do the above for estimates on what you are spending and we can see / comment, where you might be overspending.

hellokitty08

I cant seem to get that link to work, but I will try again later.

xyz123

you will get a better response if you post on debt-free wannabe board.

without knowing details of your outgoings it will be difficult but all i can say is find out charges/interest on each of your debts and deal with the costliest one first.

Lokolo

I've done a basic one for you, just edit the numbers and I'll create a new one with the correct info and calculations.

Somethings aren't realistic, I don't know if you have a car, the broadband, phone and TV are expensive etc.

edit - deleted fake SOA

hellokitty08

xyz123 wrote: »

you will get a better response if you post on debt-free wannabe board.

without knowing details of your outgoings it will be difficult but all i can say is find out charges/interest on each of your debts and deal with the costliest one first.

thanks I knew there was aboard somewhere called something like that, but couldnt see the wood for the trees.

After getting the charges today I was so stressed I just came back and posted in the first place I thought was right.

hellokitty08

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... n/a
Benefits................................ n/a
Other income............................ n/a
Total monthly income.................... 1350

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 20
Gas..................................... 15
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 19
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV......................
Internet Services.......................
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 0
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................................ 30
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses..................


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
OD Barclays....................2425......0.........18
CC.............................1100......100...... .18
OD Natwest.....................300.......0.........18
Total unsecured debts..........3825......100.......-


Monthly Budget Summary
Total monthly income....................
Expenses (including HP & secured debts).
Available for debt repayments........... 93
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -7

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,825
Net Assets.............................. -3,825

This is howfar I have got, but dont know where to put things like, bank fees, intrest charges, etc.

Lokolo

OK so you have a "spare" £100 a month to put towards debts. This is a start.

Other comments:

- Groceries are a little expensive, but I doubt you can get that down a lot more. You might get it down £20 a month if you really go for it.

- Try and stick to this. Eventually you will find the interest charged lowers and you will have more and more spare income.

- I'll try and get this moved to Debt free Wannabe board as they are quite good in there.

hellokitty08

lokolo, thanks for you help, just came back here to edit my last post to see if that was a good idea.

DrSyn

1. Have you typed "Debt" into the search box on this site?You might get some ideas.

2. "The Debt-Free Wannabe" forum on this site.

3.Have you you looked into joining a local "Credit Union" to see if they could be of use to you? They tend not to be as well known as they should be.

(a) Type "Credit Unions" in to the search box on this site.
(b) Association of British Credit Unions (www.abcul.org)

Lokolo

I've PMed a board guide to get it moved, but no idea how long this will take so keep an eye out