Advice needed please........

CJ2512

Hi

I haven't posted for a while but we are still working on paying off our debts and just wanted some advice to see if we can save anything? SOA are: -

My Monthly Income - £950.00 per month
Board - £80.00 per month
HSBC Loan - £214.41 per month
Medical Bill - £187.50 per month
Mobile - £40.00 per month
Gym Membership - £40.00 per month
Gym Membership No. 2 - £19.00 per month (just in the process of cancelling this one)
Car Insurance - £42.67 per month
Bus Pass - £34.20 per month
That leaves me with approx £290.00 for the month.

I am then dividing what i have left into 4 for approx each week of the month for petrol and anything else i need, anything i have left over (e.g. if i have £40.00 left 1 week) i shall use to pay off my overdraft.

Luckily, my partner is on a good wage £2000.00 per month and is hoping to have the credit card paid by 15th December. That leaves us with the loan and medical bill. The medical bill i am not too worried about as it is 0% i am just trying to figure out how to pay of the loan asap. I called for a settlement figure the other day which works out to be just over £8000.00, i think it's just a case of saving to get that paid asap. My partner and i are looking to buy our first house soon but want to be as debt free as possible.

Any advice or ideas would be welcomed!

Many Thanks

iwbus

a) kill the gym, lots of ways to do that for free
b) is this medical thingy just a loan or a monthly thing?

Storm

The things that strike me are the mobile bill - can this either go to PAYG or reduce the tariff? Your SoA doesn't include the minimum payment on the CC - are you paying a set amount each month or whatever's left? You might be better off setting an amount for the CC & OD and reducing your 'spending money' accordingly.

You've got car insurance listed, but not a monthly amount for tax, mot, breakdown cover etc. You've then got £34.20 each month on a bus pass - do you really need both a car and a bus pass - if you're just using your car for evenings & weekends and getting the bus to work, it's really not that cost effective as the bus pass will still get you out & about.

Finally, as the medical bill is interest free is there any way you can reduce these payments so you can pay more off the ones that have interest? Try snowballing at https://www.whatsthecost.com to see what order you should be paying your debts in.

CJ2512

Thanks for your quick replies -

The Gym i do use reguarly and i really enjoy it too - its something me and my partner do together so we worked out that it would be cheaper and more beneficial than going out every weekend.
The medical thing is for some work i had on my teeth, i had to pay a deposit which i have done then monthly installments so i could pay it off sooner with no penalties if i wish.
I will re look at my mobile bill. We do pay a minimum amount on the cc just so we don't miss a payment and get charged - its around £50.00 per month.
i do need a car and bus becuase it is cheaper using a bus at the moment and because i have college at night, i drive - don't feel comfortable using a bus a night time but i also share the car with my parents so its not to bad, they use it the most at the moment therefor pay for petrol. I have no breakdown cover and i have not allocated money for tax or mot yet.

thanks for your advice though - given me food for thought!