Im A Debt Free Wannabe!

lynzpower

Hi, let me offer a little advice? Some o f my comments are for you to think about, some pointers please dont think thewy are harsh, just freindly advice from one MSEr to another


Car (one mentioned above) £115 to DCA ( do you need this car?)
Car Ins - 70 ( as above)
Gas/Elec - £40 Combined
NTL - £40 (TV, Phone & BB) ( you can get this cheaper, having just phone & broadband- go over to the phones board to look for better deasl )
Mobile x 2 - £30 Combined ( can you go PAYG)
TV Licence - £34 1/4ly
Ace - £10
Barclaycard - £20
Laptop - £17.99
Laptop Ins - £7.99 ( do you need this- or is it covered under your house insuracne)
Rent - £40
Mothercare - £10
Petrol - £40
Shopping - £250 ( this can be reduced- you should be able to spend about 150 pcm for the three of you- look at the old style board)
Fine - £40 ( wahts this)
BF Getting to Work - £150 (£5 perday) ( doenst he drive?, can this be done cheaper?)
EGG (LOANS & CC) - £220
Littlewoods - £15

TOTAL

£1150

MONTHLY INCOME

£800 (avarage depending on OT)
£260 Income Support
£180 Child Tax
£70 Child Benefit

lynzpower

will you lose your Income support when you go nursing?

dancingfairy

Well the Egg loans will be paid off soon which will help lots. What's fine
£40 a month? Also you seem to have £160 a month spare that's not accounted for. While I suspect some of it goes on clothes/haircuts/christmas/birthdays etc if you keep a spending diary you can see how much money you spend on other 'little bits and bobs' eg chocolate/magazines/smokes/make-up/crisps etc.

Presumably you'll also get some form of bursary for doing nursing/ student loan etc.

Oh and well done for facing up to the problem.

Also just wanted to ask what the outstanding balance and apr are on the laptop.

You've made a great start with the SOA and I'm sure you'll pick up loads of tips around here.

Good Luck

bobble_hat

Welcome and well done for posting

sheryldoc

lynzpower wrote:

Hi, let me offer a little advice? Some o f my comments are for you to think about, some pointers please dont think thewy are harsh, just freindly advice from one MSEr to another


Car (one mentioned above) £115 to DCA ( do you need this car?) - Car Ins - 70 ( as above)
Gas/Elec - £40 Combined
NTL - £40 (TV, Phone & BB) ( you can get this cheaper, having just phone & broadband- go over to the phones board to look for better deasl )
Mobile x 2 - £30 Combined ( can you go PAYG)
TV Licence - £34 1/4ly
Ace - £10
Barclaycard - £20
Laptop - £17.99
Laptop Ins - £7.99 ( do you need this- or is it covered under your house insuracne)
Rent - £40
Mothercare - £10
Petrol - £40
Shopping - £250 ( this can be reduced- you should be able to spend about 150 pcm for the three of you- look at the old style board)
Fine - £40 ( wahts this)
BF Getting to Work - £150 (£5 perday) ( doenst he drive?, can this be done cheaper?)
EGG (LOANS & CC) - £220
Littlewoods - £15

TOTAL

£1150

MONTHLY INCOME

£800 (avarage depending on OT)
£260 Income Support
£180 Child Tax
£70 Child Benefit

thanx for the help its appreciated.

We dont actually have this car (£115).. it was stolen and wrote off while on finance and the insurance payout only covered a 3rd.. the car we hav was given by the Mother In Law and is jst a lil 1litre PoLo

Our Mobile bill is jst about to half due to my sister starting with the company we r with (HALF PRICE LINE RENTAL :T )

The Fine is a court fine my BF has to pay for a driving offence :mad:

We need the car for work.. Both of us as I will need it when I start Uni - I have a job waiting as a home carer requiring transport.

My main prob is shopping and daft thing like take aways!!.. we dnt go out or drink/smoke etc so we thought we could treat ourselfs.. but now I realise we jst cant as mcuh as we do!

Im going to take up the challenge of spending as lil as poss each day.. making sandwiches for OH lunch etc

ACE is the same as studio a catlogue..x

I will Lose my Income Support when I go to uni.. however I will get a bursary and also a PT job, my rent however will be £400.

Thanx peeps

sheryldoc

A wee update..

Saved over £60 in ma coin Jar so I'll keep saving till Jan and then pay off Ace if I can..

Order of things I want to pay off are..

1st - EGG LOAN - Balance Remaining £226.53 ENDS JAN 07
2nd - EGG LOAN 2 - Balance Remaining £382.29 ENDS FEB 07
3rd - ACE - Balance £146 24.9%
4th - MOTHERCARE CARD - £80 19.9%
5th - BARCLAYCARD VISA - Balance Remaining £678.20 Limit £750 24.9%
6th - EGG CC - Balance £1182 Limit £1250 - 16.9%

The ones below.. in no partic Order
OVERDRAUGHT - £750
CAR - £1500 approx ( was stolen & wrote of while on finance however insurance didnt pay full amount!) - PAID FEB 08
LITTLEWOODS - £186 (INT FREE) PAID DEC 07

I've tried to prioritise according to Interest charged.. with things like ace being paid off ASAP as are smallish amounts.. Does this seems sensible?

sheryldoc

Ah !!!!!.. forgot to add my laptop to amount owed.. Have to add £400 to my total now GUTTED!

slowlyfading

hello! i think its great that you've sorted out everything. i think the best way is to do a bit at a time, not to try and do everything at once
nic x

bananakinz

Hello!
A couple of questions!

Are you in a posistion to pay for a 0% credit card and BT some of the debt?
Is your overdraft fee free and whats the percentage on this debt as this may affect the order that debt is tackled.
Have you checked with the tax credits to see if you will be entitiled to anything else when you start uni?

Also start a spending diary to see where your money goes - its a real eye opener!