DFW Newbie - My SOA

pitsyneedshelp

HI Everyone

I have lurked on here for about a year, when I was first introduced, I had little debt, and lots of spare cash but thought it was a great site for general hints and tips.

6 months ago my life turned upside down when i split with my fiance 2 days before our wedding (my decision, but thats a whole different story). Anyway, it meant I had to move out of his house - i did buy my own flat, got a great new job, but then also had to furnish it, etc. I was also left with a debt from the wedding, which was in my name.

I have now spiralled it, but want to take control. I am struggling now to have any spare cash every month, with a new mortgage to pay on my own the biggest prob!!

So here is my SOA - and thanks in advance to everyone who helps, I will be checking back often :-)

Incomings (pm):

Salary - £1528 (take home)

Outgoings (pm):

Mortgage - £710
House Insurance - £12
Car Insurance - £45
Car Loan - £75
Loan - £100
Credit Cards - £150
Council Tax - £114
Gym - £20
Phone - £25 (tied into a contract that finishes in May)
BT - £12
Sky - £35
Gas - £40 ? not sure on that one
Electricity - £45
Water - just had meter fitted, and not had first bill yet!

Loan - £3893 @ 7.1 apr with 3 years left
GE Money Card - £3800 @ 0% till May 2007
Barclaycard - £1000 @ 0% till November 2007
HSBC Card - £408 @ 12.7% for life
Car Loan - £2489 @12.6% with 4.5 years left
Sofa - £1166 @0% till August 2008

I have done the snowballing thingy and the results look ok - I guess I just need your help finding out where I can save money, your advice etc :-)

thanks everyone

Paige

Hi and welcome. I make your outgoings approx £1383 pm without any housekeeping and extras like haircuts. My first thought - do you really need the gym and sky, are you contracted in or can you cancel them. The same with the mortgage can you switch to a better deal or are you tied in ?
Try not to worry your situation is not too bad. Paige

pudding06

Welcome to the dfw boards pitys.

Incomings (pm):

Salary - £1528 (take home)

Outgoings (pm):

Mortgage - £710
House Insurance - £12
Car Insurance - £45
Car Loan - £75
Loan - £100
Credit Cards - £150
Council Tax - £114 -are you getting 25%reduction for single person in household?
Gym - £20
Phone - £25 (tied into a contract that finishes in May)
BT - £12
Sky - £35 you just know we're going to suggest going onto the lowest package or how about freeview?

Gas - £40 ? not sure on that one
Electricity - £45 these are high - dig out your bills and see if you can switch (via quidco) to get better rates.

Water - just had meter fitted, and not had first bill yet!

Loan - £3893 @ 7.1 apr with 3 years left
GE Money Card - £3800 @ 0% till May 2007
Barclaycard - £1000 @ 0% till November 2007
HSBC Card - £408 @ 12.7% for life
Car Loan - £2489 @12.6% with 4.5 years left
Sofa - £1166 @0% till August 2008

I have done the snowballing thingy and the results look ok - I guess I just need your help finding out where I can save money, your advice etc :-)

- whats your debt free date on the snowball?

do you just pay minimum payments on your credit cards and loans?

Wheres your food??

pudds

pudding06

sorry my post seemed a bit curt - its just that my pc is playing me up today grrrr.

its great to see your soa - and we didnt even have to ask for it!!! well done for coming on here - i'm sure your first posts are always the hardest, but it does really help to have the support on these boards.

pudds

pitsyneedshelp

Oh, I guess I forgot things like that! I guess the other things i spend on are

Food : £100 ?? I have no idea really until i start my spend diary
Petrol : £75 pm
Going Out : £100 (i am cutting this down already :-) )
Golf Club Competitions - £12 pm (my golf club fees are all paid until april 2007)
Car Tax - paid until next year, but then it will be £155

As for my mortgage, i only got it in August so I am tied in for 5 years. Gym and sky I agree are nice to haves, but my justification is that if I stay in more to save money, I'll need something to do!! Also I am a football fanatic and my weekend revolves around playing golf and watching the matches on tv. I guess the more i watch at home, the less money I'll spend at the pub ?

pitsyneedshelp

thanks pudds and paige

Yes, I am only paying the minimum on the credit cards, and my debt free date on the snowball is November 2008 - I'm not sure i've done it right though, as I said I wanted to spend £500 servicing my debts, but i'm not sure that leaves me enough fot all the other stuff!!

pudding06

Food : £100 ?? I have no idea really until i start my spend diary
Petrol : £75 pm
Going Out : £100 (i am cutting this down already :-) )

these are probably where you can really save yourself some money.

£75 pmth for petrol - wow do you really need to use this much?

keeping a spending diary is brilliant:T

but you can estimate how much you spent last month by looking back through the cash you withdrew and your bank transactions in shops etc. :eek: this gives you something to compare your new spending with!!!

for now though - check out the O/S boards for ideas for cheap meals and menu planning - it will really save you money.

pudds

pudding06

spend £500 servicing my debts, but i'm not sure that leaves me enough fot all the other stuff!!

You do have to get the balance right - it does have to be manageable otherwise you could just give up. you can do several different snowballs - fiddle about putting in different amounts for the repayments and you'll see what the difference is. try doing one just paying the minimum payments - its amazing how long it will take you to pay some of them off.

pudds

pitsyneedshelp

thanks - I will definitely check these boards out.

My petrol cost is so high as I have a 50 mile round trip to work - apart from that I only use the car to tootle about locally, so maybe i over estimated that one? I will check my bank statements like you suggest

Sinkingindebt_2

Do you have broadband? Good Luck

xx

pitsyneedshelp

hi

thanks everyone so far....

In answer to the last few threads, my council tax is WITH the 25% discount (believe it or not :-( )

I do have broadband, but i don't pay for it - not sure why broadband would help?

apart from that, i have decided to start making sandwiches to take to work - the food in the canteen is crap anyway and that will save me about a tenner a week!!