Im 19 and really down because of debt!

mwr789

I have a 1.2 renault clio, i have recently changed my car because of insurance aswell! and i do earn bonus at my work but it varys so my 'life' is living off bonus at the moment. i need my car to get to work (is at a service station on motorway)

£60 shopping is enough for me i could make it even cheaper.. Asda smartprice really can go a long way!

Numpty_Monkey

mwr789 wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1036.26
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1036.26
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 95 ask to pay over 12 months,if living on own do you get single discount
Electricity............................. 40 are you on the best tarrif, use comparison sites and cashback sites
Gas..................................... 0
Oil..................................... 0
Water rates............................. 24 look at getting a water meter
Telephone (land line)................... 0
Mobile phone............................ 65 you need to phone them up and see if they will reduce the contract
TV Licence.............................. 0
Satellite/Cable TV...................... 62.5 needs to be reduced, do you watch all the channels?
Internet Services....................... 0
Groceries etc. ......................... 60 seems low
Clothing................................ 0
Petrol/diesel........................... 100 look at http://www.petrolprices.com/
Road tax................................ 0
Car Insurance........................... 116.59 use comparrison and cashback sites
Car maintenance (including MOT)......... 0 need something in here £20?
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)...... 0 Budget £5 a month
Haircuts................................ 0
Entertainment........................... 0 Budget £20 here
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1013.09

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
capital one....................300.......15........0
holiday........................325.......0.........0
vdafone .......................800.......0.........0
Total unsecured debts..........1425......15........-

Monthly Budget Summary
Total monthly income.................... 1,036.26
Expenses (including HP & secured debts). 1,013.09
Available for debt repayments........... 23.17
Monthly UNsecured debt repayments....... 15
Amount left after debt repayments....... 8.17
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,425
Net Assets.............................. -1,425
Created using the SOA calculator at Reproduced on Moneysavingexpert with permission, using IE browser.

Hope this helps,, looks like im in real need of some advice! Thanks for the help so far

Hi Max
i've put a few coments in, it might seem I'm adding more to your SOA, but it's a more realistic budget.
I'd sugguest keeping a spending diary, write down everything you spend money on find out what your true spend is:eek: it'll surprice you.

HTH:A

Dharma_Bunny

Are you looking for another job? 20% of your wage going on transport to get there seems too much to me. You're only really earning £800 after that which is why your budget is so tight.

untranslatable

I think this flat is simply too expensive for you. As a rule of thumb you shouldn't spend more than a third of your income on rent.

calleyw

I hope it is an error but no one seems to have picked up that you have nothing for a TV licence.

I hope that is an error. And you just missed it out.

£60 for food for one is ok. I spend approx £100 a month for two.

All the best.

Yours

Calley

Pollycat

Max
I think you should re-do your SOA taking all the comments about what may be missing into account so you can see where you are.

I think when you've added in some things that almost certainly are missing you'll be spending more than you earn.

So something will have to go, otherwise your credit card debt or overdraft will start to rise.

Do you have any thoughts on the suggestions you've already received about where you could cut costs or the possibility of increasing your income?

dancingfairy

Hi - if you moved in with your girlfriend hopefully your bills and hers would go down - 1 lot of rent between you, one lot of water charges between you etc etc. This will free up more money to make payment offers.
Unless you can get overtime/find stuff to carboot/ebay then I think you will need to try and come to some sort of arrangements with people to repay the money. The only thing that sticks out that you could reduce is the Sky bill really but then you haven't included other things you probably should have.
Have you checked to see whether you are entitled to any benefits? I guess not but you might be I suppose? Can you get a job in a bar 1 night a week or a saturday job just for a short time?
df

mwr789

Thanks for all your replys. Tv Licenve is paid quarterly and for some reason my nice grandparents pay for it Working a saturday or evening job isnt possible as i work on a 3 week shift pattern which include late nights and saturdays. However i did call a catalogue distribution company today which is in my time but then there was upfront costs

I think im going to have a good chat to my girlfriend about this as alot of you say if everything is half it will be easier. I am selling my car and going to buy a cheaper car and use some of the spare cash to free up a few things (So if anyone wants an 03 plate renault clio let me know)

Thanks for all your replys again and keep them coming! I have sorted out a lift share for the next 4 weeks so that will save on petrol

What benefits may i be entiteled to i already have single occupancy and without sky id have spare cash so what would they see?

Thanks

Erme

Thanks for the PM - like many I'd wish I'd had my lightbulb moment aged 19 :j. Nothing I can really add apart from keep that spending diary. Doesn't need to be fancy. Any old spreadsheet program divided into weeks should be fine. (open office?)......Keep receipts and log like you've got to be a size 0 for the royal wedding and you're currently a size 20 and have two weeks to burn it all off (hope no republicans reading this. Am a monarchist). that will help

totally agree with you about Asda smart price though. Really helps eek out those pennies and the freezer centre too for sos food..Yum

Blessings

E

theoretica

Does your 'friend' still have your phone? As it is in your name you can ring them up and cancel the SIM and get them to send you a new one. This still leaves you with the debt and paying the contract but instead of paying for the contract for your 'friend' you have the SIM in your property and can choose who uses it - could your girlfriend make use of it?

Is your flat large enough to find someone as a lodger?