My SOA - advice on cutting back and budgeting?

Dutchgirl_2

Dear all,

I would like to ask you to have a look at my SOA and advice me on where I can cut and on a realistic spending budget after bills and debt repayments. Basically, I want to spend a total of £500 per month paying off my credit cards from February onwards. After this amount and my other outgoings I have £493 left. I have just started budgeting for December and January and never kept an eye on what I spent, so my question is, based on £493, what would be a realistic monthly and weekly budget for food, clothes, repairs/maintenance, holidays etc.?

A couple of other things: I'm hoping to start taking driving lessons after Christmas. I have an OH, but his income is not enough to contribute to the bills, he does contribute to food costs. One of my main extra costs is international travel to visit family (phonecalls are free, luckily) - probably £500-600 a year.

Thanks a lot!
D

Monthly Incomings:

My salary - £2180

Monthly Outgoings:

Mortgage - £726.60
Council Tax - £75 (including OH's student discount)
Gas - £70 (paying back arrears due to BG's own billing problems...)
Electric - £25
Water - £38 (paying arrears, will be £24 from April)
TV License - £10.99
Phone/Internet/Calls - £40 (average)
Life Insurance - £10.46
Building/Contents - £22.60
Union - £14.81
Loan - £182
Bus pass - £48.50
Mint cc - £46 (minimum payment, but see below)
AMEX cc - £61 (idem)
Target extra CC spend - £393 (to Mint at first)
Total: £1686.98

- Natwest loan (11.1%), original amount £7000, 31 out of 48 payments left (Balance £4520.85 - interest not included in this amount)
- AmEx CC. (14.9%): £2430, limit £3100 (waiting for re-instatement LOB rate 4.9%)
- Mint CC (22.476%): £2035.32, limit £2600
- Overdraft: £100 (used every month, approx. 16%)
- British Gas arrears: £225 (paying of through monthly DD)

Total debt: £9311.17 (£8986.17 on loans and CCs)

p.s. I don't have a car or mobile phone.

Dutchgirl_2

Some benefits of planning and thinking about my incomings and outgoings: I should have the sums for water and council tax available for credit cards in February and March (both 10 month payments). I'm expecting a few one-off sums from different places in spring - tax rebate, work expenses, bank charges (hopefully!), small freelance assignment (about £2500 in total).

I take packed lunches to work and also make my own coffee at work, so this saves me about £4-£5 a day (but I do go for coffee and/or lunch with colleagues about once a week). Have porridge and orange juice for breakfast every morning, so that shouldn't be more than 50p.

Timmne

My comment to add to this would be that you have two credit cards that have large APRs - have you tried applying for a 0% card from somewhere else? I think Virgin are doing a long offer at the moment...

Credit card interest is the most pants of interest - not paying that could save you loads every year!

(And this was my first post - converted from a lurker to a poster!)

Dutchgirl_2

Thanks for your reply!
I'm a very irregular poster, but I've seen how helpful it can be to bring things into the virtual open!

I'm waiting for my Amex card to return to a 4.9% life of balance rate - Amex cancelled my card in July, then upped the rate, because they thought I was not a UK resident - they have admitted in writing that they were wrong to cancel the card and that I should get 4.9% for the balance transfer; I'm trying to get them to apply this retrospectively.

Unfortunately, I don't think my credit rating is good enough to get another low-rate card, that's why I'm trying to pay off Mint in large chunks.

taxi73

As above my suggestion would be to apply for 0% cards if possible...well done for posting your SOA..I'm sure there will be others along shortly to advice..nothing stands out to reduce on your SOA...you didn't include internet or is that with phone?:T