updated SOA

saintly_2

ive shaved a bit off so need a bit more advice how i can save a bit more cash, wot i pay now is in red


Rent - £100
Sky £10
Phone (bb, line and calls) - £40 (tied in till jan 07)
Car Insurance - £38 (renew Jan 07)
Petrol - £70 £60
Car Payment - £150 £118
Mobile Phone - £10 ( PAYG)
Natwest Loan – £250 £206
Provident - £37.50 a month 3 months left
MBNA £50 a month
Vanquis £50 a month

Total surplus- £140.50 £226.50

lynzpower

i guess once youve paid off provi youl can direct that payment to say Vanquis which is probalby your highest APR?

you could always dump sky?

saintly_2

well my sis owes me 200 which im gettin next week so i can pay my provvie off. owed £1400 from cap 1 lets hope they pay out which cud sort out a few bills. i can live on £25 a week easily so shud have £120 ish extra a month to throw at them.

yeah, thats wot i was thinkin, its £120 a year for sky that i rarely watch!!

freda

Hi Saintly

I assume your rent includes all bills - elec, gas, tv, water, council tax etc? Does it even include groceries?

You're missing some things from your SOA, which will mean you'll come unstuck later down the line. For example, you are missing:

Non monthly costs: (You need to take the annual cost, divide by 12 and SAVE this each and every month)

Car tax
Car MOT
Car breakdown/recovery service
Car parking
Car maintenance

Other travel - the odd trian, taxi, bus?

Christmas/birthday presents
Clothes/haircuts

Medical / dental / optician's costs

Any insurances - contents insurance for example?

Emergency fund savings

Monthly costs:
Going out /ents
Groceries - the odd choc bar, pint of milk etc?



While its excellent to focus on saving cash, you do need to make sure that your budget is realistic and sustainable over anumber of years. This includes saving money for all of the costs above that apply to you, each and every month.

fatbelly

As Provi's interest is front-loaded, you would be better (in theory) directing your £200 to the card with the highest on-going interest rate (Vanquis?). However, I recognise the psychological boost in knocking one creditor off completely.

saintly_2

freda wrote:

Hi Saintly

I assume your rent includes all bills - elec, gas, tv, water, council tax etc? Does it even include groceries?

You're missing some things from your SOA, which will mean you'll come unstuck later down the line. For example, you are missing:

Non monthly costs: (You need to take the annual cost, divide by 12 and SAVE this each and every month)

Car tax
Car MOT
Car breakdown/recovery service
Car parking
Car maintenance

Other travel - the odd trian, taxi, bus?

Christmas/birthday presents
Clothes/haircuts

Medical / dental / optician's costs

Any insurances - contents insurance for example?

Emergency fund savings

Monthly costs:
Going out /ents
Groceries - the odd choc bar, pint of milk etc?



While its excellent to focus on saving cash, you do need to make sure that your budget is realistic and sustainable over anumber of years. This includes saving money for all of the costs above that apply to you, each and every month.

oh gosh yeah didnt think about the car stuff

i dont drink alcohol at all an never go out because i cant afford to at the moment. but the £25 a week i will be allowin myself shud all but cover goin out.

still livin at home so all my groceries for packed lunches are paid for, anythin like choccie bards shud be covered in my allowance.

gonna have to work out all the car stuff an put it in my spreadsheet.

really apreciate everyones help, thanks a million

xx