Newbie - had my lightbulb and time to face truth!

painted_lady

Hi Guys, I am new to posting here, although I have been sneaking onto the boards every now and again for a while and you all sound like a good bunch! OK, first I will introduce myself and then tell you my financial story. I know this post will be quite long, but believe I have come some way towards tackling my debts already. I am 5 months pregnant with first child and 30 in June 2007 and always thought I would be debt free when I reached my 30th birthday, now I realise how soon it is. I am financially educated, but unfortunatley lack discipline and need to face the truth.
My debt started when I graduated, I took every loan, credit card etc available. Over the years, I have had consolidation loans, shifted CCs to 0% etc but seem to end up in more debt each time. Here is my current SOA ( I was unsure if I had done this right, but think I have)

INCOME - £1100 total from job (after tax, pension contribution etc)
- £168 DLA money
- £1268 TOTAL

DEBT - BoS Card - £4211
- Virgin Credit Card - £5112
- Tesco loan - £4800
- £14, 123 TOTAL

OMG this is bad! Thought it was about £9000 (prob cause I always forget about the loan)

BUDGET - I have details here, but am changing bank a/c so not up to date, but spend around £900 a month on bills, insurance, mortgage etc. I do try to use some of whats left to pay extra payments.

OK< heres what I have done this year to help myself,

Just this week sent Barclaycard a cheque to pay my balance off (around £500

Paid my Leeds Building Society Card off

Changed to a better paying interest current account

Have checked DDs and shopping round for better deals

Getting addicted to selling on ebay

I only work 3 days a week, so looking at doing extra work until I go on maternity leave which will be saved ot pay off CC's

Have realised some skills I have to provide extra income, such as private tutoring

I so much wanted to be debt free this year because of my baby and birthday. I realise this isnt likely to happen, but feel like I have made a good start to achieving it. I am worried about maternity leave because I will be on less money and most of it will be owed out!
I have been successful at other things in life, I am sure I can do this too.

THE PLAN
Use my windfall to pay Virgin (highest balance and APR)
Transfer BoS balance to Halifax CC they gave me with a/c, interest free transfers, while on 0%, throw snowballs at it with money from extra employment, ebay income etc.
After this, I will worry about my loan,I cant see the end of it all yet, esp with baby on way, will have to rebudget.
Please send me some love and positive vibes.

piglet6

Hi painted lady and welcome to the boards!

hypno06

Hi and welcome.

To be able to get the best advice, you need to put more into your SOA regarding your expenses. If you list absolutely everything that you can think of that you spend money on, then people will be able to see if there is any way of reducing your outgoings.

Make a cuppa, put your feet up and write that list!

You will find these boards incredibly helpful. I certainly find them invaluable but you need to know your REAL starting point first.

Good luck with moneysaving, and with the pregnancy!

Janey51

Hi Painted Lady...isn't that the name of a butterfly?:D

I just wanted to say "Welcome". Some of the experts will be out of bed soon and full of good suggestions.

Congrats on the forthcoming baby:j

painted_lady

Thanks for advice, I will post my details tomorrow.

richardvc

Well for someone asking for advice you sound pretty well clued up.

As someone has already said, please put a detailed SOA on here. make sure it includes everything that you spend money on.

Well done so far and good luck !

moozie_2

Welcome and well done for being so on top of things already!

Look forward to the SOA!! And Yes, you can do this!

Keep posting....