My debt (showing my out goings)

will369

Hi Guys, Below is my current debt

Overdraft = -£500

Wonga =
Loan summary

Your promise date is:

Thursday 18 August
How much you owe today:
£426.18
Total to repay:
(on promise date)
£470.66
Repay now


Below is how much I earn & my outgoings


Monthly

· £240 RENT
· £35 GYM
· £40 PHONE BILL
· £14 Hair
· £40 FOOD
· £50 GOING OUT
TOTAL = £419

Monthly wages = £850

Money left over each month = £431




I get paid every 2 weeks, my next payday is 18th Aug


My rent is due the payday after which is 1st September






I was really just after some advice on the best way to pay this all back. Any help really would appreciated.


I also need to stop going into my overdraft. I just waste in on football bets. need to stop that.


I was thinking if I have something I want to buy that's quite expensive, a camera for example, it might motivate me to save?

Pollycat

Hi there

So what do you do with the £431 left over each month?

You could buy a really good camera with that.

My guess is that you don't have that much (or anywhere near it) left over.

So you need to find out where it's going (unless it's all on football bets :eek:).

Keep a spending diary and record every penny that you spend that is not included in your SOA.


You might be better off doing a 'proper' SOA (Statement of Affairs) using this template:
http://www.makesenseofcards.com/soacalc.html

In an earlier thread of yours:
https://forums.moneysavingexpert.com/discussion/3210302=

you had credit card debts which are not mentioned above.
Are they paid off?

There was also the issue of insurance (£500) that you were paying.

You had some really good advice on that thread (including several suggestions to keep a spending diary) but you don't seem to have done anything positve.

But did you enjoy the holiday?

DorsetGirl_2

If you pay Wonga back now you will not pay back that full amount, so save some of the interest.

You have £431 a month left, dont go out for a couple of weeks and you will have paid the debt.

will369

Pollycat wrote: »

Hi there

So what do you do with the £431 left over each month?

You could buy a really good camera with that.

My guess is that you don't have that much (or anywhere near it) left over.

So you need to find out where it's going (unless it's all on football bets :eek:).

Keep a spending diary and record every penny that you spend that is not included in your SOA.


You might be better off doing a 'proper' SOA (Statement of Affairs) using this template:
http://www.makesenseofcards.com/soacalc.html

In an earlier thread of yours:
https://forums.moneysavingexpert.com/discussion/3210302=

you had credit card debts which are not mentioned above.
Are they paid off?

There was also the issue of insurance (£500) that you were paying.

You had some really good advice on that thread (including several suggestions to keep a spending diary) but you don't seem to have done anything positve.

But did you enjoy the holiday?

The credit card is paid off and so is the car insurance!

I just waste the £431 on general stuff

& ny holiday was good thanks

Pollycat

will369 wrote: »

The credit card is paid off and so is the car insurance!

I just waste the £431 on general stuff

& ny holiday was good thanks

Hey! Well done on paying the debts off. :T

Wasting £431 each month (which is over half of your monthly salary) is not good.

Ok, pop into one of the £1 shops and get yourself a little notebook and pen.
Stick it in your back pocket and everytime you spend anything that's not included in your SOA (gym, haircut, rent, phone, food, going out) write it down.

At the end of the month, you should know what you're spending your surplus money on and can decide whether whatever you spent was worth it.

But for now, try to stop spending silly money and save it towards paying off your Wonga loan.
And then don't take out any more payday loans.

I'd query some of the amounts you say you spend:
Do you really only spend £40 per month on food? That's about £1.30 per day! Who pays for toiletries and cleaning stuff?

£35.00 Gym:
Are you using the gym?
If not, have you given notice to cancel?

£40.00 phone:
do you use all your minutes and texts? If not, can you change to a tarrif that suits you better?

Don't you pay council tax, TV licence, water/electric?
Does your £240 rent cover these things?

How do you get to work?
Do you pay bus or train fares?

Finally, you said at the end of May 2011 you were paying your Mum back the £3000 she loaned you at the rate of £100 per month (so that will take you 30 months) - how does this debt stand at the moment?

Where have you accounted for the £100 per month?

will369 wrote: »

Hi guys

good news

my mum has paid it all off!!

total debt came to around £2200

She has also leant me £800

so a total od £3000


I am paying her back £100 a month.

Hopefully soon I will pay her back more

: )

will369

Pollycat wrote: »

Hey! Well done on paying the debts off. :T

Wasting £431 each month (which is over half of your monthly salary) is not good.

Ok, pop into one of the £1 shops and get yourself a little notebook and pen.
Stick it in your back pocket and everytime you spend anything that's not included in your SOA (gym, haircut, rent, phone, food, going out) write it down.

At the end of the month, you should know what you're spending your surplus money on and can decide whether whatever you spent was worth it.

But for now, try to stop spending silly money and save it towards paying off your Wonga loan.
And then don't take out any more payday loans.

I'd query some of the amounts you say you spend:
Do you really only spend £40 per month on food? That's about £1.30 per day! Who pays for toiletries and cleaning stuff?

£35.00 Gym:
Are you using the gym?
If not, have you given notice to cancel?

£40.00 phone:
do you use all your minutes and texts? If not, can you change to a tarrif that suits you better?

Don't you pay council tax, TV licence, water/electric?
Does your £240 rent cover these things?

How do you get to work?
Do you pay bus or train fares?

Finally, you said at the end of May 2011 you were paying your Mum back the £3000 she loaned you at the rate of £100 per month (so that will take you 30 months) - how does this debt stand at the moment?

Where have you accounted for the £100 per month?

I live with my sister and her bf so we split the food shopping each week. which comes to about £10 each a week.

I dont think I can change my phone tariff.

And my gym, I use it.

I walk to work so no need to pay for a bus etc.


I should be paying my mum back £100 a month, I have only paid her back £200 so far, I try and pay her back £100 each month, if I dont have £100 to give her she isnt too fussed if I pay her next month or just miss that month but pay her back the following month if that makes sense.

The £240 a month rent covers everything

Pollycat

will369 wrote: »

I live with my sister and her bf so we split the food shopping each week. which comes to about £10 each a week.

I dont think I can change my phone tariff.

And my gym, I use it.

I walk to work so no need to pay for a bus etc.


I should be paying my mum back £100 a month, I have only paid her back £200 so far, I try and pay her back £100 each month, if I dont have £100 to give her she isnt too fussed if I pay her next month or just miss that month but pay her back the following month if that makes sense.

The £240 a month rent covers everything

Will

I find it hard to beleive that 3 (youngish) people can live on £120 per month for groceries, cleaning stuff etc.

If you are only giving your sister £10 per week, maybe she is subsidising you?
What sort of food do you eat? How many meals do you eat at home - or do you eat at work?

Re the £100 loan from your Mum - you should include this is your outgoings. It's a real debt and with your 'spare' cash each month, you should be giving it priority instead of spending money on gambling.

dancingfairy

To be honest your first priority is to get shot of the payday loan as soon as possible. I'm not sure if you pay it off early whether you have to pay the extra interest but you should make sure you borrow the minimum amount necessary next month - preferably nothing. After that you have 400 odd pounds a month spare so I can't se any reason why you can't give your mum 100 pounds a month back (you should still have 300 a month to yourself - in fact you should be able to crack on and get the money paid back to your mum and then that money will be all yours each month).
Best of Luck
df