LBM - I'm rubbish with money, please help!

antonia1

A little history - I graduated from uni in 2008 and got a job that September (very lucky indeed). I have been so enjoying having money after years of being a student that, rather than reducing my debt, I have increased from £2000 in overdraft to £2690:eek:. This has now been transferred on to a Barclaycard 0% for 2 years, but given my salary (take home just under £1500 for just me) I really think I should be paying it off MUCH quicker than that. Please see SOA below and all suggestions welcome.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1490
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1490

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 430
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 140
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 70
Car parking............................. 0
Other travel............................ 30
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)...... 100
Haircuts................................ 0
Entertainment........................... 150
Holiday................................. 200
Emergency fund.......................... 0
union membership........................ 15
dvd rental.............................. 12
wine club............................... 30
gym..................................... 35
Total monthly expenses.................. 1347


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
Barclaycard....................2690......54........0
Total unsecured debts..........2690......54........-


Monthly Budget Summary
Total monthly income.................... 1,490
Expenses (including HP & secured debts). 1,347
Available for debt repayments........... 143
Monthly UNsecured debt repayments....... 54
Amount left after debt repayments....... 89

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,690
Net Assets.............................. -2,690

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Notes -

I currently share a flat so I have pretty much zero storage space, one shelf in the fridge and one drawer in the freezer and one kitchen cupboard, making buying in bulk almost impossible.

All car costs (tax, ins, MOT etc) have been included in £70 as I pay that into a separate account each month and it covers all those things.

Also, I know I could give up my gym membership, but I do actually use it, attending classes 3 times a week, and using machines another 2.

elaine12022

Well done on having a job for a start, and for wanting to sort yourself out. I got myself into (financial) trouble after finishing studying too

You haven't put anything for council tax or utility bills? are these included in the rent?

£100 for presents seems high to me.

Also can you cut down on the £150 'entertainment'?

needingaccountability

Do you have the £89 left each month? If not where is it? If so why not use it to pay off quicker?

antonia1

elaine12022 wrote: »

Well done on having a job for a start, and for wanting to sort yourself out. I got myself into (financial) trouble after finishing studying too

You haven't put anything for council tax or utility bills? are these included in the rent?

£100 for presents seems high to me.

Also can you cut down on the £150 'entertainment'?

Yes, rent includes all bills.

£100 for presents is a lot, as I have one boyfriend, four parents (inc step parents), six siblings, one future brother in law and a nephew to buy birthday and Christmas presents for. I currently budget £30 each, but that probs should be reduced to £20 inc card, wrapping and postage. Plus I normally spend around £100 on my boyf at birthday and Christmas as well, and the £100 per month includes additional spending for Christmas food / wine and New Year celebrations, all of which can be reduced.

Not entirely sure where the £150 'entertainment' goes.

needingaccountability wrote: »

Do you have the £89 left each month? If not where is it? If so why not use it to pay off quicker?

I don't ever have money left, and I'm not entirely sure where it goes! The £30 at the bar last night was what really caused my LBM, so I am starting a spending diary today, and already I have realised that normally I buy a diet coke, snack and coffee from the work canteen most days - costing about £3.

oldtractor

antonia1 wrote: »

A little history - I graduated from uni in 2008 and got a job that September (very lucky indeed). I have been so enjoying having money after years of being a student that, rather than reducing my debt, I have increased from £2000 in overdraft to £2690:eek:. This has now been transferred on to a Barclaycard 0% for 2 years, but given my salary (take home just under £1500 for just me) I really think I should be paying it off MUCH quicker than that. Please see SOA below and all suggestions welcome.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1490
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1490

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 430
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35

---

can this be reduced?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 140
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 70
Car parking............................. 0
Other travel............................ 30
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)...... 100

---

way too much! reduce to 25 a month. Thats plenty. explain to people that you dont have much money. if they dont understand they are not worth buying a present or card for anyway.
Haircuts................................ 0
Entertainment........................... 150

---

this is high too,what ever are you buying/doing?
Holiday................................. 200

---

again, too much! 75 a month should get you a decent annual holiday.
Emergency fund.......................... 0
union membership........................ 15
dvd rental.............................. 12

---

reduce
wine club............................... 30

---

why? give up the wine and save 30 a month
gym..................................... 35

---

go jogging instead save 35 a month
Total monthly expenses.................. 1347


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
Barclaycard....................2690......54........0
Total unsecured debts..........2690......54........-


Monthly Budget Summary
Total monthly income.................... 1,490
Expenses (including HP & secured debts). 1,347
Available for debt repayments........... 143
Monthly UNsecured debt repayments....... 54
Amount left after debt repayments....... 89

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,690
Net Assets.............................. -2,690

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Notes -

I currently share a flat so I have pretty much zero storage space, one shelf in the fridge and one drawer in the freezer and one kitchen cupboard, making buying in bulk almost impossible.

All car costs (tax, ins, MOT etc) have been included in £70 as I pay that into a separate account each month and it covers all those things.

Also, I know I could give up my gym membership, but I do actually use it, attending classes 3 times a week, and using machines another 2.

Hi, I've made some suggestions about cutting back. the money saved can go to help pay off the debts. its hard,I know,but do-able.

DizzyDizzy

It's the little things that add up and then suddenly you realise your out of money at the end of the month before payday and you have nooo idea where it's gone! Yep, definitly been there!

A spending diary is the way to go, if you're spending £3 a day in the canteen at work, that's £15 perweek, and £60 per average month!


£200 per month on holiday fund? Is it booked yet? Would it be worth skipping a holiday for 1 year to get things under control? Or do something on a budget ?

antonia1

oldtractor wrote: »

Hi, I've made some suggestions about cutting back. the money saved can go to help pay off the debts. its hard,I know,but do-able.

Thanks for your input! I agree £100 per month is too much, but £25 would barely be less than £20 each for birthday, christmas and easter. I'm not in unmanageable debt, so I'd rather compromise and reduce to £60 per month.

I've reduced wine club to £20 per month, as that is enough for approx 1 bottle of wine a week, which seems reasonable as I am giving up going to the pub for 6 months.

Gym I actually enjoy, and DVD rental is MUCH cheaper than cinema and sky (I have free-view only) and will allow me to reduce my entertainment massively without being too much of a culture shock.

DizzyDizzy wrote: »

It's the little things that add up and then suddenly you realise your out of money at the end of the month before payday and you have nooo idea where it's gone! Yep, definitly been there!

A spending diary is the way to go, if you're spending £3 a day in the canteen at work, that's £15 perweek, and £60 per average month!


£200 per month on holiday fund? Is it booked yet? Would it be worth skipping a holiday for 1 year to get things under control? Or do something on a budget ?

One is paying for hotel for a friend's wedding (£100 per night:eek: I'm the only bridesmaid so can't really not go), but after that (Sept) I will be not holidaying until debt is paid.

Thanks to all for advice, so far I think I can pay back debt at around £325 per month!

poppasmurf_bewdley

When I was in financial difficulties, I had to tell my relatives and kids that due to financial circumstances, any presents were only small and cheap. They all understood, and I think you will find that yours will do the same. It's amazing what you can find for a fiver if you really try.

antonia1

Yikes! When doing my calculations, I realise I have "borrowed" money from the car and christmas funds to pay for my friend's hen do and my bridesmaid dress, as well as general pubs and trips to see parents (£70 in diesel per trip) and my ACTUAL debt if I'm starting a clean slate is £3600:eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek:

Total entertainment budget, including DVD rental and gym is £100 per month, and I need to reduce my groceries to £100 per month!!!!!!

antonia1

poppasmurf_bewdley wrote: »

When I was in financial difficulties, I had to tell my relatives and kids that due to financial circumstances, any presents were only small and cheap. They all understood, and I think you will find that yours will do the same. It's amazing what you can find for a fiver if you really try.

True, and I am pretty good at bargain hunting when I need to be! So reducing to £50 per month, trying to get things even cheaper and any money saved will go straight to CC.

antonia1

Right, with new budget, I will be repaying £430 per month, which is what I pay in rent:eek:. I do still have some flexibility, but my debt will be repaid in less than 1 year. It will be tough, but defo worth doing.