Which debt to tackle first...

Memory_Girl

I know what you mean about driving time in London - its where I passed my test.

What I did was take an intensive course one Easter Break - 12 days non-stop driving then an hour ever week for the two weeks before my test.

I drove every morning for 2 - 3.5 hours then the afternoons were spent with me ferrying everyone around to holiday stuff - Brighton, Malden, Colchester, Cambridge.

I had a flat bahookie and was moulded into the driving position but after the couple of weeks I could really drive and had loads of practice.

Of course I was taught to drive by a 6'4" black Drag Queen called Sugah who used to stop and critique peoples dress sense if we were stopped at lights - not sure the costers on Bethnal Green Market ever forgave me that one.

Good luck hon

MH

Sharon87

wannabedebtfree wrote: »

Put the savings into your overdraft and then ask the bank to lower your overdraft to just £50 (as a buffer zone). It doesn't make financial sense to have savings earning 1-2% in interest when you are paying interest on your debts.

I used to have 3 seperate accounts with overdrafts and was always in all of them, but one of them was gradually withdrawn until I have no overdraft facility, and another I have gradually withdrawn to £250, and the other has remained the same for now. I plan to pay them off asap and then get rid of my overdraft facilities on all of my accounts. It's unecessary fees and I've got into the habit as using the money automatically, my main account is always running close to the limit and I'm paying them £10 per month for the privilege, I used to think that was a pretty good deal until I worked out last night that it works out around 34%!! I'd rather that £10 was in my pocket now so as soon as I sort out how much of my student loan/grant is left I will pay back as much as I can.

I'll be out of my overdraft when payday comes on Friday - well the Natwest one. I want to keep the £250 out of HSBC OD in case at my annual review next month they reduce it. I may need my overdraft next month for my deposit for rented house before I get my deposit back from this place and also I'll get the refunds from overpaid bills. I have 2 Halifax overdrafts that I don't use as they charge a lot more - £1 a day.

Maybe I'll put it in my HSBC overdraft when my annual review has been done.

My local HSBC doesn't have coin counting machines maybe the one nearer work has it.

Sharon87

Woop woop! So found a place to live in. Not the best of houses but it's cheap. £465 all inclusive of bills/household goods. It does mean paying a bit more on transport £123.70 for monthly zone 1-3 travelcard, but the rent will save me a bit anyway. My updated SOA is below:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1111
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1111

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 465
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 22
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 123
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)...... 10
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Driving Lessons......................... 156
Total monthly expenses.................. 926


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
HSBC OD........................1350......20........19.9
Natwest CC.....................998.......10........0
Halifax CC.....................850.......0.........0
Mum............................630.......10........0
Natwest OD.....................100.......0.........0
Argos Card.....................195.......50........0
Total unsecured debts..........4123......90........-


Monthly Budget Summary
Total monthly income.................... 1,111
Expenses (including HP & secured debts). 926
Available for debt repayments........... 185
Monthly UNsecured debt repayments....... 90
Amount left after debt repayments....... 95

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,123
Net Assets.............................. -4,123

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

I have a surplus now! Also I'm working next week at a very increased rate, so £500 for the week, so bit of extra debt clearing/spending money.

I've also been a bit disciplined when it comes to entertainment. I REALLY want to go see Def Leppard/Motley Crue/Steel Panther in December, but decided £53 is too much. But I may get VIP backstage passes if a friend of a friend who knows someone in the band can get us them!

Maybe if I can stick to the budget and pay off debts I can save up for a new TV for my new place, I'll find it hard going from HDTV to 4:3 CRT!!! I won't be able to see my name on the credits very well!

Edit:going to be tough for a bit whilst waiting for my deposit back from this house!!

Tixy

Hi

Thats great news on the new place, and that you have a surplus.
And also the extra money for next week. All good things coming together.

Fingers crossed for the backstage passes for you!

Sharon87

Tixy wrote: »

Hi

Thats great news on the new place, and that you have a surplus.
And also the extra money for next week. All good things coming together.

Fingers crossed for the backstage passes for you!

Yeah fingers crossed! That would be amazing.

Also I had a fairly cheap Reading Festival (got the tickets ages ago), spent £90 in 4 days there, and that's with spending £20 on a t-shirt! I guess not drinking had it's perks and filling up on free water, the Tesco shop and 1 or 2 hot meals a day was to thank for that.

Next year I might do 1 festival, but it depends on my funds and the line up!