Changing Habits for the better from today

moneysavermum_2

Hi there, I am an avid reader on these boards and usually frequent the grabbit now forum.....however as a daily log in person....my house is bulging with bargains but also my bank balance is in the red.
So this year I have the following to pay off. Also I have had my hours cut from 30 to 17. I am a single parent and am looking forward to having the afternoons to myself.....however I think cutting my hours is the interim measure to cutting me altogether. I have been at the company for 4 years.

MY DEBT

CAR LOAN £5000 PAY £421 MTH LAST PAYMENT JANUARY 2013 (HOPE TO CLEAR THIS BACK END OF THE YEAR)

BARCLAYCARD £2450 0% UNTIL APRIL 2012 PAY £100 MTH

BARCLAY LOAN £1500 18.9% PAY £187 LAST PAYMENT OCTOBER 2012

OVERDRAFT £1700 18.8% HOPE TO CHIP AWAY AT THIS ALL YEAR

BARCLAYCARD £543 0% UNTIL SEPT 2012 PAY £150 MTH paid off

So as you can see plenty to be getting on with..........and no time to spend on the grabbit board. I think I am compulsive about looking

Any advice would be appreciated...in alot of ways I am good with money....I know how to budget, buy things cheaply but I am not good at sticking at a budget and my weaknesses are buying on the house and kids.


My plan is:

to pay amounts as above and get rid of the lowest balance barclaycard....then the next barclaycard by paying £250........then loan........then overdraft.....car loan....aim debt free december 2012. Can she do it???? and keep off the grabbit board...cos thats what spoils my budget...impulse buys

moneysavermum_2

paid off barclaycard 1 £543 today...with overdraft...and ordered £108 towels...whch will last me a life time. So not a good day!! as another impulse spend but i feel better for now only having one credit card and one less direct debit this month.......canclled the order ...felt so bad about it...cos i know if i dont stick to my plan I wont get out of an overdraft and then get rid of bank loan and then car loan all by dec 2012

moneysavermum_2

just notified tax credits that have been paid more than originally thought....so my tax credits will nowgo down...will probably have an overpayment. I have a 2k overdraft and still owe 5k on car, 1400 to bank and 2400 to card. Am I an idiot of what.

Now worried......I know I cant do anything apart from pay it back and dont spend.

The towels order of £108 was cancelled so thats good. So 2 no spend days up to now.

I am dealing with my debts but seems insurmountable

CAR 5000 PAY 421
BANK 1400 PAY 188
CARD 2350 PAY 100
OD 2000

NOW when tax credits are recalculated will have even less money...arrrggghh!!!

cutestkids

Hi

If you post up your statement of Affairs (SOA) then lots of people will be able to give you ideas for cutting down and freeing up some more money every month

moneysavermum_2

tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 765 (on new lower wage now but tax credit will go up from April as overall yearly earn is 10k)
Partners monthly income after tax....... 0
Benefits................................ 800 (may go down abit till april)
Other income............................ 698 (csa and child benefit)
Total monthly income.................... 2263

Monthly Expense Details
Mortgage................................ 498
Secured/HP loan repayments.............. 421 CAR
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113 (hope to get some help with this soon as wage less)
Electricity............................. 45
Gas..................................... 33
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 39 (bt phone and broadband)18mth contract
Mobile phone............................ 15 (will cancel feb as end contract then)
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300 (think i could get this less)
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 50 (pay for just school holiday care)
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8
Buildings insurance..................... 8
Contents insurance...................... 7
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1868


Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 0
Total Assets............................ 192500


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 90000....(498)......2.5
Hire Purchase (HP) debt ...... 5000.....(421)......11.3 (ends january 2013)
Total secured & HP debts...... 95000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
barclaycard....................2350......100...... .0 (i hate having this 0% ends april)
overdraft......................2000......25....... .18.9
barclay loan...................1450......188.......18.9 (ends october 2012)
Total unsecured debts..........5800......313.......-


Monthly Budget Summary
Total monthly income.................... 2,263
Expenses (including HP & secured debts). 1,868
Available for debt repayments........... 395
Monthly UNsecured debt repayments....... 313
Amount left after debt repayments....... 82

Personal Balance Sheet Summary
Total assets (things you own)........... 192,500
Total HP & Secured debt................. -95,000
Total Unsecured debt.................... -5,800
Net Assets.............................. 91,700