Struggling with money worries

CC2471

Hi all, this is the first time i have ever posted anything on a forum etc. so please be gentle..
I currently struggling to pay everything on my own - I have aprox £900.00 outgoings each month and income in aprox £1100. I can usually cope but, i feel extremley guilty that my boyfriend has to pay for all travel expenses (he lives 140 miles away) and this is stressing me out and has caused my muscle spasm in my head to return... I'm at my wits end and need ideas for an extra income.
A family member owes me a great deal of money but, getting it out of them is like drawing blood from a stone. I have nowhere to turn. I'm scared that if i offload all this onto my bf he will run a mile

Any advice would be very much appreciated:(

Tixy

Hi and welcome - you've come to the right plaec.

The £900 outgoings (or the £200 surplus) is this after paying for everything - including things like clothes, entertanment, haircuts, and things that don't happen every month such as car servicing, road tax or similar costs. Or is it just after bills and you still need to pay for things like food, entertainment etc?

Do you have any debts? or an overdraft you use or anything?

Our first tip is usually to complete a statement of affairs and post the results on here. That lets you and us see a true picture of your finances and will allow people to see if they can help make suggestions on your spending - such as advising if you may be able to reduce costs by things like switching suppliers etc.
Statement of affairs calculator here http://www.makesenseofcards.com/soacalc.html

In terms of the money owed to you - is this still a family member you are close to/want to maintain a relationship with?
Do you think they are not paying you back beacuse they are a 'can't pay' or a 'won't pay'?
Have you asked them if they could start repaying even if its installments? have you tried explaining that you need these funds as you have debts of your own that need paying perhaps or something similar?

I'm sure some would recommend you to tell your boyf but of course thats up to you and some prefer not to share that info especially when you don't live together. That said if you are planning on moving in together or trying to save to rent or buy together it probably will be a good idea to talk to him at some point. I'd firstly try and assess your financial position and try to get a plan in place for moving forward before you discuss with him.

CC2471

Thank you Tixy,

The £900.00 p/m is just all household bills and current debt being paid off, £200.00 i use for food and general outgoings for the month.

The family member is my litle sister who I kept for aprox 3yrs living rent/ bills and food free - She is struggling herself and has since got herself into debt with wonga?!(Silly girl)

I have discussed some of this with my bf - But, he doesnt understandas he earns twice as much as me but, pays out half of what i pay - He has never had money worries so i dont think he knows how to help or deal with it

rising_from_the_ashes

Hi CC, try to pop up the SOA (link in Tixy's post) and I'm sure others will be able to make a few suggestions of where cuts may be possible. We often think we're paying the going rate for something and it's only when someone else goes "how much!" that we realise we could maybe get a better deal elsewhere.

CC2471

It doesnt look very good - I have rounded up on my loans as i'm unsure of the actual amount now (i think its aprox £2000.00 owed)

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 20
Other income............................ 0
Total monthly income.................... 1120
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 477
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 56
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 29
Mobile phone............................ 25
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 853

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
bank loan......................2000......20........0
other loan.....................1000......50........0
catalogue......................400.......25........0
Total unsecured debts..........3400......95........-

Monthly Budget Summary
Total monthly income.................... 1,120
Expenses (including HP & secured debts). 853
Available for debt repayments........... 267
Monthly UNsecured debt repayments....... 95
Amount left after debt repayments....... 172
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,400
Net Assets.............................. -3,400

rising_from_the_ashes

Hi, few comments from me below.....

CC2471 wrote: »

It doesnt look very good - I have rounded up on my loans as i'm unsure of the actual amount now (i think its aprox £2000.00 owed)

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 20
Other income............................ 0
Total monthly income.................... 1120
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 477 This is really high compared to your income .... do you have a spare room you could rent out / is it "market value" for your area?
Management charge (leasehold property).. 0
Council tax............................. 90 Is this 10 months or 12? If 10, ask if you can switch to 12 to bring the cost down a bit
Electricity............................. 56 Check readings against bills to ensure accurate & check comparison sites but not too bad if it's heating as well
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32 Quite high for 1 - have you got a meter?
Telephone (land line)................... 29 On the high side - check you actually need everything that's incl in your package & see if you can downgrade
Mobile phone............................ 25 How long does this have to run? Switch to PAYG & use for emergencies only when you can (you should be able to phone people for free from home in the evenings if you're with BT & depending on your package)
TV Licence.............................. 14 Should be £12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0 Need something in here
Car Insurance........................... 0 and here
Car maintenance (including MOT)......... 0 and here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Need something in here - even £5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Need to get this in place ASAP - will only be a few £s
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Need something in here - £10
Haircuts................................ 0 Need something in here - even £5
Entertainment........................... 0 Need something in here as not feasible to never spend anything - even £10
Holiday................................. 0
Emergency fund.......................... 0 Is your flat furnished/unfurnished? If the latter need to put something aside for appliances etc
Total monthly expenses.................. 853

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 Need to add
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
bank loan......................2000......20........0
other loan.....................1000......50........0
catalogue......................400.......25........0
Total unsecured debts..........3400......95........-

Monthly Budget Summary
Total monthly income.................... 1,120
Expenses (including HP & secured debts). 853
Available for debt repayments........... 267
Monthly UNsecured debt repayments....... 95
Amount left after debt repayments....... 172
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,400
Net Assets.............................. -3,400

The good news is you do have a surplus, although I suspect a fair bit of this may disappear on the missing things - try a spending diary to see exactly what you spend over the next couple of months.

From looking at it, the problem is the level of your rent compared to your income ....

Can't advice which debts to tackle first as there are no APRs and also not sure if you're able to overpay your loans without penalty (?). If not, concentrate on the catalogue first and try to save up the money to see if you can settle the loans early. Best of luck

Tixy

It looks like a major issue is the amount of rent compared to your income. When its these sorts of ratios people do tend to struggle. Is the rent a good price for where you live?
Would you consider house-sharing at all?

I don't suppose there is anyway to increase your income? overtime or more hours at work? or a second job in the evenings?

I've put a few comments below in your figures

CC2471 wrote: »

It doesnt look very good - I have rounded up on my loans as i'm unsure of the actual amount now (i think its aprox £2000.00 owed)

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 20
Other income............................ 0
Total monthly income.................... 1120
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 477 is this competitive where you live?
Management charge (leasehold property).. 0
Council tax............................. 90 do you claim the single occupier discount 25%?
Electricity............................. 56 is all your heating elec? have you tried shopping around on a comparison site recently to see if you can find a cheaper tariff? are you paying off any arrears?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32 is this on a meter or unmeasured? if not on a meter would your landlord pemit you to get one (which should halve the cost at a guess)
Telephone (land line)................... 29 do you use this? does it include broadband?
Mobile phone............................ 25
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 0 might need a small budget here to be realistic?
Petrol/diesel........................... 50 is this a contribution towards OH? or for sharing for work or something?
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 might be worth considering this (its usually only a few quid a month)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 try to budget something here
Haircuts................................ 0 and here
Entertainment........................... 0 and here
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 853

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
bank loan......................2000......20........0
other loan.....................1000......50........0
catalogue......................400.......25........0
Total unsecured debts..........3400......95........- are you in arrangements with these? or are you up to date with the proper payments on them?

Monthly Budget Summary
Total monthly income.................... 1,120
Expenses (including HP & secured debts). 853
Available for debt repayments........... 267
Monthly UNsecured debt repayments....... 95
Amount left after debt repayments....... 172
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,400
Net Assets.............................. -3,400

dancingfairy

I would aim for the catalgue first as it's got the lowest balance but is also likely to be charging the most interest.
Are you able to have a clear out? maybe a mad carbooting session if the weathers nice or maybe a ebay marathon? Hopefully get you off to a good start?
Where do you get your groceries? Do you shop in Tesco or Sainsburys? perhaps you could save up some loyalty points and then use them to get the next shop a little cheaper? I know it's only going to save you a pound or 2 here or there but they will all add up.
Can you do a second job? perhaps something like Betterware or one of the cosmetic /catalogue things? Perhaps you could do a night a week in a pub or something? With things as tight as they are even an extra 20 a month or so would really help you out.
Best of Luck
df