Sinking Stomach Feeling....again!!

dee8788

Hi guys, not posted anything on here for quite a long time....been more of a back seat viewer. I had a lightbulb moment some years ago and kind of got some things back on track, and now things are off track again. I am desperate to find solutions to the money issues but am finding it hard knowing where to start!!

My finances seemed to spiral out of control again once i left my job to have my son in July 2008. I decided that once my son was born i would like to go to college to re-train to do something completely different and that i'd always been interested in - beauty therapy. I'd already completed an acrylic nail training course in 2006 and thought that adding to this would be interesting. This i have done, and still am studying 3 days per week, currently on the Level 3 course which i am really enjoying. Finding a job in this industry however, is proving rather difficult, and i do look at jobs / jobsites every day without fail. Have applied for lots of positions, the majority of which fail to respond at all! :mad:

I am a single parent to my children, and do not receive any support from fathers. My daughters father has never paid a penny support, and my son's father sadly committed suicide last April.

I have come to the conclusion that i can no longer carry on this way otherwise i will never be free of debt and will continue having no pennies left in my purse. The time to take control has arrived, and i will get there....eventually

I have done a SOA and would gratefully welcome any tips or suggestions to help me!!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 795.92
Other income............................ 0
Total monthly income.................... 795.92

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 50
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 40
Mobile phone............................ 36
TV Licence.............................. 22
Satellite/Cable TV...................... 24
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 12.5
Car Insurance........................... 53.5
Car maintenance (including MOT)......... 5
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)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Smoking .............................. 173.6
Total monthly expenses.................. 678.6


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
o2 (old phone bill)............22.38.....0.........0
Halifax CC (Iquor).............700.......0.........0
Capital One (Mc Hall)..........331.94....0.........0
Car Repairs (Neil).............270.......0.........0
EDF (EOS)......................151.77....0.........0
Barclaycard (wescot)...........802.96....0.........0
Littlewoods....................179.......0.........0
BT (CCS).......................144.18....0.........0
Total unsecured debts..........2602.23...0.........-


Monthly Budget Summary
Total monthly income.................... 795.92
Expenses (including HP & secured debts). 678.6
Available for debt repayments........... 117.32
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 117.32

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,602.23
Net Assets.............................. -1,902.23

heartbreak_star

Your grocery bill is lower than your tobacco bill? Really?

Well done for taking things in hand though. You know you need to quite smoking, so see your doctor for some help and do it. Also, I would be put off having beauty treatments if my therapist smoked.

If you've finished the nail course, can you go mobile with it? Start with family and friends and build up? Also, think outside the box and maybe do kids face painting? It's all a bit of extra income.

good luck!

HBS x

downsizer3

Well - and sorry to point out the obvious but the smoking has to stop.
Any point in aproaching CSA?
If you're stuck looking after the kids anyway could you do a bit of childminding?
Final option - any mileage in doing a few home-treatments for people - or would that require equipment?

dee8788

Thanks guys, i know smoking is one of the biggest things i need to sort out, and wish it was as easy to stop as it was to start!! I have made arrangements to go to the clinic for help with it, so fingers crossed!

My grocery bill tends to be smaller as we eat at my mums the three days that i'm at college as she picks my little boy up from nursery and looks after him until i get home.

I do some beauty treatments from home, not many though, usually just some eyebrow tint and was...just my mums nails.

The thought of coming off benefits to be self employed scares me a little bit in case i don't earn enough money, which i know i probably wouldn't at first. I have some bits of equipment, but not much. To be able to offer more, i would need to buy the other bits so am not restricting myself to just beauty jobs, i've been looking at office jobs too so that i can work and maybe do beauty treatments as extras, plus earning the money to buy more equipment.

determined_new_ms

hi well done for making the commitment to deal with this!

Ok firstly I have excellent news for you - it is as easy to stop smoking as it is to start. I can promise you I know what I'm talking about. There is an excellent stop smoking support group on the debt free diaries board, go join, feel wrapped up in the love & support offered there and you will beat the habit in days

2ndly I really think you are going to have to cut out things like sky, car journeys, mobiles, landline is expensive ours is £22 pm for internet, calls & line. Cut down on all car journeys unless they are to job interviews.

Really wishing you the best of luck x

dee8788

Hi Determined New MS,

Thank you for that, i will definately check out that one! I know it's a terrible habit...

Thanks again.

heartbreak_star

I think you can still claim some benefits while starting up as self-employed - maybe look at getting a grant for equipment?



HBS x

Hovel_lady

Think about this.

Your cigerettes are costing you 21% of your income.

Hovel_lady

Also quit the cigerettes and you'll be debt free in less than 15 months.

lamarsi

Hovel_lady wrote: »

Also quit the cigerettes and you'll be debt free in less than 15 months.

:j

Now that's a motivator for you!!!
good luck!!

lamarsi

oh and the chemists in this area do quit packs, no need to see the doc, just go in and ask for one