Just Had LBM

joughtib

Your SOA needs to include absolutely everything. Even down to the last cup of spiced chai at Starbucks.

Show it monthly, and we can advise.

CLAPTON

the first immediate thing to do is to look south out of your window and watch the total eclipse of the moon ...its about 1/4 gone and will totally eclipse at 10:44.


however, your SOA, before giving proper advice we need to see you total real spending...that is everything you spend not just today or this month but the next 12 months...
so you have a car..you will need to pay tax, insurance, servicing, repairs, also you'll need some clothes, probably buy some presents, spend something at xmas, maybe lunches at work, dental/optical/medical... basically write everything down that you will spend over the next 12 months..for annual or one off divide by 12 and add as a monthly figures (that from now on you will be saving up so you have the money when needed and wont need to spend on CCs.

once you have redone the budget we'll be in a better situation is comment.

(also can you add up the minimum monthly payments..it saves us having to do this)..

Hope78

I'd never thought of that I was always afraid my poor parents would need to fork out and had the insurance to cover that and ok morbidly to cover any funeral costs. I've not kids or mortgage to cover with insurance so am I really just wasting money.??? Last month I realised that the gym, for me, was wasted money too and cancelled that.

Hope78

It's amazing how much I spend on these things and they didn't even come into the equation when writing it all down. I'm going to amend that post now.

Hope78

I've changed my SoA hope this is right format now

joughtib

A few pointers here and there for you.

Hope78 wrote:

Monthly Outgoings
Car Payments £299.87
Credit Card Min Payments £330 + £260 + £80 = £670
Nationwide Loan £94.87
Northern Rock Loan £149.56
Life Insurance £24.40
Phone £35
Materials for work £35
Petrol £60
Dig Money £65
Birthdays £40 (Cut this back to a minimum - nil if possible)
Xmas £40 (Cut this back to a minimum - nil if possible)
Clothing £35
Haircuts £25 (Search for cheaper salon)
Yearly car insurance £40
Road Tax £15
Prescriptions £13 (Buy a prepayment card - 4 month one is the cost of 5 prescriptions. Quickly though as they are going up at the end of March)
Dental £2.80
Optical £17
Car repairs £25
Car service £3.50
MOT £3.50
Work Lunches £4.00 (Take own lunch)
Socialising £25 (Cut this back to a minimum)
Online Music Subs £5.99 (cancel)
Union Fees £11

My folks cover food, toiletries etc in their supermarket shop. I'm going to cancel online music subs first thing Monday. Also my Nationwide loan allows additional payments of £100 plus and I'm happy to do that if I can afford to as then I could start paying more to another debt.

PigginSkint

Hope78 wrote:

had a major flash and went through the whole roller coaster of emotions in the last 6 weeks...crying, depression, embarassment, blame everyone else etc etc.

Hi Hope
Well done on your LBM - I had mine in July last year and it was exactly like this! But I do feel a lot better now.

This site - and this forum expecially - is a lifesaver. I would never have been feeling so positive as I do now without it!

good luck!

joughtib

Just having another look through your SOA. "Materials for Work", what does that actually entail. Car - Is there anyway of getting rid of your car, or at least downsizing at all? I know public transport will be hard as you're a teacher, but it's worth considering.

Hope78

Thanks for all your help so far its giving me some next steps that though small all add up. My parents have prepayment cards for prescriptions so think I'll invest in one too. Going to cut out adult birthday presents only cards for them. I do tend to be over generous at Xmas and I've tried in past to cut down but always feel bad thinking about keeping that to children only too.

Materials for work are things like storage tubs, paper for printing, art and craft materials e.g lentils for collage, feathers, cartridges for laser printer (we're not allowed to use photocopier outrselves and wait time for secretray doing it is about 5 weeks).

The car one is interesting I'm not sure what I can do at this point but I know once your half way through your agreement (october time for me) many garages will offer you enough trade in to cover outstanding finance then I could downsize. Though its my one vice don't drink or smoke its something I'd now consider doing.

Another tip I got from someone, which was actually about not running out of petrol, is slip a tenner under your car mat and not take a purse or cards out that way if an emeergeny crops up (like petrol light coming on) then you've a little something to keep you going. That way I can't buy lunch in school as I'm too lazy to go out to car for money.