Newbie...Staying on top of my debt!

KrazyKel

Im not sure what if any advice i need I just done a SOA to look at what Ive been spending too and see where I can make cuts!

I moved into my own place last september and about 6 months ago got my first credit card too (eek) as there was a few things I needed to get still
Just done a SOA - I should have money left over at the end of the month, but I think I need to start a spending diary see what I actually spend

I dont usually budget or plan but I need to start looking at what I do actually spend!
I work in a supermarket and im always buying things after work - rather than planning and doing a weekly shop

Also my income is made up of my Pay, DLA and WTC (I added them up and averaged them out for the month, as my Pay and DLA is 4 weekly and WTC is weekly)

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1085
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1085

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 179
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 18
TV Licence.............................. 13
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 15
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 60
Car maintenance (including MOT)......... 15
Car parking............................. 25
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................................ 5
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Bank fee................................ 12
Total monthly expenses.................. 887


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 7000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1200.....(179)......0
Total secured & HP debts...... 1200......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................1700......50........0
Total unsecured debts..........1700......50........-


Monthly Budget Summary
Total monthly income.................... 1,085
Expenses (including HP & secured debts). 887
Available for debt repayments........... 198
Monthly UNsecured debt repayments....... 50
Amount left after debt repayments....... 148

Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total HP & Secured debt................. -1,200
Total Unsecured debt.................... -1,700
Net Assets.............................. 4,100

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

Tixy

Hi

Definitely sounds like a spending diary is the way to go next if you don't have money left at the end of the month.

A few comments on your SoA -

Your rent seems really low - are you getting housing benefit and this is the extra amount you pay? if so you haven't also included the benefit amount in your income have you?

Your elec looks a little high for someone living alone who also has gas - have you checked if its a competitive supplier & tariff recently?

Is road tax really 0?

Maybe need to budget something in the medical section - check ups at the dentist, opticians or the occasional prescription?

Maybe have a look at getting some contents insurance - it can be as little as a few quid a month and can be really worth it (i know thats increasing your outgoings rather than decreasing them).

Your grocery cost seems quite high for 1 person - thats not to say you need to decrease it if you have a surplus each month - just that you might want to have a think about whether you could make a saving there.

KrazyKel

Tixy wrote: »

Hi

Definitely sounds like a spending diary is the way to go next if you don't have money left at the end of the month.

A few comments on your SoA -

Your rent seems really low - are you getting housing benefit and this is the extra amount you pay? if so you haven't also included the benefit amount in your income have you?
I have to pay £100 towards the rent per month, income is made up of my pay, Working tax credit and Disability living allowence (Forgot to break them down)

Your elec looks a little high for someone living alone who also has gas - have you checked if its a competitive supplier & tariff recently?
I havent changed supplier since moving in - took ages to sort - couldnt find the address/new build etc - Had my last bill a couple weeks ago for £85 (was roughtly 3or4 months worth) but will look at a comparison and need to change to DD too, my Gas was £105 ish too for same period

Is road tax really 0?
Tax is £0 (Disabled road tax)

Maybe need to budget something in the medical section - check ups at the dentist, opticians or the occasional prescription?

Maybe have a look at getting some contents insurance - it can be as little as a few quid a month and can be really worth it (i know thats increasing your outgoings rather than decreasing them).
Yeah i think i need to sort my contents out too! Keep meaning to get round to it!

Your grocery cost seems quite high for 1 person - thats not to say you need to decrease it if you have a surplus each month - just that you might want to have a think about whether you could make a saving there.
I work in a supermarket so always buying food after work, need to write down how much im actually spending and I think I could make cuts here too with better planning

I have to save £1300 too by september to pay for my Sofa (Forgot that on the SOA as its not due yet)
My credit card was 0% for 14 months too (ends in Jan/Feb I think) -

Takeaway_Addict

I think you need to do your SOA to include any benefits you get and what they goto so you can see the proper picture.

Tixy

Sounds like you have most things queried covered.

Have you saved anything to the sofa yet? If not you need to find around £325 a month for 4months (if its due at the end of September).
If you could find and save all of the missing 'shortfall' money that would leave you with £177 to find. It looks like you might struggle to find that much in savings, maybe you could save £50 or so off groceries, perhaps consider switching to a free bank account and cut back on entertainment over the summer, but it still looke like it will be tough. Do you have any back up plan with regards to this yet?

Looking at the SoA and trying to find where else you might be spending more than budgeted- people often underestimate is presents. We tend to just think of how much we spend on birthdays and xmas presents - but often forget the cost of cards, postage for cards & presents and then extra things like wedding gifts or birth gifts/christening gifts or contributions at work to leaving presents etc

glasgowsaver2011

Entertainment Plus Satellite is 110 a month.

One of these has to go.