Back to square 1 again...

[Deleted User]

iamashoppingaddict wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1476.47
Total monthly income.................... 1476.47[/b]

Monthly Expense Details
Rent.................................... 480
Mobile phone............................ 12.5Do you use all the minutes/texts that you pay for -check if one of giffgaffs tariffs would be cheaper (I have saved a fortune - and you can keep your number)
Groceries etc. ......................... 80
Clothing................................ 0never - is this realistic?
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 48.92
Car maintenance (including MOT)......... 0??
Medical (prescriptions, dentist etc).... 0never?
Entertainment..............................0 is this realistic?
Emergency fund....................... 100 Best to reduce until debt free
Gym..................................... 29.95Do you use this - is there a cheaper alternative?
Total monthly expenses.................. 841.37


Assets
Cash.................................... 0where's the emergency fund?
Car(s).................................. 9000
Total Assets............................ 9000[/b]

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APRAre the top 3 0% and if so is this for the duration of the debt, or are they going to increase? And if they are, what will they increase to?
Car............................8673.57...189.4.....0
Computer.......................546.97....40.73.....0
Barclays CC....................2466.7....70........0
Overdraft......................1000......0.........14.8Find out with your bank if you are allowed to reduce this every month or if doing this will incur an admin charge - if free to do so, then go into the bank (or over the phone if you are allowed) and reduce by as much as you can each payday - according to this SOA you could reduce it by £300 each month - it will be totally gone in 4 months!)
Total unsecured debts..........12687.24..300.13....-


Monthly Budget Summary
Total monthly income.................... 1,476.47
Expenses (including HP & secured debts). 841.37
Available for debt repayments........... 635.1
Monthly UNsecured debt repayments....... 300.13
Amount left after debt repayments....... 334.97Very healthy looking, you are in a great position to start sending your debts in the opposite direction as long as this is accurate and you do have this left at the end of every month - if you don't, then keep a spending dary and note down everything that you spend and you will soon be able to identify if the spends are essentials or not

Personal Balance Sheet Summary
Total assets (things you own)........... 9,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,687.24
Net Assets.............................. -3,687.24

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

Comments above, hope they help.

D9

iamashoppingaddict

Mobile phone - I was paying £36 a month to O2. The £12.50 is a SIM only tariff with Tesco for the iPhone. It gives me 1gb of data which I easily use!!

*sigh* I have so many clothes, I don't need anymore, and until I'm a bit more comfortable I don't need any. Plain and simple, they fit, they are good quality. I have lots of shoes, all again comfortable and good quality, however 1 pair does need reheeling!

Car maintenance - OH is a mechanic, so no honestly I don't pay a penny. I'm very lucky.

I have been putting £100 in my savings account each month to cover emergencies, doctors, dentists, the occasions when I go out etc. I just listed it under emergency fund so for ease. Apologies.

Yup I'm at the gym 5 days a week after work. I love it. After a day staring at the computer or arguing with customers I pound the treadmill and lift some weights. My last gym went bankrupt and I tried exercising at home and it didn't work for me. This is the cheapest around and I get a student discount as I go to college one day a week. I'm studying a degree funded by my employer. Its normally £42 a month which I wouldn't be able to pay!

The emergency fund disappeared to prevent overdraft charges. I have about £26 in there at the moment.

Car and computer are fixed payments. Car finishes in 4 1/2 years time and computer finishes August 2013.

Barclays is interest free until April 2013.

I might have missed something, how can I reduce it by £300 a month?

I will start keeping a more accurate spend diary. However I'm just aiming for No spends at all!!