BalooBear - Debt Free Wanabee! Please Help

BalooBear_2

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................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 45
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 46
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)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 898


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
Loan...........................3000......189.......22
Credit Card....................1500......20........18
Total unsecured debts..........4500......209.......-


Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 898
Available for debt repayments........... 502
Monthly UNsecured debt repayments....... 209
Amount left after debt repayments....... 293

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,500
Net Assets.............................. -4,500

Created using the SOA calculator at.
Reproduced on Moneysavingexpert with permission, using other browser.

PLEASE NOTE OVER AND ABOVE THAT I ALSO HAVE OVER DRAFT OF £2,400 - THIS IS CAUSING THE MOST ISSUES DUE TO CHARGES AND INCREASING INTEREST.

Would be grateful for any help or tips

mildredalien

Well, the good news is that after your essentials you have nearly £300 a month left - in theory. However from your overdraft comment you clearly don't actually have this left... what are your thoughts on where this goes? At the moment your grocery bill is small, and you have nothing in your SOA for entertainment, insurance, medical expenses or emergencies. Are you sure you have covered everything? You have nothing in for water rates - are you in Scotland, or is it included in rent?

If you can keep your expenses to what your SOA shows them as, I would try and make sure that extra £300 goes towards keeping your overdraft within its limit and paying off any fees firstly. Once that is stable, think about which debt is costing you most in interest (probably either your OD or credit card) and choose one to tackle first. Throw every extra penny at one debt after you have made minimum payments, and once that is cleared then focus on the second.