Enough is enough! Please help!

kloana

£160 for petrol/diesel, but £200 for 'other travel' - what's that?

Zero water rates? - are they included in your rent?

Sky/landline - get rid of it?

ETA: try not to knock money off your food bill, if you could save it elsewhere. £46.15 per week, between two adults, is not much for groceries. I assume this budget also has to cover toiletries, cleaning products, etc.? What about when it's "bog roll week" (always an expensive shop in my house!)? Your grocery budget is far from large, and realistically probably can't be cut much further, without impacting upon your quality of life.

Entertainment, Sky TV, however...

iwilldoitthistime

Are you living without house and buildings insurance, and what about haircuts? Could a few missing figures account for soe of your 'missing' surplus?

mrsmulac

Bedsit_Bob wrote: »

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2080

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 135
Rent.................................... 530
Management charge (leasehold property).. 0
Council tax............................. 160
Electricity............................. 88 - Check comparison sites for a better deal. Will definately do this - thanks!
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 45 - Go to PAYG @ £10 pm
TV Licence.............................. 12
Satellite/Cable TV...................... 21 - Go Freeview/Freesat
Internet Services....................... 0
Groceries etc. ......................... 200 - Seems high for 2 people. Reduce.What is everyones opinion on a realistic amount for this?
Clothing................................ 30 - Every month?
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 65
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 200 - What's this?This is an unavoidable expense as my partner has to travel to work by train.
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................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1756


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2800.....(135)......19
Total secured & HP debts...... 2800......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................2500......0.........0
Overdraft 1....................2000......0.........0
Overdraft 2....................1500......0.........0
Credit Card 2..................300.......0.........0
Total unsecured debts..........6300......0.........-


Monthly Budget Summary
Total monthly income.................... 2,080
Expenses (including HP & secured debts). 1,756
Available for debt repayments........... 324
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 324

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -2,800
Total Unsecured debt.................... -6,300
Net Assets.............................. -9,100

You're all getting me thinking!
Thanks!

DCFC79

mrsmulac wrote: »

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2080

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 135
Rent.................................... 530
Management charge (leasehold property).. 0
Council tax............................. 160
Electricity............................. 88
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 45 definitely reduce this, if your close to the end of your contract call your network and see if you can get a cheaper tariff or leave and get a cheaper deal elsewhere
Contract is up in December so locked in until then, will a poorer credit score affect my ability to shop around?

No the credit score wont affect you moving to payg or a sim only deal/30 day rolling contract.

TV Licence.............................. 12
Satellite/Cable TV...................... 21 Get the freeeview alternative from who the provider is or get rid altogether
Internet Services....................... 0
Groceries etc. ......................... 200 I think this is ok but why not see if you can knock a bit more off Will definately add this into my budget
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 65 Seems high, is it up for renewal soon ?I've actually just renewed from more than twice that, I have only been driving for 2 years and I'm 23 doing a fair amount of miles.
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 200
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................................ 0
Entertainment........................... 40 Whats include in this/what does it cover ?Being young and alive!

Doesn't need to be £40 though, its £480 py on being young and alive, reduce it to £30 and its £360 per year. Be realistic, your nearly 10k in debt, depends if you want to get it paid off asap or over a longer period.

Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1756


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


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2800.....(135)......19
Total secured & HP debts...... 2800......-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit Card 1..................2500......0.........0
Overdraft 1....................2000......0.........0
Overdraft 2....................1500......0.........0
Credit Card 2..................300.......0.........0
Total unsecured debts..........6300......0.........-


Monthly Budget Summary
Total monthly income.................... 2,080
Expenses (including HP & secured debts). 1,756
Available for debt repayments........... 324
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 324

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -2,800
Total Unsecured debt.................... -6,300
Net Assets.............................. -9,100

Didn't include car in assets because wasn't sure if it counted while on HP?

Thanks for your help!

Answers in blue

With getting rid of sky @ £21 a month (£252 a year) and reducing entertainment to £30 a month will mean you have an extra £372 a year to play with.

mrsmulac

kloana


£160 for petrol/diesel, but £200 for 'other travel' - what's that? Partner travels to work by train.

Zero water rates? - are they included in your rent?Yes they are included.

Sky/landline - get rid of it? This could be a possible saving...



# 13 iwilldoitthistime


Are you living without house and buildings insurance(yes!), and what about haircuts?(I don't get my haircut very regularly) Could a few missing figures account for soe of your 'missing' surplus?
I'm sure I must be missing some things as I never have money left!

kloana

mrsmulac wrote: »

I'm sure I must be missing some things as I never have money left!

Comb through your bank statements and account for every penny. Also, keep a receipt for everything you buy, as a reminder of what you've spent

19lottie82

I'm sorry but I don't think £200 (less than £50 a week) on groceries is a lot for 2 people. A DMP wold allow a lot more than this! Also remember this is to cover 3 meals a day (inc lunches to take to work), cleaning products, toiletries, and other household items!

mrsmulac

Right so it is fairly obvious that my number one step is to budget as clearly I don't at all at the moment.
Beyond that what is my best course of action for repaying?
Should I attempt to consolidate my 4 major debts? What is the best way to do this?

Thanks everyone

Heffi1

I don't see any payments for the cards, you need to put something in there so that your monthly excess is realistic, I assume you pay something towards them each month?

DCFC79

Instead of paying by card for things use cash and you might find you will scrutinise what your picking up whereas with a card your likely to just fill the basket/trolley and stick it all on the card.

Where do you shop ? 1 of the top 4 supermarkets ? Try aldi or lidl a sit could bring the shopping down.