We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Updated SoA
Options

Lucy1982_2
Posts: 4,611 Forumite
Hi Guy's.
I thought I would pop my updated SoA on here to see if anyone can come up with and more ideas:
Incoming:
£1,044.58 per month.
Outgoings:
Rent: £207.50 (this includes food, council tax, services etc. Parents are wonderful people!)
Loan 1: £242.82 (APR 7.8% and runs until Sept 2010)
Loan 2: £101.85 (APR 16.9% and runs until Feb 2008)
Store card 1: 4% (APR 17.9% balance of about £28.00)
Store card 2: 4% (APR 24.9% balance of about £450.00 :eek: )
Bed Repayment: £22.67 (APR 0%)
Contact lens: £10.00
RAC Cover £9.90 (I've managed to get this down from £12.92)
Car Insurance: £63.40 (I can renew in May/June so shopping around)
Petrol: £80.00
Mobile: £25.00
Savings: £50 (I'm going to bump this up once my overdraft has gone and use it for my car and birthdays/christmas etc)
Film rental: £7.99 (I know I can get rid of this but it saves money on drinking!)
Living allowance: £60
I'm trying to boost my debt repayments and hope to spend about £450 a month total, including the above.
I am also in my overdraft although if I stick to my budget this month it should be about -£392 by payday The limit is £500.
I think that covers everything. Once I've sorted out my overdraft and given myself some breathing space I'm hoping to throw more at the debt!
Any idea's would be happily recieved.
Thanks :A
I thought I would pop my updated SoA on here to see if anyone can come up with and more ideas:
Incoming:
£1,044.58 per month.
Outgoings:
Rent: £207.50 (this includes food, council tax, services etc. Parents are wonderful people!)
Loan 1: £242.82 (APR 7.8% and runs until Sept 2010)
Loan 2: £101.85 (APR 16.9% and runs until Feb 2008)
Store card 1: 4% (APR 17.9% balance of about £28.00)
Store card 2: 4% (APR 24.9% balance of about £450.00 :eek: )
Bed Repayment: £22.67 (APR 0%)
Contact lens: £10.00
RAC Cover £9.90 (I've managed to get this down from £12.92)
Car Insurance: £63.40 (I can renew in May/June so shopping around)
Petrol: £80.00
Mobile: £25.00
Savings: £50 (I'm going to bump this up once my overdraft has gone and use it for my car and birthdays/christmas etc)
Film rental: £7.99 (I know I can get rid of this but it saves money on drinking!)
Living allowance: £60
I'm trying to boost my debt repayments and hope to spend about £450 a month total, including the above.
I am also in my overdraft although if I stick to my budget this month it should be about -£392 by payday The limit is £500.
I think that covers everything. Once I've sorted out my overdraft and given myself some breathing space I'm hoping to throw more at the debt!
Any idea's would be happily recieved.
Thanks :A
Current debt - £16,300

Debt at worst 17/03/2011 - £18,067.62:eek::eek:
:ANot going anywhere else, ever again :A
0
Comments
-
Hi Lucy,
I hope that you dont mind me asking but do you have much in savings account? The reason I ask is it is generally advised on here that you cut out savings why you have debts as you are paying much more in interest charges than you are receiving savings interest payments.
Even if you stopped just a for a few months the extra £50 would go a long way to clearing your O/D and the store cardsOfficial DFW Nerd Club - Member no. 297 - Proud To Be Dealing With My Debts0 -
Hi :hello:
By my calculations your outgoings come to £900.25 per month, leaving £144.33 not accounted for. If you've not got this amount left each month then you need to start a spending diary & writing down everything you buy each month to see where it's going.
In terms of shaving stuff off the SoA, could the petrol come down at all? Maybe walk to more places, or see if you can car share with colleagues if it's going to work? Mobile is also quite high - if you're on contract see if you can switch down the tariff or cancel & get a PAYG that you only put £10 a month on.
The £50 a month going to savings for presents & car costs - you need to work out a realistic figure for this based on your car tax bracket, how old the car is for MOT purposes etc and how many presents you're going to be buying throughout the year. £600 is fine if your car is fairly new & not likely to need much work done, but if it's older then it might not be enough.Total Debt 13th Sept 2006 (exc student loan): £6240.06 :eek:
O/D 1 [strike]£1250 [/strike]O/D 2 [strike]£100[/strike] Next a/c [strike]£313.55[/strike]@ 26.49% Mum [strike]£130[/strike] HSBC [strike]£4446.51[/strike]@15.75%[STRIKE]M&S £580.15@ 4.9%[/STRIKE]
Total Debt 30th April 2008: £0 100% paid off!
PROUD TO [STRIKE]BE DEALING [/STRIKE] HAVE DEALT WITH MY DEBT0 -
Why don't you look on some of the cashback sites and see if you can get paid for having a free trial on your DVD rentals ???
Free DVD rental and cashback - a good saving there !!
T xx0 -
I don't currently have anything in my savings, which I find a bit scary. I know I should throw more money at the debt, but as I don't have credit cards (thankfully) if anything goes wrong with the car I stuffed!
My car is a T reg, passed it's MOT 1st time this year, I have the service due at the end of June and the car tax is June 1st. I paid £160 for last years car tax and have no idea what it has gone up to! For some reason I am struggling to find the info on the net :rolleyes:
The remaining amount in my account is going towards paying off my overdraft! I'm hoping that once I've sorted that out I'll build up balance and can through more at the loans etc.
I don't know if that makes any sense, but I don't always!!Current debt - £16,300Debt at worst 17/03/2011 - £18,067.62:eek::eek::ANot going anywhere else, ever again :A0 -
Hi,
According to my figures you have £48.22 per week to spend on yourself. You are not in a position to save; in fact, if you have any savings, try to put them to the most expensive loan, store card 2.
I suggest you write £48.22 in a little note book (a spending diary from ebay) on a Monday and keep a note of what you spend by subtraction. If you do have any over at the end of the week put it towards the most expensive debt outstanding.
I have included £20 pm towards your OD, so ignore your bank balance and this should go down. I've also included car tax @ £12.50 per month. Do not use credit cards any more; pay by switch or cash, keeping a note in your diary.
Good luck, the figures are as follows:
income weekly monthly
self 1044.58
partner
total 0.00 1044.58 divide by 4.33
£241.06
£241.06 total weekly income
spend weekly monthly
rent/mortgage 207.50
council tax 0.00
elec 0.00
gas 0.00
water 0.00
secured loans 0.00
TV licence 0.00
fines 0.00
loan1 242.82
loan2 101.85
store 1 10.00
store 2 30.00
bed 22.67
contacts 10.00
rac 9.90
car ins 63.40
petrol 80.00
car tax 12.50
mobile 25.00
od payoff 20.00
total 0.00 835.64 divide by 4.33
£192.84
£192.84 total weekly spend
Start= income - spend = £48.22 per week0 -
Have been looking up car tax recently ... Here's a link
http://www.direct.gov.uk/en/Motoring/OwningAVehicle/HowToTaxYourVehicle/DG_10012524
Basically if it's older than 2001 and the engine is 1.5l or under then it will cost £115 for a year or if it's over 1.5 (which I suspect yours is by the amount you paid last year) then its £180 for a year!!! Am currently looking for a change of car and going for a 1.4l or less just so that tax costs less next time!!working on clearing the clutterDo I want the stuff or the space?0 -
Re DVD rental, Boots are doing a promotion through lovefilm.com
6 free rentals, plus get a £10 Boots voucher when you register.
If you get the free ones, then cancel and find another free trial, would save you some money.
https://www.boots.com/tenpound
Promo code BTSHB10
x"Nobody made a greater mistake than he who did nothing because he could only do a little." Edmund Burke
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards