Ever feel like you're spinning the wheels?

Spinningthewheels

HOK3Y wrote: »

Hi there, apologies if I am missing something but the reason you SOA says you have £500 is because you haven't accounted for the money you have to pay to your debts. What are your minimum payments each month or what do you pay?

Totally agree, rugby club or not, you need to whittle down the entertainment and forget the holiday. If you knuckle down you will claw out of this quicker but you can't afford a backslide. You do have wiggle room which is great news.....you just have to be strong!

Jus noticed that! I thought it would calculate it based on the %'s! Will update!

Spinningthewheels

Not the best few days, with going to Nandos on Thursday night, Lunch on Friday afternoon (although I did keep it around £5 so I could claim it back on expenses, I ended up paying £6.10 for parking!!!), Coffee yesterday and food on the way home last night!

I have £225 to my Barclaycard to pay at the end of the month, plus the minimum payment so I'm currently at my parents looking for things to sell!

The grind continues!!

heartbreak_star

Definitely second a spending diary - and account for EVERY LAST PENNY in it

Good luck - you can do this

HBS x

Spinningthewheels

heartbreak_star wrote: »

Definitely second a spending diary - and account for EVERY LAST PENNY in it

Good luck - you can do this

HBS x

Yeah I have one already on my phone! November is the first month I've used it so I'll analyse it at the end of the month and see where I'm going wrong!

Spinningthewheels

Checked my Barclaycard on Monday and the payment is 363.95. So far I have managed to acquire £118 worth of old CDs/DVDs from my parents house which are going to music magpie, and tonight I'm selling a TV I also acquired from there for £80. So only another £176 to go! I have a few other electronic bits and pieces that need to go on eBay, which will hopefully bring it down to £100!

As per usual with my situation, something unexpected cropped up. Checked my mobile bill and instead of the usual £60 (iPhone + iPad) it is £95 this month due to charges for phoning card companies to find out interest rates, and some mobile data from when I was in Ireland. I know it's only £35 more but it sounds bad when you say £95. Anyway, not worth getting down about I suppose! Back to the grind.

Spinningthewheels

So with the end of the month upon us, I have for the first time in my life (ever...ever, ever, ever) got accurate (98%) info on what I spent my money on this month.

I've fired it all into an auto red/amber/green spreadsheet but I have no clue how to put it on here. Spreadsheets I can do, forums...I cannot.

Spinningthewheels

Tried a few various ways to show the amounts but I'll just have to go old fashioned and type!

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 2067.6
Expenses....... 116
eBay Sales................................ 80
Partner Loan............................ 39.5
Total monthly income.................... 2303.1
Monthly Expense Details
Rent.................................... 235
Council tax............................. 81.5
Electricity............................. 17.5
Gas..................................... 20
Mobile phone............................ 60.14
TV Licence.............................. 6.06
Groceries etc. ......................... 197.87
Petrol/diesel........................... 241.15
Car parking............................. 6.1
Pet insurance/vet bills................. 8
Other insurance......................... 14.62
Haircuts................................ 18
Holiday................................. 100
Rugby 100 Club Lottery.................. 10
Money Owed to Partner................... 70
Payday Loan Payment..................... 130.52
OD Interest............................. 42.66
Unplanned OD Fee........................ 25
Returned DD Fee......................... 10
Overdraft Usage Fees.................... 18
Barclaycard CC Split Payment............ 225
Santander CC............................ 102.32
Nights Out.............................. 139.9
LoveFilm................................ 4.99
iTunes Books............................ 5.49
iTunes Apps............................. 4.14
House Maintenance ...................... 24.42
Lunch/Dinner Out........................ 132.67
Car Loan................................ 348.39
eBay Fees............................... 15.1
Total monthly expenses.................. 2314.54


Monthly Budget Summary
Total monthly income.................... 2,303.1
Expenses (including HP & secured debts). 2,314.54


So I said 98% accurate because it says here I am -£11 for the month but I have £2 in my account. Accuracy aim to improve next month.

Big improvements needed on the food front, OD fees, Fuel, Payday Loan, things like loveFilm & money owed to partner.

I have my spreadsheet set up with goals for the month and if it all works out as hoped, I should have around £400 per month to put towards debt! Fingers crossed.

Spinningthewheels

So today was payday. However usually I am dreading it as I have to transfer it all out, but today I felt good. Even when I paid £363.95 to my Barclaycard to cover a late payment and the minimum, I wasn't angry but relieved to be clearing some of the debt! I even paid 1% to my Santander CC just because I could. Let's get signed up for some challenges.

Spinningthewheels

Updated signature!

Spinningthewheels

Quick question for anyone out there in the know!

I've decided to use the 1% & payment a day challenges on my Santander CC as it's the highest interest rate (34.9%). However the interest charges on my Barclaycard CC (24.9%) are around £95 per month. My question is should I use the challenges on my Barclaycard until the interest charges are less, or continue as I am?