Just had my LBM......im gutted

Emmzi

I am a little confused because it looks to me like between you, you have £700+ a month left over after everything above is paid?

Now, you can't have takeaways every night, a new outfit every week, and four holidays a year on it... but it is certainly liveable.

Have I missed something?

trampyblonde

You're right.....im sure iv miscalculated.....let me check!

ibleedred

Emmzi wrote: »

I am a little confused because it looks to me like between you, you have £700+ a month left over after everything above is paid?

Now, you can't have takeaways every night, a new outfit every week, and four holidays a year on it... but it is certainly liveable.

Have I missed something?

Yep, I agree, think I have missed something here as well???

Apart from the mortgage and car loans - you are steady as steady can be.

If you just got your mortgage I would assume that your adviser advised you to get a fixed rate mortgage for 3 or so years, so your biggest threat is nice and steady as well.

Your pay (I assume) will rise in the next few months? everything looks fairly good, we would all love to earn more, but hey ho.

Happy saving people

ibleedred

trampyblonde wrote: »

You're right.....im sure iv miscalculated.....let me check!

Are they, wages before tax?

trampyblonde

Ok so iv double checked and our outgoings are:

*Mortgage - £770
*Car finance - £160
*Car insurance - £120
*Mobile bills - £80
*House Insurance - £37
*Gas & Elec - £70
*Council Tax - £135
*Sofa - £65
*Petrol - £100
*Gym - £72

Total - £1609

We earn £2160 - this leaves us (at the moment) with £551 (it really doesnt feel like it!).

Now we've not moved in yet and we still have a total of £500 to pay on CC soon and my OH has an overdraft of £500.
We'll need to be paying for phone, tv, broadband - which will be about £35 maybe?
Food.....i really cant calculate how much we'll spend on this as my OH eats loads! What do you guys spend?
We'll also be paying for water when we're there.....cant calculate that either!

Now I fully understand how looking at that some of you may be thinking 'what??'......but this is all new to me and i've only had this sort of responsibility for 7 months! Its quite scary going from having all of this money to spend on myself and then, wham! you're paying out shed loads for a house etc!

As we've borrowed £4000 off of OH dad we need to pay this back asap.

You're help is much appreciated! :T

DAVETHE_CARDBOARDBOX

nope, cannot see an issue here either.
Maybe the problem is peroxide ?

trampyblonde

Lol!! yes I am blonde! Damn!!

So i've recalculated......now my biggest fear is being in debt. I know I am by £5000 at the moment.

Do you have any advise as to the best ways to pay these off and the quickest time. Bearing in mind that iv not allowed for a few things in that total in my last post.

CC - £500
Overdraft - £500
Loan - £4000

Thanks!

PigginSkint

Hi trampyblonde and welcome! You've come to the right place!

Without seeing your full SOA it is difficult to comment in detail. However, your income seems to be greater that than your outgoings - good news in itself. Also from what you have said there is plenty of room for improvement - this is not a criticism at all, it just means there is plenty you can do to free up even more money to throw at your debts. This is also good news.

Don't panic!

cupid_s

trampyblonde wrote: »

Lol!! yes I am blonde! Damn!!

So i've recalculated......now my biggest fear is being in debt. I know I am by £5000 at the moment.

Do you have any advise as to the best ways to pay these off and the quickest time. Bearing in mind that iv not allowed for a few things in that total in my last post.

CC - £500
Overdraft - £500
Loan - £4000

Thanks!

Hi there. What interest rates are you being charged on the overdraft and on the credit card? Does the 4k need to be paid back with interest, and in what time frame?

Whilst you don't have that much debt compared to a lot of people on here, by addressing it now hopefully it will get paid off asap, or at least not get worse. You don't seem to be doing too badly though.

Maybe you and your boyfriend could have a strict entertainment/extras budget. Then if there's not enough for his expensive nights out he might have to make them cheaper or go less often.

Hobsch

Welcome to the boards and well done for posting and taking the first steps.

I used to have a membership to a gym at £39 per month. I find I can go out running, have a punchbag I had before I was in debt I use and after a couple of months of not paying the membership I purchased a rowing machine. I can now get the exercise I need without paying out for it. It all depends of course what you get from it, I used to get free use of pool etc and what types of exercise you do? My friend also had a gold membership he could use the Gym anytime but he downgrounded and now goes off peak but saves about £15 per month.
Just a few thoughts at reducing an outgoing?