You can write down everything you're supposed to.....

Trishiapp

I must admit that, without self-discipline, money tends to disappear in front of my eyes!

I only have one account which is used for my salary, direct debits and daily living expenses. Each month, after I've paid everything, I total up what's left and divide it by four ( fuel, groceries, daughter's bus ticket and son's lunches.) After my deductions, whatever is left, goes towards paying my debts off ( generally I am able to re-pay substantial amount each month.)

Unlike a lot of people on here, I do not wait until the end of the month to make debt payments, since I'm of the opinion that, once it's gone, it's gone. Also, I pay with cash whenever I can and check my bank account every morning.

Once I've paid off my debts ( £1300 left to go) I shall open a saving account

Trishiapp

Oh yes, one more thing...

I used to keep a spending diary, but now I am so disciplined, I no longer need it ( I simply don't spend anything that's not budgeted for.) Also, I never take my purse with me, unless it's for a planned shopping or for re-fueling of my car.

Bublin1

http://m.youtube.com/results?q=debtisdum%20envelope&sm=

Ditch most of the bank accounts and try out the envelope system.
The link above explains in detail and all the debtisdum videos are fab.

You have clearly under budgeted for categories.

woodformoretrees

I just can't get past the 22 bank accounts!

I would definitely agree with other posters though - pay off in full your things that you're paying interest on. Get rid quickly. More pennies to pay towards NY that way

[Deleted User]

vintagegirl wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2228.5
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2228.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 426.8
Management charge (leasehold property).. 0
Council tax............................. 117 - Over 10 or 12 months? Have you claimed the single occupant discount?
Electricity............................. 17.5
Gas..................................... 17.5
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 19
Mobile phone............................ 91 - That is H-U-G-E. :eek: Go to PAYG/sim only (about £10 per phone) ASAP.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 18.5
Car Insurance........................... 15
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 - Nothing?
Medical (prescriptions, dentist etc).... 0 - Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - You need this. About £10pm.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 5
Entertainment........................... 100 - This is a lot (£1,200 pa). Halve it.
Holiday................................. 100
Emergency fund.......................... 0 - You need something in here.
(Unnamed monthly expense)............... 0
new york................................ 15 - What's this?
passport................................ 6
arrears council tax..................... 75
charity ................................ 2
sons gym................................ 16
gym..................................... 20
pocket money............................ 21.67
savings................................. 50
Total monthly expenses.................. 1585.09


Assets
Cash.................................... 800
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 2300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................300.......5.........26.9
barclaycard....................500.......13.52.....29.9
very...........................158.......5.........29.9
Total unsecured debts..........958.......23.52.....-


Monthly Budget Summary
Total monthly income.................... 2,228.5
Expenses (including HP & secured debts). 1,585.09
Available for debt repayments........... 643.41
Monthly UNsecured debt repayments....... 23.52
Amount left after debt repayments....... 619.89

Personal Balance Sheet Summary
Total assets (things you own)........... 2,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -958
Net Assets.............................. 1,342

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

You have £660 of debt, at 29.9% APR, yet you have £800 of cash saved :huh:

Use the £800 to pay off the two 29.9% debts, and save yourself £211 in interest.

[Deleted User]

vintagegirl wrote: »

the passport ive put aside £6 a month so ill have enough aside by the time its due for renewal

Passports don't cost £720.

[Deleted User]

Trishiapp wrote: »

Once I've paid off my debts (£1300 left to go) I shall open a saving account

From someone who knows, it's a novel experience having savings, but it's also a nice experience.

Bublin1

OP says she is a budgeting extremist yet this is the oddest SOA I have seen. It makes no sense.

Trishiapp

Bublin1 wrote: »

OP says she is a budgeting extremist yet this is the oddest SOA I have seen. It makes no sense.

I agree Bublin.


The only 'extreme' is the 22 bank accounts!

eyeopener2

Pay off the credit cards as bedding says, forget the holiday saving for 2 months and clear the other account.

Then you can save more for the holiday AND pay no interest. Debt free Billy bonus.