Debt Free by 2015

susieq87

Hello good people of MSE.

I have recently got myself a full time job (whey!!!) but accumulated a few debts in the last few months as i have been working 2 days a week and moved out of my parents into my own place so i now need your help. i am not panicking about my situation but would like to tackle it because it gets worse. i do have a habit of spending on holidays, spas when im stressed/bored which leads me to having a shortfall even if i can afford.
i also tend to bury my head in the sand about money when i miss a payment so budgetting is pivotal in this instance because i cannot move back to mum's. i need help in figuring out what to pay first and in which order

any advice is welcome!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1492
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1492
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 32
Rent.................................... 390
Management charge (leasehold property).. 0
Council tax............................. 67
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40 (i tried lowering this but because im tied into a contract until next year i could not change it)
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 85
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 62
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......................... 10
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 983.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600 (sorn)
Other assets............................ 0
Total Assets............................ 600

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 900......(32).......0
Total secured & HP debts...... 900.......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Overdraft..............1000......0.........0
Barclaycard....................75........5.........19.9
Lloyds Credit Card.............390.......5.........23.9
Ex-Boyfriend...................320.......60........0
Aqua...........................150.......5.........49.9
Argos Card.....................500.......5.........39.9
Total unsecured debts..........2435......80........-

Monthly Budget Summary
Total monthly income.................... 1,492
Expenses (including HP & secured debts). 983.5
Available for debt repayments........... 508.5
Monthly UNsecured debt repayments....... 80
Amount left after debt repayments....... 428.5
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -900
Total Unsecured debt.................... -2,435
Net Assets.............................. -2,735

NHS_worker_bee

Hello

Do you really have £428 left at the end of each month? (You don't ever spend any money on haircuts or presents or holidays?) If not, you need to adjust your SOA. If you do have £428 left at the end of each month, hit those debts using the snowball calculator asap:

http://www.whatsthecost.com/snowball.aspx?country=uk

susieq87 wrote: »

Emergency fund.......................... 0

And then start putting money aside into an emergency fund in case you ever have a drop in income or unexpected big expense. That way you will be debt free with a buffer for emergencies. (And you can use your money for the things you enjoy rather than paying high interest rates on your debts). I've found the YNAB (You Need A Budget) software has really helped me. Best wishes.