Getting older, moving up, shifting debt

Sharon87

So here I am again, my debt free efforts in the past have failed. I've now turned 27, have got my next step up in my career and my debt is at an all time high. I've done a quick SOA

My problem is having a too active social life I think! It's an expensive year too. My brother's wedding and I'm planning my first long haul holiday, and my first holiday more than a week since I've had to start paying for them myself! I saved up £1500 so far, which has now all been spent on the flights/hotels/insurance. Need another £800 to go, which will be saved up until I go (January 2015). I've been saving for this for ages!

My debt is increasing because of issues of making mistakes/replacing or repairing items that I didn't expect. Things like my laptop, my phone as well as buying too many clothes and shoes...

I am going to start to make a change. I have plans of money saving after looking at my debt balance!

Changes I've already made -
Cancel Sky!! I live in a shared house and we all used to pay for this, so the cost was a few pounds, but they decided they didn't want it, but I did. So for the past few months I've been paying £27 a month, now that I've cancelled it that's a £27 a month saving!

My SOA below is using my new wage after being 'promoted' however I am freelance (sort of) and work short term contracts, so there may be times I'm out of work, which if where some of the debt also comes from...

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1459
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1459

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 440 - all bills included
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 36 - contract expires in Autumn
TV Licence.............................. 0
Satellite/Cable TV...................... 4.99
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 140 - monthly travelcard
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......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 100
Emergency fund.......................... 0
gym..................................... 20 - yes I use it
Bank fee................................ 10 - includes mobile phone insurance
Netflix................................. 5.99
Total monthly expenses.................. 946.98


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................4457......33........0
MBNA...........................2000......25........0
Barclaycard...................2890......62........0
mum............................170.......10........0
Total unsecured debts..........9517......130.......-


Monthly Budget Summary
Total monthly income.................... 1,459
Expenses (including HP & secured debts). 946.98
Available for debt repayments........... 512.02
Monthly UNsecured debt repayments....... 130
Amount left after debt repayments....... 382.02

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,517
Net Assets.............................. -9,517

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

Sharon87

I've been having a look at my bank statements and I think where I really need to save money is on the following:

eating out less, whether that's a restaurant meal, costa or mcdonalds! It'll help my waistline too
Taking in my own lunches to work, I buy a lot of my meals at lunch time, sometimes spending between 3 and 6 pounds with the occasional £8-£10 meal at lunch!!
Buy less shoes/clothes. I've gotten into a habit where I see something I like I buy it, as it's not often I see things I like, but there are times I see loads of things I like!
Also don't break or lose things! Some of my debt has come from replacing a laptop that was stolen, breaking cameras, parts of my laptop, losing my phone (once) and having to pay the excess.
Don't make stupid mistakes - like accidently booking the wrong flight, which cost me over £500 to book the right one the only good thing was I spotted it when I did and not closer to the holiday.