Time for a new start

Stevej696

Hi Singlespeeder, thanks for the suggestion.

I have looked into this however i have a low credit score so am often turned down for offers like this. Any other similar offers for low credit score?

Thanks in advance

Stevej696

Does anyone know how to set a signature?

On_my_way

Firstly, well done for admitting that you need to sort things out.

You also need to get your partner on board with this challenge as it requires both of you to concentrate and stop the other person from going off piste!!

Food is where people can often seriously cut down because, if you look carefully, there are often reduced food items for the freezer, some offers are very good etc.

Sutdy this forum and you will find so many ways to save money. Things like NSD (no spend days) are very important to those of us on very restricted budgets as it is so easy to spend money that you didn't need to spend!

Good luck!

twiggy86

Hi

Well done on posting on here.

Appreciate clothing is for 3 people but it is still high - do you really need £800 worth of clothes each every year? (£200 divided 3 x 12).

Again appreciate mobiles is for 2 contracts but £30 each is still high - you should consider changing when you can.

Groceries are normally a key area which people try to cut down on. Do you meal plan? Check your cupboards, fridge, freezer for what you actually have before going shopping? Write a list? Stick to your list? Batch cook? All things that can help cut your costs in this area. Also, where do you shop?

To add a signature - go to quick links (green toolbar) and there should be an option to edit signature.


Hope that helps.

mum2one

Stevej696 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1196
Partners monthly income after tax....... 0
Benefits................................ 346
Other income............................ 0
Total monthly income.................... 1542

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 330
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 17
Mobile phone............................ 60 - could you drop a tariff, look at a sim only real
TV Licence.............................. 12.12
Satellite/Cable TV...................... 42 could u reduce this package
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 200 that's high - I know kids grow, look at downgrading a store, as for adults clothes revamp, recycle
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 61.95
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - you need to have contents ins should be able to get around £10 per month
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 150 - at the mo that needs reducing, look at buying kids not adults, reduce the budgets
Haircuts................................ 20
Entertainment........................... 0 - need something here
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1438.07


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
Credit Card....................260.......7.51......29.9
Catalogue 1....................1150......65........29.9
Catalogue 2....................600.......50........0
Gym............................90........30........0 - there's 3 payments left that will help the other sums
Family.........................1400......160.......0 could you reduce some of this
Total unsecured debts..........3500......312.51....-


Monthly Budget Summary
Total monthly income.................... 1,542
Expenses (including HP & secured debts). 1,438.07
Available for debt repayments........... 103.93
Monthly UNsecured debt repayments....... 312.51
Amount short for making debt repayments. -208.58

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,500
Net Assets.............................. -3,500

I've popped a few thoughts on, your gas and elec seems a bit on the high side is it prepayment, xx

Stevej696

Appreciate all the suggestions and comments, Thank you.

Its something that has been easier to just carry on with rather than deal with so posting here has helped a lot. Im going to go through a full assault on everything tonight and try to be as ruthless as i can (partner permitting).

With any luck im hoping to clear this by Christmas if possible or get as close as i can.

Thanks again

5erge

Stevej696 wrote: »

Its something that has been easier to just carry on with rather than deal with so posting here has helped a lot. Im going to go through a full assault on everything tonight and try to be as ruthless as i can (partner permitting).
Thanks again

Show your partner your SOA, when it's all down in black andwhite I'm sure they'd be more amenable, nobody wants debt and you've done the right thing by sharing.

Everyone is here to help

:T

anothermoneysaver522

Focus on paying off the debts with the highest apr first, and then once you tackle them move onto the ones with 0%.

The other thing you could cut down on is the tv, why don't you buy a freesat box or similar for a one off cost rather than paying a subscription every month? At least until the debt is under control.

Good luck, I'm in a similar boat myself! x

Stevej696

A quick question:

What do you do when you get the urge to spend to suppress it? Ive tried to convince myself that i don't need it but sometimes feel overwhelmed/ nervous not having my card on me incase i cant get home etc.

Pixie5740

Try making a Money Mantra card and keeping it in your wallet.

http://www.moneysavingexpert.com/shopping/money-mantras