Trying to control my sons debts

waterbirthuser

Hi all, my son has finished Uni and is living with us until he gets himself sorted financially. I am here to ask if anyone can point me in the direction of a spreadsheet that will help me establish all his debts and try and take control of them as he is ignoring it because he is frightened.
I want to face the issue straight on and need some form of .xls that I can use to put all his data on it (money in from work/money out for household expenses/money out paying bank overdraft...etc etc).
Any help will be appreciated.

National_Debtline

Hi there,

To help him budget he will need to create a SOA - there are a few different versions of this - here is a link to the one from our website - https://www.nationaldebtline.org/EW/steps/step2/Pages/Step_2_11.aspx# When he completes this he should look at what money he has coming in each month and minus his daily living expenses such as rent/mortgage, gas, electric, council tax, food, travel, etc. But you shouldn't include any payments to any debts at this stage. The money that is left over at the end of each month is the money available to pay the debts.

To find out more about his debts he should check all 3 credit reference agencies and then go from there. Credit files won't hold details of all debts (I.e. Student loans, parking tickets, etc.)

I hope that gives you a starting point - good luck with it all,

Laura
@natdebtline

Dobbibill

Loads on here http://www.vertex42.com/

You can do a debt reduction calculator with him.

And/or a personal budget.

I use the family budget one but there are so many to choose from so you should find one that is fit for purpose.

HTH

MEM62

waterbirthuser wrote: »

I am here to ask if anyone can point me in the direction of a spreadsheet that will help me establish all his debts.

Start with a pen and paper. The amount will add up to be the same. Once you know where/what the debts are you can work on your own spreadsheet.

owlet

Make sure you are working with him & he actually sits with you whilst you are going through everything. He needs to see how he got into debt and also the way to work his way out.

If you do it all out of sight, he won't learn. The debt free wannabe board is great for helping with budgeting. It would probably pay to introduce him to this website.

Starting with an SOA is a good way to show him his circumstances clearly.

DigForVictory

I'd suggest that once you've helped him get the numbers clear, that you then urge him to pick an ID & join the forum.

It can't be good for any of you to be clearing up after him?

An anonymous pack of strangers can dish out the unpalatable with much more thoroughness than even the most loving parent (although I note that grandparents ditch inhibitions as they age).

All the best moving forwards!

twiggy86

I agree that whilst I fully appreciate why you want to help, he needs to do this journey himself or he will never get anywhere.

rockm87

Hi!

what a great way to start, I wish someone would have sat down with me and taught me about budgets and planning when i was younger!

There is a wealth of knowledge on line about helping beginners or children (of all ages) about money and budgeting, so take full advantage of what is already on offer.

Spreadsheets are a good idea or one of the various 'apps' out there may keep him interested if he has access on his phone for computer. But pen and paper is a good way to start.

best of luck!