Motivation and Advice welcome

autumn2012_2

Hi, Iv been on here on and off for ages and I am finally getting sorted. I lack motivation and Im looking for some advice too. Here is my SOA: I havent included food or travel or CC payments in my SOA

Salary: Husband: 1400
Me: 520
Benefits 200
Total: 2120

Mortgage: 343
CT 106
Water 50
Sky 38 (inc phone and broadband)
Phones 50
Car 220
Loan 200
Insurance 47
Wed Ring 41
Sofa 30
Dining Table 15
HMRC 50

Total:1190

CC:

Barclaycard 4000 0%
MBNA 1500 0%
Lloyds 500 25.9%

Car: 9400
Loan 6200
Sofa: 360
Dining : 75
Wedding Ring: 200

Pixie5740

It would be easier to give advice if you completed a full SOA as things like grocery shopping, travel and CC payments can make all the difference. It's difficult to tell at the moment if you have any money left over each month and a budget should include more than just the monthly bills (haircuts, Christmas, etc)

http://www.stoozing.com/calculator/soa.php

Playing_with_Fire_2

Good work on getting started again, it's common to have some false starts before you find your feet.

According to the SOA you have £930 before groceries and credit card payments. Does that sound right or are there expenses that you consider essential that aren't listed?

It looks like you have a lot of things bought on loans or hire-purchase (sofa, dining table etc). Due to your debt this needs to stop, after the debt is paid off then you will have more money available if you save up rather than buying on credit. Try freecycle or ebay before buying new.

With your (partial) SOA, I would pay the minimums on everything, and put everything extra towards the Lloyds credit card. It is both the highest interest and lowest balance, and you'll feel great with one less thing to think about. After that you need an emergency fund if you don't have one already - this is for a few months of essential spending or a repair that is necessary. This will help stop you getting into worse debt further down the line.

After that I would look at how long you have at 0% interest on the credit cards, and the interest rates and if it is possible to repay anything else earlier.

Well done on committing to sort this, I'm sure wiser people than me will be along soon with other tips.

autumn2012_2

To be honest - we spend about £300 on food, travel is around £100 and the rest goes on CC payments etc.. We get haircuts twice a year and Christmas normally goes on cc but this year I'm determined not to so a it of a paupers Christmas this year ��

rockm87

I agree, put together your statement of affairs to ensure you have a full scope of your money in and out.