Want to get myself on track

turningmylifearound

Hi guys,

I've been racking up the confidence to do this for a while now... Here's my story. I'm 22s year old, currently on a salary of £30,000. I'd say I'm pretty good to myself - I have plenty of money to spare, but I seem to splash it on a load of nonsense.

I completed a SOA so you can see my position in terms of my outgoings. My rent is quite high, but this is the case until the middle of next year. My phone bill is the same, but my contract isn't up until October 2016 - though I have plans to keep the same phone and go sim-only thereafter. I have a couple of credit card debts, which I pay over and above the minimum - I'm currently paying £60 on my barclaycard, which has a minimum payment of ~£40, and I pay £25 on my HSBC, which has a minimum of ~£5. My barclaycard is 0% until the end of June, and my HSBC is 0% for about another year yet. My plan is to save (I aim for £700/month, but never make it...) enough so that I can keep paying these amounts and pay the rest off in full as and when the 0% is up.

I seem quite organised, but I just never seem to save anywhere near as much as I want to please drum some sense into me, thanks.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1850.64
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1850.64

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 483.34
Management charge (leasehold property).. 0
Council tax............................. 72
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 67.98
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 11.33
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 754.65


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
Barclays.......................1760......40........0
HSBC...........................495.......5.........0
Total unsecured debts..........2255......45........-


Monthly Budget Summary
Total monthly income.................... 1,850.64
Expenses (including HP & secured debts). 754.65
Available for debt repayments........... 1,095.99
Monthly UNsecured debt repayments....... 45
Amount left after debt repayments....... 1,050.99

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,255
Net Assets.............................. -2,255

grumbler

turningmylifearound wrote: »

... please drum some sense into me

MSE money mantras card: Stop spending when you shouldn't

Personally, I don't need it, but who knows, it might help you.

Good for you that you realised at last that it's madness to waste £800 p.a. on a mobile toy.

Your energy bill is surprisingly low. Why do you not pay for water? No TV?