back again

flukeas

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0 (2 kids though)
Number of cars owned.................... 1


Monthly Income Details
Monthly income after tax................ 2800

Total monthly income.................... 2800


Monthly Expense Details
Rent.................................... 480 (includes elec/water ect)
Mobile phone............................ 160. (2 phones one for kids
Groceries etc. .........................500 I never spend this much and put excess on
Clothing................................ 20
Petrol/diesel........................... 100. (used to drive to vist kids)
Car Insurance........................... 80
Car maintenance (including MOT)......... 0 (im an engineer can do myself)
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5 (done every six mnths)
Entertainment........................... (comes out of grocery money)
Holiday................................. 0
Emergency fund.......................... 20
gym.........................................60
laptop hire...............................60
Total monthly expenses.................. 1495


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 15000



Unsecured Debts
Description....................Debt......Monthly.. .APR
cc................................8000......300.........14
tax................................7000......200.........0
overpayment...................8700......100........0
car repairs......................1500.......100.......0

Total unsecured debts..........25200......700.......


Monthly Budget Summary
Total monthly income.................... 2800
Expenses (including HP & secured debts). 2195
Available for debt repayments........... 605

ive been before and though I was getting on track but after finally getting a chance to do back taxes ive learnt I was overpayed and my debts are a lot more than planned.
this is a new budget, hopefully by writing it down I stick to it, I will be restarting a spending diary hoping to get back on track.
obviously all extra money goes on cc due to the apr.

andyfromotley

flukeas wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0 (2 kids though)
Number of cars owned.................... 1


Monthly Income Details
Monthly income after tax................ 2800

Total monthly income.................... 2800


Monthly Expense Details
Rent.................................... 480 (includes elec/water ect)
Mobile phone............................ 160. (2 phones one for kids This is a lot. Get this down if you are in a contract when it comes to the end of it do not get new phones just keep the ones you have and go on sim only for about £15 pcm?)
Groceries etc. .........................500 I never spend this much and put excess on Do you spend more or less than this? its a lot on food and could probably be done for about £300 pm with no real impact at all.
Clothing................................ 20
Petrol/diesel........................... 100. (used to drive to vist kids)
Car Insurance........................... 80 Seems high £960 per year. Drive it down at renewal.
Car maintenance (including MOT)......... 0 (im an engineer can do myself)
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5 (done every six mnths)
Entertainment........................... (comes out of grocery money) You need to seperate these two so you can control your spending properly
Holiday................................. 0 Really? No holiday?
Emergency fund.......................... 20 I would probably build this up a bit faster till you get to £1k
gym.........................................60 Not a lot in the scheme of your SOA but quite a lot for a gym. How often do you use it? What facilities are you using? Could you join one of these cheap gyms, or a running club?
laptop hire...............................60 Whats this? I can almost guarantee that this is a terrible deal!!
Total monthly expenses.................. 1495


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 15000



Unsecured Debts
Description....................Debt......Monthly.. .APR
cc................................8000......300.........14
tax................................7000......200.........0
overpayment...................8700......100........0
car repairs......................1500.......100.......0

Total unsecured debts..........25200......700.......


Monthly Budget Summary
Total monthly income.................... 2800
Expenses (including HP & secured debts). 2195
Available for debt repayments........... 605

ive been before and though I was getting on track but after finally getting a chance to do back taxes ive learnt I was overpayed and my debts are a lot more than planned.
this is a new budget, hopefully by writing it down I stick to it, I will be restarting a spending diary hoping to get back on track.
obviously all extra money goes on cc due to the apr.

Hi fluke,

youre not in a bad situation and are making headway on your debt. Please see my additions to your SOA. You dont have to change anything unless you want to but obviously any changes will help. Just a few thoughts.

1. Can you switch the rest of your debt to 0%
2. I would build up EF quicker. I know it means less on interest bearing debt but get it done, put it away and forget about it.
3. Keep chipping away at it you'll get there soon.

andy.

bexster1975

Hi fluke

Andy has given you a very thorough breakdown. I must agree about EF and laptop hire. If you find another £200 just by reducing food shopping ( and if it's really only you that you feed, you could do better than £300 on groceries a month if you really try) that will give you just over £800 extra a month. If I were you, I would buy me a laptop and save another £60 a month with the first months excess cash then put the £860 the next month into EF ( which will make your EF about £900 depending on how long you have been putting £20 a month away). That way, after two pay days you will have about £860 a month to pay to debts. This doesn't take account of any decrease in mobiles, gym membership, decreasing car insurance etc. which you can do when contracts end so increase overpayment. Even assuming you don't increase your OP from this level, it would take a little over two years to pay the debt off completely. I'm certain with a bit of work you could add another £200 a month to your OP when you renegotiate the contracts mentioned.

Good luck, you will get there

Bexster

Muhren

What jumped out at me was, do you need to drive such an expensive car with your level of debt?

flukeas

phones are on a two year plan, they are the only carrier with reception where we live remotely. (outback Australia).
the laptop is on plan for another 8 months, costs more to break contract than let it play out, end of contract I own laptop.
my holidays are visting the kids, hence why petrol is so high, the live 500 ks away(250miles) I cant live closer atm due to my work and visting less isn't an option.
cause of my debt they wont give me credit transfer to 0% however every few months I ring and ask for an interest break and they lower it to 10% for 3 months. not much but it helps!
groceries, as we live remotely groceries are higher in cost, esp fresh produce, I never spend the 500, normally only 300 including entertainment (odd lunch with friends) the 200 extra goes on cc normally
gym is the only one where I live, I had to join for rehab to do the excercises, not using so much now, expires in 4 months and I wont renew.
the car I have considered selling it and getting a cheaper car but I live remotely and really need the sercurity of a safe reliable vehicle. plus I do a lot of ks (500 plus miles a week).
I know I make to many excuses lol.