help

debt247

Please kindly suggest budget options. Would like to become debt free but also fed up of struggling monthly.

[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2300

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 400
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 10
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 200
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 80
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 100
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1720


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1700.....(400)......0
Total secured & HP debts...... 1700......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
bank loan......................40000.....200.......9
other loan.....................3000......300.......0
Total unsecured debts..........43000.....500.......-


Monthly Budget Summary
Total monthly income.................... 2,300
Expenses (including HP & secured debts). 1,720
Available for debt repayments........... 580
Monthly UNsecured debt repayments....... 500
Amount left after debt repayments....... 80

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -1,700
Total Unsecured debt.................... -43,000
Net Assets.............................. -41,700

[/tt]

Smodlet

£200 per month for a mobile phone? Where are you calling, Mars? I'd start there... with the phone cost, not on Mars.

theoretica

debt247 wrote: »

Mobile phone............................ 200
Is this a typo?

Groceries etc. ......................... 200
For how many?

Clothing................................ 50
If you cut to zero how long before you really got into trouble?

Other insurance......................... 100
Seems high, what is this for?

If that mobile isn't a typo I think it may be an easy target.

debt247

Smodlet wrote: »

£200 per month for a mobile phone? Where are calling, Mars? I'd start there... with the phone cost, not on Mars.

Thank you. Sadly not typo

debt247

Thank you for your suggestions
Mobile is 4 contracts. Groceries for 1.
Could cut clothes down to zero.
Additional info: living in houseshare with one other person.
I am 31, living in North East.
Main debt is loan from bank as a student.

livetoclimb

How can you possibly spend this much on a phone?! Definitely a good place to start reducing your outgoings...

McKneff

1 person x4mobilephone contracts, someone is taking the pxxxx out of you.

Look through your own SOA and apply common sense....

debt247

Does anyone know of any way to cancel a contract with EE? Its 24 month contract with 12 months left

redpete

You need to explain how you have ended up with 4 mobile contracts.

The good news is that in 5 months you will have paid off the hp and will have an extra 400 a month to put towards the other debts.

mrsbee17

Mobile phone(s) aside, I think £200 a month for one person is a lot! Do you shop at Aldi/Lidl? We switched to Aldi and have saved loads, regardless of that, even if you shop at Sainsburys or whatever it shouldn't come to £200 a month - I think there are more savings to be had here.

yasmin2

With the mobile phones, if you have two/more with the same provider any chance that you could call and try and get them to combine them onto a lower cost package? Sell the phones you don't use? £200/month is a lot for mobile phones.

Food can be cut down much further, even halved for a person of one.

Good luck!!