Today I Have Stopped.....

Ignatius_A

livingbeyond wrote: »

Here goes SOA.

Income
My Income After Tax £1,850.00
Partners Income After Tax £675.65
Child Benefit £72.40
Child Tax Credits £42.13
Total £2,640.18

Outgoing
Mortgage & Insurance £750.30
Council Tax £121.00
Gas & Electricity £70.00
Water £26.34
TV Licence £10.99
Sky TV £44.00
Telephone & Internet £50.00
Account Fee £14.50
Car Insurance £31.28
Mobile Phone £10.00
Interest Free Loan £70.00 - 10mnths left
Groceries £200.00
Petrol/Diesel £120.00
Credit Cards £115.00
Daughters Savings Account £50.00
Car Loan 1 £96.00 - 46mnths left
Car Loan 2 £136.50- 36mnts left
Loan £218.00 - 60mnths left
Total Outgoing £2,120.91

Thanks

You forgot car maintenance, tax, mot. :rolleyes:

On your figures, you look like you have over £500 per month spare cash - though I guess you wouldn't be on here asking for help if that was the case - so I guess it's time to start keeping a spending diary to see where it all goes.

In terms of reduction, if you can move to the free sky broadband, you may be able to save some money on your phone/broadband bill.

You have an account fee of £14.50 - sure you have an overdraft, but this is a waste - check Martin's main site for details of the best current account for those with overdrafts.

Check out the "credit card shuffle" article on the main site too - you may be able to move some of your debts to a less expensive card - meaning that you could pay them off quicker.

Find out the interest rates on all your cards, loand and overdrafts. Use this information to help you decide which debt is costing you most, and target paying that one off first. Check out the "snowball calculator" to see the best order in which to pay things off. It can be found here:

http://www.whatsthecost.com/snowball.aspx?country=uk

Check out your entitlement to tax credits & other benefits. You may be surprised, even if you think you're not eligible. - especially if your daughter is in full time education. Child tax credits are paid to couples with joint incomes of around 50k or less:eek: . You can get a benefit check-up on the following site:

http://entitledto.co.uk

And well done on taking steps to get it all sorted :T

Roosh

Hi there.
Have looked through the figures, and unless I have missed something your outgoings are £2133.91. I reckon if these figures remain the same (not taking into consideration any other debt interest charges), you could repay the debt off in about 87 months.

It seems to me that your Sky, telephone and internet at £94 month are expensive. Have you thought of changing your suppliers? We have basic Sky package (whatever that is .. £20 something) Sky internet for any extra £5 and we use Toucan All-you-can at £9.95. (Doesn't include mobile calls etc) We also have to pay BT rental at about £35 per quarter. Is there any way you can reduce your travel costs?

At the end of the day you need to go through all your outgoings and see if there is a cheaper alternatives to help reduce debt.

Spirit_2

Hello:hello:

Well done for taking your head out of the sand and posting on here. You will crack it, and will get the best support and advice about managing your spending from the members of this site.

When you feel able, talk to your partner about what you have posted on here, there is no rush if you have not done this - it took me days. It does help to have both of you 'signed up' to the desire to be debt free.

Good luck, keep posting.