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New Debt Free Wannabe Looking for help xx
rupali12
Posts: 5 Forumite
Hi all, Here's my Budget, the overspent is in mortgage and personal loans I have in Uk and India, I'm repaying them as per the installments on time but feels like never ending process 
Please help...
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,733.33
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 200.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Monthly Expense Details
In Your Home
Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.00
TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00
Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00
Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 90.00
Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Mortgage Palladium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.00
HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00
Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.00
Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
Debt Repayments
Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.00
Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 135.00
Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Savings & Investments
Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family
Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Clothes, Health & Beauty
Complementary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Education & Courses
University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One-Offs
Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.17
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.33
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.17
Odds & Sods
Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,933.33
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,212.33
Please help...
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,733.33
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 200.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Monthly Expense Details
In Your Home
Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.00
TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00
Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00
Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 90.00
Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Mortgage Palladium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.00
HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00
Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.00
Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
Debt Repayments
Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.00
Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 135.00
Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Savings & Investments
Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family
Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Clothes, Health & Beauty
Complementary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Education & Courses
University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One-Offs
Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.17
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.33
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.17
Odds & Sods
Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,933.33
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,212.33
Working on being Debt free Wannabe to Debt free:j
If not now, then when? If not you, then Who?:)
If not now, then when? If not you, then Who?:)
0
Comments
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Do you live alone? I assume from your outgoings you do. Is there an end date to any of your debts? Some things you could do short term to save money won't work as long term strategies (you can't go without buying new clothes forever) but if, say, the loan's term is up within a couple of years a bit of hard graft would help you stay on top of things.Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,733.33
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 200.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Monthly Expense Details
In Your Home
Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.00<- are you in contract? Can you shop around for cheaper?
TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 <- if you watch live TV, you ought to be paying this
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00 <- cleaner, or cleaning products? You don't need a cleaner, and you can definitely spend less than £10 a month on cleaning products.
Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00 <- are you actually putting this aside to save up for maintenance? Or do you just spend a tenner a month on random tins of paint and picture hooks?
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00 <- this seems really high, especially as you seem to be living alone
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00
Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00 <- if you are livnig alone, you've got the single person's discount?
Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00 <- generally it's worth separating out all your debts and including the interest rates and fees, to see which is hurting you most.
Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00 <- get a non-fee paying bank account!
Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 <-if you own a home, this is usually a condition of the mortgage, and worth getting anyway.
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00 <- why this, but no home insurance?
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 90.00 <- impressively low! Is this correct?
Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Mortgage Palladium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.00
HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00 <- if you park further from work/home is it cheaper? Bonus advantage: you won't need the gym membership any more!
Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.00
Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00 <- as well as the car?
Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
Debt Repayments <- would be easier if the overdraft and secured loan were here too, with interest rates, fees and terms.
Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.00
Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 135.00
Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Savings & Investments
Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family
Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Entertainment <- a short term solution means getting the spends down on these to basically 0. However, that's not sustainable indefinitely.
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00 <- what are you buying for fun? Is it stuff you can sell on ebay to pay more towards your debts?
Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Clothes, Health & Beauty
Complementary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00 <- Do you have any ongoing medical treatments that you can't get for free on the NHS? If not, cancel.
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00 <- Outdoors is free!
Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00 <- £300 a year on clothes. Is this right? Can you avoid it? Most adults can easily go a year with no spending on clothes just on the basis of what they've already got.
Education & Courses
University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One-Offs
Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.17
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 <- £600 a year on gifts. Does this sound right? You need to cut that right back; immediate family only, and cheap or homemade gifts for them
Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.33 <- I assume the £1k a year is to fly back to India to visit family there. Could you persuade them to visit you this year instead, and save that?
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.17
Odds & Sods
Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00 <- packed lunch time!
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,933.33
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,212.33
There's a lot of little cuts you can make, and some big ones that will work short term, but without knowing more about the debts it's hard to say how bare bones you want your budget to be.Mortgage
June 2016: £93,295
September 2021: £66,4900 -
Hi there,
There are some good tips above, and hopefully they will help. Your budget does seem quite muddled - I have tried to simplify it for you below based on what information you have provided in your original post:
Income Total - £1933.33
Essential Living Expenses
Mortgage - £550
Secured loan - £110 (assuming this is secured)?
Council tax - £80
Gas and Electric - £130
Water - £45
Life Insurance - £14
TV Licence - £0 (but is this right)?
Total - £929
Phones - £23
Travel Total - £238
Housekeeping
Food and milk - £90
Cleaning products - £10
Clothes - £25
Pet food - £20
Alcohol - £10
Total - £155
Other Expenses
Health - £15
Household maintenance (inc. gardener) - £20
Lunches/ Coffee - £15
Haircuts - £6.67
Hobbies (gym, cinema, 'shopping for fun') - £100
Other (holiday) - £83.33
Total - £290.84
Total income - £1933.33
Total outgoings - £1552.84
Surplus - £380.49
Debts:
Sofa - £4.17
Credit Card - £200 (is this the minimum payment or what you choose to pay)?
Personal Loan - £135
Overdraft - £12
Bank Account - £10
Total - £471
So your budget shows there is not enough surplus to pay your debts as you are at the moment, unless you cut back on some non essential spending such as holidays, gym, cinema, birthday budget etc. However, your budget also showed a self employed income - could this be increased? Are you putting money to one side for tax and national insurance? Do you have any business expenses not listed that could be affecting the figures listed?
I think doing a Business Budget Sheet from Business Debtlines website will help you keep track of things and whether you need advice about renegotiations with your debts or whether they could be manageable by cutting back on non essential spending and boosting your income perhaps through more self employed work. Good luck,
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
nkkingston wrote: »Do you live alone? I assume from your outgoings you do.
Is there an end date to any of your debts? Some things you could do short term to save money won't work as long term strategies (you can't go without buying new clothes forever) but if, say, the loan's term is up within a couple of years a bit of hard graft would help you stay on top of things.
There's a lot of little cuts you can make, and some big ones that will work short term, but without knowing more about the debts it's hard to say how bare bones you want your budget to be.
Yes I do live alone..now, with a little dog.(Recent change in circumstances, hence lot of arrears to be sorted)
I have just moved last week to little flat which includes water and internet so saving up better.
My debts are -
Personal Loan Bank - £3250 @25%
Bank Loan in India - £5000 @10%
Mortgage In India - £14000@10%
My credit rating is not good so can't get any more loan or shift these around.
Thank you, I will work through your suggestions, I think sometimes just talking through with someone makes a big difference x:AWorking on being Debt free Wannabe to Debt free:j
If not now, then when? If not you, then Who?:)0 -
National_Debtline wrote: »Hi there,
There are some good tips above, and hopefully they will help. Your budget does seem quite muddled - I have tried to simplify it for you below based on what information you have provided in your original post:
Income Total - £1933.33
Essential Living Expenses
Mortgage - £550
Secured loan - £110 (assuming this is secured)? Personal loan by bank.
Council tax - £80
Gas and Electric - £130
Water - £45
Life Insurance - £14
TV Licence - £0 (but is this right)?Yes No more TV
Total - £929
Phones - £23
Travel Total - £238
Housekeeping
Food and milk - £90
Cleaning products - £10
Clothes - £25
Pet food - £20
Alcohol - £10
Total - £155
Other Expenses
Health - £15
Household maintenance (inc. gardener) - £20
Lunches/ Coffee - £15
Haircuts - £6.67
Hobbies (gym, cinema, 'shopping for fun') - £100
Other (holiday) - £83.33
Total - £290.84
Total income - £1933.33
Total outgoings - £1552.84
Surplus - £380.49
Debts:
Sofa - £4.17
Credit Card - £200 (is this the minimum payment or what you choose to pay)?What I chose to pay, this will be paid up in 3 months.
Personal Loan - £135
Overdraft - £12
Bank Account - £10
Total - £471
So your budget shows there is not enough surplus to pay your debts as you are at the moment, unless you cut back on some non essential spending such as
holidays - essential as yearly trip to visit family abroad.
gym - contract to finish in August,
cinema - I do 2 for 1 (compare the market)but ok...
birthday budget etc.
However, your budget also showed a self employed income - could this be increased? Not enough hours for now.
Are you putting money to one side for tax and national insurance? Yes
Do you have any business expenses not listed that could be affecting the figures listed? [I]Hmm, I need to work on this.[/I]
Business Debtlines[/COLOR][/URL] website will help you keep track of things and whether you need advice about renegotiations with your debts or whether they could be manageable by cutting back on non essential spending and boosting your income perhaps through more self employed work.
Good luck,
Laura
@natdebtline
Thanks Laura, this is amazing. I will work through these and will update here.Working on being Debt free Wannabe to Debt free:j
If not now, then when? If not you, then Who?:)0
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