Advice for clearing debts & saving

kegan5

Hello,

I'd like some advice from people on here... first and foermost my first need/want is to pay off outstanding debts and then continue to have savings... at the moment I don't save (bad I know)

I'll show you my finances I have worked out:

My income is £2300 a month (£800 of that is a tenant so not 100% reliable for long period)


£1,083.09 mortgage
£69 gym
£239 car payment
£146 council tax
£120 phone bill this month
£14.50 bank account fee
£85 Credit Card min payment
£10.95 TV License
£40 Virgin
£30 Grocery

Debts to be paid
Credit Card: £4300
Bank O/D £1500

There are also fee's with where I live
£750 owed at the moment
£1600 on finance


Without including the "what's owed...just monthly payments" I've worked out that it leaves a total of about £350


I have additional virgin boxes hence the £40 charge, the gym I use frequently as it's on my doorstep, Phone bill I have 2 contracts at the moment one is converting to PAYG in November


Any advice, Tips... I'm all ears

K

fiveyearplan

What's a virgin box?

kegan5

Virgin Media sorry that includes the internet & cable tv

Rikki

fiveyearplan wrote: »

What's a virgin box?

:eek::eek::eek:

You wait till SS gets here. :rotfl:

RAS

Hi

What is the bank account fee for?

What is the APR on your debts?

And you should have £462 per month left. That would pay off your fees in two months/ Where is it going?

And things are missing, car tax, insurance, clothees, going out etc?

Keep a spending diary to find out where stuff is going

kegan5

Car tax has been paid by parents for the year, insurance also.

Clothes I have so many I'm not buying any and I hardly go out

So to be honest I have no idea where it goes but like you advised from my next pay day i'm going to keep a diary to see exactly where it all goes

roxy7699

I would change to a bank account that isnt going to charge you monthy to use it and see if you can renegotiate the other mobile to include more mins so that it keeps the bill lower.
make sure your not just doing the minimum repayments

Conor_3

Get rid of the car, buy an old Mondeo for £500 with a years MOT and you'll have cleared nearly 3 of those debts before the MOT runs out just by using the money you'll not be forking out every month for a car.