Another newbie - SOA included

Charaxes

Hi

Have been lurking around this site for a few days now, and have decided to get myself into a better financial shape than what I am in now.

I live in the North East, and I am still currently at home with my parents who are graciously letting myself and my hubby bunker down for next to nothing. We would love to move out as soon as we can, but I am taking their generosity while I can!

For the past year my husband has been out of work, he had just immigrated here and was finding it difficult to get work, so we were living on my wage which became a struggle due to the large loan payments I have each month (the bank saw a sucker coming).

My SOA stands as the following:

Monthly Incomings

Income - Me - £840 per month
Income - DH - £800 per month

Total - £1640

Monthly outgoings

Broadband - £18.99
Telephone - £15.00
Mobile phone (Joint) - £10.00
Car Insurance - £60.00
Pet Insurance - £11.00
Food - £80.00
Ciggies (Hubby) - £65.00
Booze - £40.00
Lunches - £30.00
Petrol - £80.00
Bus Pass - £65.00
Bits & Pieces - £20.00

Sub total - £493.99

The debt :sad:

LloydsTSB Loan - 11158.08 @ stupidly high %age - £341.86 (28 monthly payments left) £14000 original
LloydsTSB OD - £50 buffer
Asda CC - 964.62 @ 17.9 - 26.50 min payment Credit limit £1000
Bank of Mum - £1090 @0%
Bank of Granny - £390 @ 0% - need to pay off soon to stop the nagging

Sub total - £368.36

Total outgoing - £862.35

Admittedly this is a lot less than I originally thought, however I think because hubby has been out of work so long, and I have just had to shell out £250 to get my car brakes fixed and £100 at the vets all of these little 'extras' have been putting an extra toll on the purse strings.

I had been out of work for 4 weeks also, prior to this, so my bank account really took a beating. We only have the one current account, but 2 savings accounts. Do you think it would be worth having a second account for the money we can spend and one just for the bills?

Any advice or pointers in the right direction would be greatly appreciated.

madmoney_2

Hi There from your soa, u need to cut down on the booze, and your hubby needs to start smoking tobacco rather than ciggies, this has helped with my other half, as he is less inclined to smoke!! what are the bits n bobs? are your bills the cheapest around? have a look at uswitch.com to check, and get cash back thru quidco or a similar site. re the debts, u need to have a look at https://www.whatsthecost.com, and go on the snowball calculator to see the best way to tackle these. Can you transfer the cc to a 0% interest cc for now so ur not paying interest on it?
hope this helps
mm