Fed up

babes21

Hello everyone, thought i'd start a online diary, if anything it's so i can keep track of things and maybe a little something to motivate myself as i'm feeling a little bit down at the moment.

So a little bit about myself......

I'm 22 and live at home with my parents, i work as part of the government although our office is to be closed at the end of next year as the work is being redirected. At the moment there is a lot of pressure on as i'm in the process of learning a new role and this will be my final chance to complete things, (in just two weeks :eek: ) else then i'll get a oral warning and my job won't be 100% secure. That's what you get when you work for someone for four years eh . I'm not happy there at the moment and haven't been for a while,time for a new challenge. Although finding a suitable job is sooo hard and i've lost any motivation so need to get back into that.

Anyway moving onto the next part. I'm looking to save as much as i can for the future, mainly towards my first property. I know i "waste" money and want to cut back on all those impulse buys and junk in which i do not need.

Here's my monthly SOA:

Incoming:

* £950 per month

Outgoings:

* £120 - rent to parents
* £20 - internet connection
* £35 - mobile phone (started the contract in April)
* £20 - Capital One (have a balance of £180, with quite a high apr,trying to clear this off ASAP so will budget for the rest of the month and will try to pay it off in full then)
* £20 - Studio (balance of around £200, the balance never seems to go down as they take a service charge of almost half of what you pay each month, as above trying to clear this asap)
* £40 - Travel to work
* £100 - Clothes
* £100 - Socialising
* £60 - Cigarettes (cut down quite a lot and am looking to quit)
* £50 - Lunch and snacks at work (this is another problem area, may start taking packed lunches and cut all the snacks out and take it from home instead)

Total = £565

Remaining: £385

Obviously the remaining depends in what i'm doing that month, i.e. weekend away, parties, birthday presents etc.

I have an ISA account and am looking to put more into that monthly. I bought a pink pig money bank from Clintons yesterday and have started putting all my spare change in their, 20's, 50's, £1's, £2's etc, then when it's full i will then transfer it into my bank savings account.

I know whre i'm going wrong, lunches, magazines, nights out with the bf where sometimes i feel i contribute to a little more,even though he earns a fair amount then i do. Just needed this for a little kick me up the bum .

This weekend i shall be having NSD's, continue job searching and listing things onto ebay where i already have 10 people watching .

Sorry for the rambling and if anyone as got this far then well done :T.

findingmyownway

babes21 wrote: »

Incoming:

* £950 per month

Outgoings:

* £120 - rent to parents this is cheap - make the most of a good financial situation while you can - if you get used to being in debt while having such little bills you are really going to struggle when you have rent and bills to pay.
* £20 - internet connection
* £35 - mobile phone (started the contract in April) after 3 months you can usually switch to a lower line rental, even midcontract
* £20 - Capital One (have a balance of £180, with quite a high apr,trying to clear this off ASAP so will budget for the rest of the month and will try to pay it off in full then)
* £20 - Studio (balance of around £200, the balance never seems to go down as they take a service charge of almost half of what you pay each month, as above trying to clear this asap) find out which of your CCs has the highest APR (taking into account this service charge) and pay that off first
* £40 - Travel to work
* £100 - Clothes
* £100 - Socialising a lot of money on clothes and socialising. if you had a 'detox' month on these you could pay off a whole CC
* £60 - Cigarettes (cut down quite a lot and am looking to quit)quit quit quit NOW for your health and your wallet. what more is there to say?:rolleyes:

* £50 - Lunch and snacks at work (this is another problem area, may start taking packed lunches and cut all the snacks out and take it from home instead) yep packed lunches will save you a fortune

Total = £565

Remaining: £385

Obviously the remaining depends in what i'm doing that month, i.e. weekend away, parties, birthday presents etc.

I have an ISA account and am looking to put more into that monthly. I bought a pink pig money bank from Clintons yesterday and have started putting all my spare change in their, 20's, 50's, £1's, £2's etc, then when it's full i will then transfer it into my bank savings account.

I know whre i'm going wrong, lunches, magazines, nights out with the bf where sometimes i feel i contribute to a little more,even though he earns a fair amount then i do. Just needed this for a little kick me up the bum .

Welcome and well done :beer:

It sounds like you know where you are going wrong. Why don't you try keeping a spending diary for all those 'one off' magazines, cappchinos etc - once you can see how much they all add up to it might help you cut back.

You credit card debts are small and can be cleared quickly with a bit of effort. Instead of putting small change in savings you should really clear the debts - read Martin's artcile on "using debts to pay off savings" for more info. The gist of it is you pay more interest on debts than you earn on savings so in 99% of cases you should use savings to pay off debts.

You have £385/month unaccounted for. You really should be paying far more than the minimum payments on your CCs. With a decent budget you could even clear one a month and be debt free by xmas!!

Angel11_2

Hi Babes21

People with a lot more experience than me will be along shortly if not tomorrow due to the Blackpool meet.

Things that stand out for me are

1. Clothes £100 - do you really spend this every month? cut down for 2 months and thats your Capital One card paid off

2. Cigarettes £60 - if you must smoke (i gave up 3 yrs ago and know how hard it is) - go onto roll ups. Cheaper and you will smoke less

3. Socialising £100 - again - cut this down - pay off £50 to studio on top of your £20 payment already and that will be gone quicker too.

4. Yes agree with taking packed lunches - will be cheaper than shop brought sandwiches.

I think just by making a few cut backs for next 2-3 months and then you can start the new year afresh. Keep a spending diary for next 2 months and you will be all clear if you put some extra into you outgoings.

Can't really advise on the job front. Forget you purse a couple of times when you go out with boyfriend, if he says anythink just say you're saving up for his crimbo present.

Good luck

Angel :A

postingalwaysposting

babes have no 'real' advice but just to say i shall be reading with interest

babes21

Thank you both for your replies, both appreciated.

In reply to some of your questions:

* Clothes - £100 a month was just a estimation, sometimes it could be more, other times less, just depends on the situation i guess. I've sorted through my wardrobe this weekend and i simply don't need any more new clothes for at least a couple of months or so, that will go to paying off one of my debts.

* Cigarettes - Really am looking to quit, shall make an appointment with my doctor next week.

* Socialising - I used to spend at least 3x the amount, but cut it down dramatically and only go out every other weekend. My bf works shifts (he's a police officer) so don't really spend too much as when we do go out he tends not to drink and drives instead, which obviously saves on taxi's etc.

* Mobile phone - Thanks for that findingmyownway, shall contact them and see if i can get a better deal as at the moment i get 1000 free texts per month and 7 hours calltime. I tend to use up all my texts and can sometimes go over the limit and have quite a lot of calltime left.

My challenge for this month is to pay off the credit card and the following month studio, at least that way i can concentrate on putting more into savings.

Finding a more secure and better job wouldn't be too bad either

pania

Hello babes!!:hello:

babes21 wrote: »

At the moment there is a lot of pressure on as i'm in the process of learning a new role and this will be my final chance to complete things, (in just two weeks :eek: ) else then i'll get a oral warning and my job won't be 100% secure. That's what you get when you work for someone for four years eh . eep!! so much for loyalty hey!!:eek:

I know i "waste" money and want to cut back on all those impulse buys and junk in which i do not need. Do you run a spending diary? if not the get one going! cover it with a photo of your biggest goal, (such as a house?) to keep you focused

Here's my monthly SOA:

Incoming:

* £950 per month how about some mystery shopping or a bar job? i think you'd enjoy it, i know i did!

Outgoings:

* £120 - rent to parents
* £20 - internet connection Do the parents benefit from this to? if so can they pay a little also?
* £35 - mobile phone (started the contract in April)Do you use it enough to justify the £35, would you be better dropping the contract to it's lower level?
* £20 - Capital One (have a balance of £180, with quite a high apr,trying to clear this off ASAP so will budget for the rest of the month and will try to pay it off in full then)
* £20 - Studio (balance of around £200, the balance never seems to go down as they take a service charge of almost half of what you pay each month, as above trying to clear this asap) what is studio? Is your credit rating sufficient that you can get yourself a low life of balance card which is lower than both cap 1 and this studio charge? transfer both balances onto it and you should start to see that amount redcuing.
* £40 - Travel to work
* £100 - Clothes:eek: honey if you want to cut the debt and save for your house this has GOT to be lowered, sorry:o and this is before your surplus of £385 is eaten up.
* £100 - Socialising As above, where does the extra £385 go if you are spending £200 on clothes and going out?
* £60 - Cigarettes (cut down quite a lot and am looking to quit)Quit when you are ready to, with all the stress you have at the mo you may find quitting hard. Try to just buy a packet of 10 and make them last longer, use sugar free lollipops to imitate the hand to mouth action adn give your hands something to do. My ex found this really good when giving up, but what about roll ups instead, much cheaper.
* £50 - Lunch and snacks at work (this is another problem area, may start taking packed lunches and cut all the snacks out and take it from home instead)used to work at canary wharf and the amount i spent each day was horrifying!! put it into the demotivator and you'll see what i mean, pack up MUCH cheaper!!

Total = £565

Remaining: £385

Obviously the remaining depends in what i'm doing that month, i.e. weekend away, parties, birthday presents etc.ok this is where your issue is i believe, you need to work out where this is going. Re the ISA pop into it £250 as soon as you get paid and give the pass book to mum or a trusted friend.The first month, pay your Cap 1 card off and pop the rest in the ISA, then destroy or freeze (really freeze, in a bowl of water, in the freezer:D ) the credit card This will leave you with a budget of £285 per month after the first month for clothes, socialising and fun stuff. This may seem a bit :eek: but that really will go soooo far if you are savvy with it. I'm sure your wardrobe is full enough for the relatively short time it will take to get your debt under control.

I bought a pink pig money bank from Clintons yesterday and have started putting all my spare change in their, 20's, 50's, £1's, £2's etc, excellent idea!:T
I know whre i'm going wrong, lunches, magazines, nights out with the bf where sometimes i feel i contribute to a little more,even though he earns a fair amount then i do.yup.:D Sorry for the rambling and if anyone as got this far then well done :T.

you sound asthough you have focused and know what you need to do. will look forward to keeping up with your exploits and efforts. you're really in the best place babes, hood luck and big hugs. xx

babes21

postingalwaysposting wrote: »

babes have no 'real' advice but just to say i shall be reading with interest

Thank you hun xx

babes21

pania wrote: »

Hello babes!!:hello:





you sound asthough you have focused and know what you need to do. will look forward to keeping up with your exploits and efforts. you're really in the best place babes, hood luck and big hugs. xx

Thank you for your reply, what you said made a lot of sense and it is appreciated.

Internet connection - We have connection downstairs and my own upstairs, i had to pay seperately for this as it wouldn't allow to run both ways without a seperate connection being installed.

I "did" keep a spending diary, although have been a bit slack of it as late. As from next week (as today and tomorrow will be NSD) i'm going to write down every amount in which i spend. This helped before and i cut down on quite a bit that way as i realised what i was spending a load of cr*p on daily, which of course all adds up.

findingmyownway

babes21 wrote: »

Thank you both for your replies, both appreciated.

In reply to some of your questions:

* Clothes - £100 a month was just a estimation, sometimes it could be more, other times less, just depends on the situation i guess. I've sorted through my wardrobe this weekend and i simply don't need any more new clothes for at least a couple of months or so, that will go to paying off one of my debts.

* Cigarettes - Really am looking to quit, shall make an appointment with my doctor next week.

* Socialising - I used to spend at least 3x the amount, but cut it down dramatically and only go out every other weekend. My bf works shifts (he's a police officer) so don't really spend too much as when we do go out he tends not to drink and drives instead, which obviously saves on taxi's etc.

* Mobile phone - Thanks for that findingmyownway, shall contact them and see if i can get a better deal as at the moment i get 1000 free texts per month and 7 hours calltime. I tend to use up all my texts and can sometimes go over the limit and have quite a lot of calltime left.

My challenge for this month is to pay off the credit card and the following month studio, at least that way i can concentrate on putting more into savings.

Finding a more secure and better job wouldn't be too bad either

That all sounds great - you really CAN pay off both these cards quite quickly with a bit of sensible thought.

By the way - if you only go out every other weekend but are spending £100 month that equates to £50/per night out. Pretty standard i guess, but there are ways to reduce it. Maybe try saying you are on a health kick to reduce the alcohol - or volunteer to drive when you out with friends on the condition they buy your (soft) drinks.

I know its hard, i'm a 24yo girl so i know what its like but you are moving in the right direction - sometimes i wish i was better at practising what i preach!!!

babes21

findingmyownway wrote: »

That all sounds great - you really CAN pay off both these cards quite quickly with a bit of sensible thought.

By the way - if you only go out every other weekend but are spending £100 month that equates to £50/per night out. Pretty standard i guess, but there are ways to reduce it. Maybe try saying you are on a health kick to reduce the alcohol - or volunteer to drive when you out with friends on the condition they buy your (soft) drinks.

I know its hard, i'm a 24yo girl so i know what its like but you are moving in the right direction - sometimes i wish i was better at practising what i preach!!!

Unfortunately i don't drive , although if i go out with my bf he tends to drive so it isn't so bad. As for the alcohol, i'm such a lightweight at times and don't drink too much, so god knows how i end up spending so much. The cost of drinks in bars/clubs have become so expensive :eek:.

I'm determinded to get those debts paid off, my total debt amounts to £400 which i know isn't too much but it's a debt all the same and what i pay each month what with the interest etc could go into savings instead.

chloebelle

you sound so like me, I will be following your progress!

also live at home, people think therefore it must be easy to get debt-free but it isn't. I share many of your problems e.g. clothes buying. I work in a clothes shop which is terrible!!!

I think there is laods of potential for you to cut down, here are some of my thoughts, inspired by my own recent cutting down:

1. Lunches - I hate sandwiches but not buying lunch saves so much money. I am lucky to work in a place with a toaster and microwave so beans on toast for me!!

2. Clothes - this is tough and I appreciate that. Why not set yourself a weekly budget, including say £10 clothes savings. Then if you have managed to put this money aside properly, at the end of the month you can say 'hooray, I've budgeted £40 to go and buy myself some clothes!'. Every time you pick up an item of clothing, mentally picture a huge pile of debt letters with your name of them....:eek:
I have been doing this for the past 3 weeks and haven't bought a thing!

3. Spending £100 a month on clothes must mean you have loads of them. Spend a few hours looking at every item you own and have a strict clearout. I bet you have items still with tags on, only worn once etc....
EBAY THEM ALL! I made £240 last month on ebay - that could be your capital one card cleared!!

4. smoking - quit or move to roll ups. If this is impossible, buy a reasonable weekly supply monday morning, if you smoke them all by wednesday then TOUGH!!

5. Your spending seems a little vague - write down everything you spend, even silly things, I'm sure you'll find lots of silly little purchases that can be cut out.

good luck!!