SOA, all help appreciated.

skintstudent21

I am a full time student and still live at home with my mum. This is all monthly. Please be gentle.

Income:

Wages- £384 a month.

Outgoings:

Welcome Loan- £190
Mobile phone - £35
Capital one CC - £20 a month, Remaining amount £500
Barclaycard CC - £10 a months, remaining amount £350
Social life - £20 a week, so £80 a month.

I have done another post about using my Barclays 0% student overdraft to pay off my credit cards first. and ten get rid of them. then just paying that back monthly without the interest.

Sorry I don't know the APR at the moment.

I also get every four months £1400 student loan, £400 to my mum for my rent.

Also when I can I do student work t the university but not regular income. and I shall bits and bobs, so any spare money I either pay some extra off my loan, or put into my ISA.

CLAPTON

Its very confusing to run two posts at the same time especially if you give different information in the two posts.

However:
I would suggest you re-arrange your SOA like this ... it makes it easier for you to see the details

all monthly

Income

wages 384
student loan 350 (i.e. 3x1400/12 to give monthly figure)

total monthly income 734

spending all monthly

keep to mum per month 100
mobile 35
social 87 (20 per week x 52/12)

total 256

leaving 477 for debts (i.e. 734-256)

debts
cap one 500, APR???, min payment = 20
barcalycard 350, 19.9%, 10
welcome loan 3000, APR?? , 190

total debt = 3,850
monthly repayments = 220

so surplus per month = 257..

So where does all the spare money go?

a. firstly your SOA is probably an underestimate of what you really spend..e.g travel costs, food / drink at college, clothes, sports/hobbies/clubs, books newspapers etc etc and also what about annual or one off costs like presents, xmas, any holidays, any optical /dental/ medical etc.

Start to keep a spending diary to see where all the money is actually going and look carefully at all the annual and one offs... they are the ones that often just get out on credit cards... for these work out an annual figure and divide by 12 and put a line in your spending SOA (and in the future of course you are going to save up for these things so you don't need expensive loans or credit cards.


As I said on the other thread can't give advice about repaying the debts without the APRs and the loan details I outlined in that thread, because you want to pay off the most expensive debts first if possible.

How much do you have in your ISA? Its not worth having savings if you are paying high APR debts