I want to believe I can do this!

beanielou

All sounding good

pidge04

Thank you for your comments - they have lifted me.

I did sign up for some surveys a couple of weeks ago but have nothing about them since. Very kind of you to share your top tips. I will look at these again.

Today was a non-spend day. I say that as though that was a choice I made. Actually there is no money left in my account!

I sent off a PPI complaint 2 days ago. I am supposed to hear before the end of May. Must not get my hopes up in case it is rejected.

monz

Valued Opinions is also very good xx

onedaysomeday

Well done on everything so far !

anna_1977

pidge04 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0 you have a car so should be in here

Monthly Income Details
Monthly income after tax................ 1445
Partners monthly income after tax....... 0
Benefits................................ 82.8 do you not claim and tax credits?
Other income............................ 0
Total monthly income.................... 1527.8

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 167
Rent.................................... 337.5
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 15
Gas..................................... 28.5
Oil..................................... 0
Water rates............................. 16.5
Telephone (land line)................... 30
Mobile phone............................ 17
TV Licence.............................. 7 TV licence is just over £12 a month, this needs to be increased
Satellite/Cable TV...................... 0
Internet Services....................... 0 is this included in your telephone cost?
Groceries etc. ......................... 70 sounds very low for a household of 2 adults and 1 child, less than £20 a week??
Clothing................................ 10 for a household of 3, again i think this is a bit low
Petrol/diesel........................... 40
Road tax................................ 2.5
Car Insurance........................... 26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 72
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0you absolutely must sort this out ASAP
Life assurance ......................... 0
Other insurance......................... 7.3
Presents (birthday, christmas etc)...... 30
Haircuts................................ 28 do you spend this every month?
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Professional Fees....................... 20
Total monthly expenses.................. 1032.3


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(167)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan ..........................6598.08...227.......0
Credit card 1 .................2695.45...70........0
Credit card 2 .................2369......60........0
Overdraft .....................750.......9.........0
Overdraft .....................1000......9.........0
Total unsecured debts..........13412.53..375.......-


Monthly Budget Summary
Total monthly income.................... 1,527.8
Expenses (including HP & secured debts). 1,032.3
Available for debt repayments........... 495.5
Monthly UNsecured debt repayments....... 375
Amount left after debt repayments....... 120.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,412.53
Net Assets.............................. -13,412.53

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Well done for addressing the issue

My comments are in red, i think you've really under estimated your costs on some things, have you gone through the last 6 months of statements and averaged out the monthly costs?

Please do check whether you are entitled to benefits, i'm pretty sure on an income of yours you would be. Can your partner not work at all?

Good luck

pidge04

Thank you for your comments on my SOA anna _1977.

In response to your queries, I didn’t put my car in number of cars owned as I don’t own it - I pay monthly for it on a finance plan.

No I don’t claim any benefits etc. My husband earns £2000 a month so I wouldn’t think I am entitled to anything.

We split the bills down the middle so that’s why I have put £7 for my share of the TV license.

We pay £60 a month for the basic phone cost and internet.

For the groceries - I pay for 1 out of the 4 grocery bills a month. My husband pays for the other 3. I spend about £60-70 when it’s my turn. I shop in Aldi and Lidl.

I haven’t bought many new clothes for myself for a few years.
My mum tends to buy clothes for my child. We both have capsule wardrobes to be honest.
If I get any travel expenses in my pay, I tend to use those to buy clothes or shoes for us.
My husband buys his own clothes from his salary.

I do not really want to divulge details of my two different kinds of hair appointments here. I am afraid it will not be clear from my description but yes, 28 was the monthly cost when I worked it out across the year. I used to have my hair cut at a local training college for £7 but that is not possible now I work full time unfortunately. I have increased the length of the appointments from 6 to 8 weeks.

My monthly outgoings have been extremely predictable for the last year since I have been paying such close attention to them.

I hope that answers your comments.

Yes, my husband works full time. Our finances have always been quite separate. He spends much more on food than I do. He pays when we go out for coffee.

pidge04

Got my payslip today ahead of pay day tomorrow. It is up £15 a month so that is good news. It was a rubbish day at work.

Today was a no spend day. I have a pound in my purse which I found down the sofa.

pidge04

I see my total debt has decreased to 13,184.48 since I did my SOA a few weeks ago.
So next month, it will be under 13,000. Crazy sum of money.

pidge04

I!!!8217;m also struck how my life is quite frugal (despite the £336 a year spend on my various hair appointments) now. Clearly, amassing a debt of 13,184 did not come about from living a frugal lifestyle. I must address my story and previous attitude to money and credit in a future post.

LexieLou

Hello, just popping by to say Hi....

I'll join you on your road to financial freedom xx