Help with debt, SOA included

dresdendave

How essential is you car? It's costing you over £200 per month whilst on a very tight budget. Could you walk or cycle to work or get a job nearer home and then do so?

I haven't had a car for over ten years now and don't really miss it. Virtually everything you need can be delivered and the occasional use of public transport or even a taxi is far cheaper than running a car.

Obviously this will depend on the individual's circumstances but many people just assume they need a car because "Well, everyone else I know has one."

19lottie82

Hi OP - from looking at your SOA it seems quite obvious that you can!!!8217;t afford to rent as a single person and run a car on your wage.

Your fuel bill isn!!!8217;t insignificant, and you total car related costs are taking up almost 20% of your monthly wage - how far do you need to travel to work each day.?

You need to increase your income (new job?) or decrease your out goings (house share or ditch the car?).

Wardee

Roughly 20 miles a day travelling to work 5 times a week which could be done by cycling but I also pick my son up once a week and drop back off which is just over an hours drive there and back so ~2.5 hours total a week. I could look at jobs closer to home allowing me to walk to work instead. I'd love not to own a car as all I seem to do is plough money into it

That's why I'm looking at trying a shared house, from looking around it looks as though I could halve my essential monthly outgoings that way but I'd need to wait a few months first for this contract to expire.

Soundgirlrocks

You could perhaps shave of £50 on the groceries - batch cooking, etc. I manage on £100 for me and the dog and eat very well, often with a little left at the end of the month for a takeaway treat.

Wardee

That's something I will look definitely look into, £100 with leftovers is impressive. Although £150 was more a rounded up figure as it can change easily but for this month the total spend on food is £113. I still think house sharing (when I can) is my best option to free up funds quickly then I can at least attack some of the debt with any spare money I have leftover.

Soundgirlrocks

Wardee wrote: »

That's something I will look definitely look into, £100 with leftovers is impressive. Although £150 was more a rounded up figure as it can change easily but for this month the total spend on food is £113. I still think house sharing (when I can) is my best option to free up funds quickly then I can at least attack some of the debt with any spare money I have leftover.

You would be surprised, planning helps and using less popular cuts of meat. The old school board is great and I recommend Jack Monroe Her blog is great for cheap healthy meals

ReadingTim

Where'd the debt come from in the first place? Specific things, or just living beyond your means? There's room to trim a little bit in your SOA, but the real problem is not that you're spending too much, it's that you're earning too little. Is that how the debt built up also?

Overtime from the current job is probably better than a 2nd job, but depends on how reliable it is: paying more tax on something that's certain is better than slightly less tax on something with is more variable. However, I'd be concentrating on a job which pays you more, rather than works you more.