Newbie! My SOA

Katerz

So here goes...

Monthly Incomings:
My salary - £1,120.
2nd job - £216.50 (Based on £50 at least a week - depending on how many hours i work times 4.33)
Total - £1,336.50

Monthly Outgoings:
Rent and household bills - £425 pcm - I live with my friend and we both out £425 into a joint account.
This includes: Rent, Gas, Council Tax, Electric, TV License, Sky and insurance
Food: £ 60.00
Internet: £ 27.00 - Currently looking into changing from wanadoo to BT
Mobile contract £ 52.51 - Tied in until March
Laptop insurance £ 8.49 - A must as very clumsy Fiance decided to spill water in it whilst drunk after only having the laptop a month! Thank god for the insurance!
BT phone £ 39.00 - This includes payment of line installation and call package £11
Train ticket for work £156.70
Mobile insurance £ 7.99

Debts:
Virgin credit card: £2,039.04 29.9% apr paying £50 a month
Virgin Loan: £5,382.56 6.9% apr paying £151.68 a month

Total outgoings: £978.37
I am constantly in my £400 overdraft and can't seem to shift it.

Kate

Lemon_Tree

good luck Kate i'm sure people more qualified than me will be around shortly to help you with your soa. but you are in the right place.

SunderlandBlackCat

Welcome to the board.

I'm rubbish at helping with SOA's but 1 thing that leapt out at me there was that you're paying more for laptop insurance than I pay for all my contents which includes cover for both my own laptop & works laptop.

riddlesticks

Katerz wrote: »

Monthly Incomings:
My salary - £1,120.
2nd job - £216.50 (Based on £50 at least a week - depending on how many hours i work times 4.33)
Total - £1,336.50

Monthly Outgoings:
Rent and household bills - £425 pcm - I live with my friend and we both out £425 into a joint account.
This includes: Rent, Gas, Council Tax, Electric, TV License, Sky and insurance
Monthly Outgoings Thats not bad
Food: £ 60.00 You could probably cut back. Do you shop at the cheaper shops? Try make things from scratch.
Internet: £ 27.00 - Currently looking into changing from wanadoo to BT This is really high. You could probably get this for a lot cheaper.
Mobile contract £ 52.51 - Tied in until March OMG! How much. Make sure you get a better deal in March. Dont get wowed by a million free texts and a squillion free landline mins (off peak). Think about how much you would really use your moby.
Laptop insurance £ 8.49 - A must as very clumsy Fiance decided to spill water in it whilst drunk after only having the laptop a month! Thank god for the insurance! And Fiance should have bought you a new one me thinks. He should at least pay for the insurance. LOL
BT phone £ 39.00 - This includes payment of line installation and call package £11 - This is a lot. You could get a cheaper deal with several other companies. You need to shop about for this. Combine your internet and this and see can you save money by having a package.
Train ticket for work £156.70 Geez! Have you checked to see if there is any way you can get it cheaper. Im sure there may be some advise on the Travel page of this website or on the Travel forum. Just ask someone and you never know there may be a way.
Mobile insurance £ 7.99 Again why are you paying £7.99 - Its a waste. If the company wants to keep you they will offer you a brand new phone in March. And TBH you can pick up mobys for next to nothing these days. CANCEL
Debts:
Virgin credit card: £2,039.04 29.9% apr paying £50 a month Increase to £250 until paid off. It should probably on take a year.
Virgin Loan: £5,382.56 6.9% apr paying £151.68 a month
Total outgoings: £978.37 This should leave you with £358.15. Where is this money going? You could save money above and prob bring your money left over to £400/month. I presume you still want to have a life so why not try living off £150/£200 a month on going out and clothes and use the rest to pay off your CC.
I am constantly in my £400 overdraft and can't seem to shift it.

Kate

You need to budget your money. Work it out every month. Put a little bit aside for just in cases, birthdays and Christmas etc. Then work out what you are going to do with the rest. Dont give yourself a generous amount of money to spend. Think about you debt and you could pay the CC off in a year! Once that is paid think about clearing your OD and overpaying on your loan. You can do it if you really try. Good luck.

poppy_f1

who are you with for the mobile? cos orange do free/cheap bb and O2 are beginning to do the same

Katerz

Thanks for the replies they've really helped and i'm gonna look into the insurances.

I'm with 02 for my mobile. Can't wait till march when i can change the contract. My friend works for a phone company so is gonna do me a good deal.

Scarlett.1974

Katerz wrote: »

So here goes...

Monthly Incomings:
My salary - £1,120.
2nd job - £216.50 (Based on £50 at least a week - depending on how many hours i work times 4.33)
Total - £1,336.50

Monthly Outgoings:
Rent and household bills - £425 pcm - I live with my friend and we both out £425 into a joint account.
This includes: Rent, Gas, Council Tax, Electric, TV License, Sky and insurance I know you're paying a set amount to cover all these, but it might be worth looking at these outgoings on an individial basis - there's often great scope for money saving for gas & electric and insurances - check out uswitch, confused.com and then quidco.com for cashback. Would save your friend money too!
Food: £ 60.00
Internet: £ 27.00 - Currently looking into changing from wanadoo to BT - definitely change this. I see you have sky - we get our (superfast) BB from them for £10.00 a month
Mobile contract £ 52.51 - Tied in until March - ouch! Can you not reduce your package down until March? Orange have just let me do this, saving me over £20 a month. Then be very strict with yourself over what calls are absolutely essential.
Laptop insurance £ 8.49 - A must as very clumsy Fiance decided to spill water in it whilst drunk after only having the laptop a month! Thank god for the insurance! - is this not covered on your house insurance? I know ours is, on accidental damage.
BT phone £ 39.00 - This includes payment of line installation and call package £11 - that's a hell of a lot, our 1/4ly bill isn't much more than this!
Train ticket for work £156.70
Mobile insurance £ 7.99 - cancel it, waste of money.

Debts:
Virgin credit card: £2,039.04 29.9% apr paying £50 a month
Virgin Loan: £5,382.56 6.9% apr paying £151.68 a month

Total outgoings: £978.37
I am constantly in my £400 overdraft and can't seem to shift it.

Kate

Hi Kate and welcome :wave:

I know you might not beleive me, but you are in a fine position money wise to get your debt cleared asap. There's loads of ways you can reduce your outgoings, I've put my comments in red, hope they help and have a lot more to throw at your debt. I would definitely concentrate on the Virgin CC first, paying as much as you physically can each month to get rid of it, that APR is eye-watering!

Once that's gone you could maybe look into a 0% CC to transfer the Virgin loan to (if you are allowed to do this, I don't know much about loans and CCs in this situation). Are you allowed to make overpayments on the loan? How long has it got left? Are you allowed to settle early with no fees? Sorry for all the questions!!

If you do change anything, utilties, insurances etc.... then do look at Quidco for lovely free cash, you could use this to pay off that CC even quicker

Get looking around your "stuff" (we ALL have piles of "stuff"!) and see what you can ebay - look at my sig to see how much I've made on ebay in just a couple of weeks

Best of luck to you,
Scarlett xx