Day 0 - HELP!

YorkshireSlider

Hi,

First post, first day - and my head is spinning with where to start.

I have a significant amount of debt and have got to the point I have lost control of it and I am now struggling to survive until the end of the month, sleepless nights etc etc and everything that comes with this.

I've done a lot of reading, looked at advise, but literally don't know where to start in terms of digging into the money review, whats the best way to record monthly income and outcome? I've tried fancy spreadsheets to track, but time is an issue. Any help with a day 0 start help is greatly received!

sourcrates

Morning,


Welcome to the MSE forums.


Best place to start is with a statement of affairs (SOA) :


http://www.stoozing.com/calculator/soa.php



fill it out as accurately as possible, we will then have a better idea of your situation, and can then recommend solutions to fit your circumstances.


Don`t forget to click on Format for MSE when it asks you.


Most debt problems can be solved with the right approach.

YorkshireSlider

Thank You!

Ive just found it mind boggling and have attempted to sit down and sort it out a number of times, but just got confused and gave up. Now its time to sort it out for once and for all.

Thank You

sourcrates

YorkshireSlider wrote: »

Thank You!

Ive just found it mind boggling and have attempted to sit down and sort it out a number of times, but just got confused and gave up. Now its time to sort it out for once and for all.

Thank You

Pretty easy really, just sort out a workable budget, does not have to be 100% accurate first time round, but as close as possible would be good.


Once you have a budget and we know if your a home owner or a renter, and how much disposable income you have, and what your total debt is, then a solution can be recommended.

YorkshireSlider

Thanks, just looking through it now. So I will go through my last months statement to review what was spent on groceries etc?

YorkshireSlider

Sorry! Another QQ:

I share my home with my partner, although all mortgage bills etc are in my name, we both put a set amount each month into the house account. Do I put in what we both earn and the total of the house spending, or just 50% which represents my part?

sourcrates

YorkshireSlider wrote: »

Sorry! Another QQ:

I share my home with my partner, although all mortgage bills etc are in my name, we both put a set amount each month into the house account. Do I put in what we both earn and the total of the house spending, or just 50% which represents my part?

Complete picture is best.

sammyjammy

I would put all the household spending in your SOA and show the amount given by your partner as Income.

National_Debtline

Hi YorkshireSlider


Welcome to the forum and well done on taking the first steps to deal with your debts. The situation can seem overwhelming but you'll get lots of useful help and support from members of the board.


It's a really good suggestion from sourcrates to start with a SOA as it's the best way for us to understand your situation and offer advice. If you do need to make changes to it later on, don't worry.


Best wishes


Susie
@natdebtline

YorkshireSlider

Hi,

OK so I have completed the SOA as best I can with the current information I have. I think next month, post pay day, I'll keep a better and more micro track of it and complete it again. Where should I go from here?

Willing2Learn

OK YorkshireSlider. Well done on completing your SOA. Next you need to post the SOA on this board. Only then can you be given accurate advice. Don't worry - no-one will judge you.