Yet another new guy enters the frame.

HBFS

Hey everyone!

Quite new to this Money-saving lark (even though I'm 26). It's got to the point where my debts and generally fiscal irresponsibilty are making me ill so I thought I'd kick my own !!!! into gear with (hopefully) some help from you guys.

My debts are as follows.

£2600 Virgin Credit Card
£3500 left on a £5k Barclays Loan (finishing in 2010)
£7000 Parents (they supported me during an 18 month unemployed period recently)

I don't drive or smoke. Alcohol and my mobile phone bill seems to be my main problem as I work shifts and don't often get the daytime off.

I rent my own flat too (£650 + £120 c/t per month).

So any help or support you guys can give me would be invaluable!

OliveOyl_2

:wave: Hello and welcome. You're in the right place, the experts here will be able to offer tonnes of advice.

But more information is needed. What are the APRs on your debts? And can you post a full SOA? (see sticky at the top of the page) and then we can all poke our nose into it and hopefully make some money saving suggestions.

Karmacat

Just welcoming you to mse and agreeing with what OliveOyl has said. To help you, we need you to lay out your outgoings in the format of the soa so we can see it clearly and help you best.

Just a thought on the alcohol, tho - do you know why you drink to the extent you do? What about a job in a bar? You're in the same atmosphere but saving/earning, not spending.

Get going with the soa, and good luck.

Larumbelle

Hi HBFS :hello:

Well done on taking the plunge and on being honest about where your problems lie. As Karmacat And OliveOyl say, making an SOA is the first step as we can get a much better idea of how to help you. Instructions are here:

http://forums.moneysavingexpert.com/showthread.html?t=107280

It's sometimes hard to put it in black and white, but all of us are here to help and support you

Spirit_2

Welcome to MSE and DFW in particular.

Once you have done your SOA and set out what your problems are you will be amazed at the support from this board. You are not alone, and I wish I had learned money sense at 26.

Good luck
Spirit

HBFS

OK, here goes!

Monthly Incomings:

My salary - £1,500
Flatmate's contribution - £385

Total - £1,835

Monthly Outgoings:

Mortgage/Rent - £650
Council Tax - £120
Gas - £- (I usually pay it off the month it comes in)
Electric - (ditto above)
TV License - £10.99
T-Mobile - £20 (internet)
O2 - £200-£300
Food - £150
Money to get into work - £75
Credit Card - £100
Loan - £120
Parents - £100
Rent Arrears - £100

Total: £1,746

lotte123

Hi HBFS!
As you've already mentioned - your mobile phone bill is where you need to start! PAYG or contract? If it's contract what tariff are you on? How come it's so high each month?

CLAPTON

you need to list all your spending, otherwise you can't rally see what you are actually spending.

so... if you ever socialise put down an estimate of your monthly spending
if you ever buy any clothes then work out an average over the year and divide by 12 put it down as a monthly average
if you buy any present/ xmas expenses again work out an average

so if you pay your electric and gas bills every quarter then divide by 3 and add to your monthly budget

any hobbies/activities same again
any newspapers/maazines etc
any weekends away/holidays etc ?
any optical medical, dental costs


start a spending diary and write down everything (that is absolutely everything) you spend and add it to your monthly budget.

Only then can you see if you are actually spending more than your income and by how much.

Then repost your SOA.

millionaire_in_training

HBFS wrote: »

OK, here goes!

Monthly Incomings:

My salary - £1,500
Flatmate's contribution - £385 is this just rent or is it leccy and gas too?

Total - £1,835

Monthly Outgoings:

Mortgage/Rent - £650
Council Tax - £120
Gas - £- (I usually pay it off the month it comes in) what does it cost though? you get a discount paying by DD
Electric - (ditto above) as above
TV License - £10.99
T-Mobile - £20 (internet)shop about for this ( with cashback)
O2 - £200-£300 well what can I say? I thought I was a blether. This has to go.
Food - £150 if this is just for you then it can be cut down a bit( see OS board)
Money to get into work - £75 can you walk or cycle sometimes?
Credit Card - £100
Loan - £120
Parents - £100
Rent Arrears - £100

Total: £1,746

Wow I nearly fell off my chair at that mobile bill. O2 must just love you. Lots you can cut down on here if you concentrate but phone is mega

thepinklady

£200-£300 on your mobile phone? wow!!! If thats PAYG you need to change ASAP. My other half used to spend £130 a month on his contract mobile phone (mostly calls/texts to me) but he's now left O2 and on an orange plan and spends £45 a month.

HBFS

The mobile phone is an O2 contract, 600 minutes and 1000 texts.

It does sound a lot, but I'm just come out of a three-year relationship where I had to text and/or call her most of the day. Plus the main thing was using the internet on it (as I didn't have any access otherwise).