My SOA

getmore4less

Won't save much but mortgage rate is high for LTV under 50% should be looking closer/under 2%

Not consolidation but trying to refinance the current loan at 14% makes sense.

enthusiasticsaver

790hero wrote: »

I can't get on with the SOA, so I've had a go with a budget planner. Here is the overview. The debt reduction comes from a consolidation which is drastically reducing the interest rates. This would see me servicing all debt and having approx £2k per month to overpay.

Interestingly, looking at my outgoings, drinking out was only £400 a month, and my motoring spend was nearly double my estimate.

eta - no image as I can't figure it out - hang on

This assumes you will get a better rate than the 14% you currently pay. Given you have more than £47k of debt I doubt you will get a good rate. Debt consolidation never works.

£400 a month on drinking out is a lot so I would be trying to reduce that first.

getmore4less

enthusiasticsaver wrote: »

This assumes you will get a better rate than the 14% you currently pay. Given you have more than £47k of debt I doubt you will get a good rate. Debt consolidation never works.

excluding mortgage it is closer to £60k with the £12k for the bike

£400 a month on drinking out is a lot so I would be trying to reduce that first.

Depending where and what it might seem a lot of money but might not be that much drink.

If any of it is part of the travel, nothing more soul destroying than being stuck in hotels, review locations to find cheaper places and access to alternative social activities for any nights away.

When I travel I look for Wetherspoons, comedy clubs and what's on locally.

790hero

Thought I'd check in. I have refined and worked on my budget and have got my new car (well, 121,000 miles new) and all is well.

The car is saving me an absolute fortune, which coupled with a strict grocery budget and a complete and welcome change of mindset is seeing me come in under budget so far.

Strangely I seem to be enjoying the process, seeing if I can get from Monday (grocery shopping day) through to Friday without spending any money!

EssexHebridean

You are DEFINITELY starting to "get it" - the point at which you start seeing the whole thing as a bit of a challenge - and one that you do NOT want to be beaten by - has been the turning point for many. Well done!

790hero

It is certainly a challenge but something has clicked in my mind.

I’m eager to get Xmas out the way so I can get the cars sold and making headway into the debts, and then after that I’ll have the mortgage in my sights

db2016

hi, good luck with journey.

what car is the classic? out of curiousity, im also in that classic car world lol

could it not be put to use? eg, summer months, using it as a prom car, or even in old tv shows etc, they all attract a fee

790hero

Haha, I’d rather not say, as they are particularly recognisable and I’d rather remain incognito

db2016

oooh very interested now lol - we have a recognisable classic too - think.. big spoiler ha

but they can earn their keep, on places im on, they are always looking for examples to be shown / used in tv etc. or as i said, prom rides or such.

also make sure your in a club, that way you get better insurances and parts etc, and its also a hobby side to it.

Whiterose23

Re clothes, look for designer second hand on eBay if you have to buy them at all. I used to spend a fair bit on clothes, including smart clothing for work,but now have my spending down to around £250 a year on clothing, and you seriously wouldn't know it. Now I'm astounded that anyone feels the need to buy brand new clothes.
Also, you must have loads of clothes you can sell? Put them on a cheap mannequin or iron them and stick them on hangers, takes few good pictures with plenty of detail in the description and you could make a small fortune on eBay. It's very addictive once you get going.