Hopefully lightbulb moment...

2020Lightbulb

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 1

Number of cars owned.................... 0[b]

Monthly Income Details[/b]

Monthly income after tax................ 1911

Partners monthly income after tax....... 0

Benefits................................ 82.5

Other income............................ 150[b]

Total monthly income.................... 2143.5[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 730

Management charge (leasehold property).. 0

Council tax............................. 119

Electricity............................. 76

Gas..................................... 0

Oil..................................... 0

Water rates............................. 39

Telephone (land line)................... 0

Mobile phone............................ 10

TV Licence.............................. 13.5

Satellite/Cable TV...................... 3.99

Internet Services....................... 29

Groceries etc. ......................... 120

Clothing................................ 20

Petrol/diesel........................... 100

Road tax................................ 0

Car Insurance........................... 27

Car maintenance (including MOT)......... 20

Car parking............................. 0

Other travel............................ 168

Childcare/nursery....................... 0

Other child related expenses............ 30

Medical (prescriptions, dentist etc).... 22

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 150

Haircuts................................ 0

Entertainment........................... 100

Holiday................................. 50

Emergency fund.......................... 0[b]

Total monthly expenses.................. 1827.49[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 0[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Loan...........................12000.....218.......0

Barclaycard....................8900......199.......0[b]

Total unsecured debts..........20900.....417.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,143.5

Expenses (including HP & secured debts). 1,827.49

Available for debt repayments........... 316.01

Monthly UNsecured debt repayments....... 417[b]

Amount short for making debt repayments. -100.99[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 0

Total HP & Secured debt................. -0

Total Unsecured debt.................... -20,900[b]

Net Assets.............................. -20,900[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

2020Lightbulb

Hope I have done this correctly.. please let me know if not. As you can see, outgoings exceed incomings, and I have been relying on credit cards and living behind my means. Now the CC is maxed out; I need to wake up...

MallyGirl

Its not massively easy to read but it basically says that you have a shortfall of £100.99.
You have said you spend £150 pcm on presents and £100 on entertainment. That should be fairly straightforward to address.
Do you know what the APR on your loans is?

2020Lightbulb

Hi, I did think that those might be the things that stick out - just to clarify, the £150 is for all presents (i.e. birthday, Christmas Easter etc). And the "entertainment" is basically anything non bills. 

a_silver_lining

Is that £150 per month or per year for presents? Because if it's per month then that is excessive on your wage.

JayRitchie

Your rent is hurting you. Could you move to a house share for a couple of years
to help pay down the debt?

Gettingtherequickly

You are spending £147 on a car which you don't appear to own?

MallyGirl

£150 pcm is £1,800 a year on presents. Nearly an entire month's take home pay. That is simply too much. If you have lots of family other than your child that you buy presents for then it is time to stop. Some years ago we, as a family, set a maximum budget for anyone apart from our daughter. Everyone felt quite liberated as they could just buy something quirky/silly and not feel like they were in some sort of present buying arms race.

2020Lightbulb

a_silver_lining said:

Is that £150 per month or per year for presents? Because if it's per month then that is excessive on your wage.

Hello, that is per year... Lots of family. 

2020Lightbulb

JayRitchie said:

Your rent is hurting you. Could you move to a house share for a couple of years
to help pay down the debt?

Hi, I am not sure of the options there? I have an 8 year old child. 

2020Lightbulb

Gettingtherequickly said:

You are spending £147 on a car which you don't appear to own?

Hello

Just to clarify, the car is £168 a month lease. Then insurance of £27 a month.