Back to Wales, Back to Reality

backtowales

Hi

I’ve been lurking for a good few weeks now, and I feel its time that I posted my SOA to get different points of view on where I’m going wrong (and right in some places I hope!)

I’ve recently moved to Cardiff from Swindon and also moved in with my bf. I am still working in Swindon, but I hope to get a job in Cardiff as soon as possible. My bf is a self-funding PG student so things aren’t going to be easy until he finishes his course and finds a job.

I had my light bulb moment a couple of weeks ago but it was interrupted by moving and xmas. I’ve been trying not to spend money, and I started a spend diary about a week ago, but it’s not been easy.

I’ve also stopped buying cups of tea in work and now have tea etc in work and just need to buy milk :T saving on average about £4 a week.

Earnings: £1362.49

Outgoings: (water, electric and gas are estimates and what I will put aside this month to pay with)

Rent £275 (bf pays other half)
Council Tax £71.03 (with 25% discount, waiting on letter from Council so can start to pay)
Water £25 (estimate)
Electric £25 (again estimate – on standard tariff so tempted to change, but trying to heed Martin’s advice too… any ideas)
Gas £30 (estimate, think on standard tariff for this too – need to check tonight)
TV Licence £11.61
Union £10.05
Contents Insurance £16.94 (has increased due to move –renewal due in Summer)
Car Insurance £61.01 (has increased due to move – renewal due in Summer)
Virgin Media £20 (Broadband, Phone and TV – only have cable point in flat)
Car loan £167
Mobile £30
Groceries £120
Petrol £30 ( estimate as don’t use the car for commute
Car Tax £10 ( going to start being good and saving for this :T )
Commute £220 (train fares)
Love Film £5.99
Bank Charge £5.00 (Includes Phone Insurance, Breakdown recovery and favourable rate on overdraft)

Total Outgoings: £1133.63

Debts: Barclays Graduate Overdraft £2600 @ 0% on first £2000, not sure on other rate, but pay £1.20 interest a month.
Alliance and Leicester Overdraft £600 @ 0% until September 2008 (I think)

BarclayCard £1922.40 @ 21.9% Minimum Payment £43
Alliance and Leicester Card £937.73 @ 15.9% on purchases Min pay £11.61
Capital One Card £867.70 @ 23.9% Min Pay £26.61
Egg Card £324.79 @ 19.9% Min Pay £6.00
Halifax Card £2552 @ 17.9% Min Pay £52.00

Minimum Payment on debts: £139.22

I usually pay more than the minimum payment on the cards, but then usually end up having to use at least one of them at the end of the month for groceries etc. I want to stop having to do this.

As I said earlier, I am tempted to switch electricity and gas, but wary of the price hikes which are pending.

The back pay from work (when I get it- should be end of this month or next) is earmarked for new glasses (if I need them) and the rear tyres on the car need replacing (~£60-75).

I am also waiting to get my deposit back from my previous flat which was £775. £500 belongs to my parents, but I would still have £275 to throw at my debts (as long as I get the deposit back).

I also have a quidco account, which will have over £100 in it once everything has paid by about March time. This will go towards my debt too.

I haven’t done an accurate snowball yet as I don’t have the all the information I need to hand, but I will aim to do this over the weekend. I did a rough one and it gave 2015 as my debt free date. This isn’t acceptable as I will be 34 by then!

I don’t know whether I will use this as a diary. I would like to as I’ve been so inspired by a lot of the diaries on here, especially benbenandme’s diary.

I think I've rambled enough for now. Sorry for yet another SOA, but its that time of year I suppose.

Thanks in advance for any advice, encouragement or just idle chitchat .

BTW

elantan

hey i aint the best at sorting out soa's as i dont feel able to give people advice when i spend more on things than others do ...but it looks not bad to me and you have started the diary so you are well on your way ...just wanted to say hi really and i'm sure the pro soa support team will come in and do their stuff shortly ...all the best and welcome

bobbadog

Hiya BTW!

The knowledgable folk will be along in a minute - I just wondered if your work would give you an interest free Season Ticket loan to knock a few pounds off your trainfares? Best of luck x

backtowales

Hiya

Thanks for the replies. I don't get a season ticket as its too expensive. I book tickets in advance and this saves about £120 at least on the prices of a season ticket.

If I'm working out of the office then I don't pay for my travel which is a bonus.

elantan

wow season tickets infact any tickets are just so expensive wonder which works out cheaper car or public transport

backtowales

At the moment Train is cheaper as just to use the Severn Bridge is £5.30 whereas my train fare (2 singles) is £10 a day.

Hopefully I'll get a job in Cardiff in the next 6 monts and then I'll have about £150 a month extra to pay towards my debts.

chevalier

My comments are in purple

backtowales wrote: »

I’ve also stopped buying cups of tea in work and now have tea etc in work and just need to buy milk :T saving on average about £4 a week.

Earnings: £1362.49

Outgoings: (water, electric and gas are estimates and what I will put aside this month to pay with)

Rent £275 (bf pays other half)
Council Tax £71.03 (with 25% discount, waiting on letter from Council so can start to pay)keep chasing this as you don't want to be paying arrears. Also you can ask to pay over 12 months rather than 10 to help spread the load.
Water £25 (estimate)
Electric £25 (again estimate – on standard tariff so tempted to change, but trying to heed Martin’s advice too… any ideas)
Gas £30 (estimate, think on standard tariff for this too – need to check tonight)
TV Licence £11.61
Union £10.05
Contents Insurance £16.94 (has increased due to move –renewal due in Summer)
Car Insurance £61.01 (has increased due to move – renewal due in Summer)ouch you know about quidco, so don't need to tell you to check if you can get cash back if you switch. However other cashback sites may pay more for the same insurer, so it pays to look at more than just quidco. Eg I went with a company on topcashback that weren't on quidco and got £30 cashback.
Virgin Media £20 (Broadband, Phone and TV – only have cable point in flat)
Car loan £167 Do you really need a car if you are not using it for commuting. It would free up a lot of your money if you could sell it.
Mobile £30
Groceries £120 Is this just your half or all you both spend? If the latter then good, if the former, then it can be trimmed.
Petrol £30 ( estimate as don’t use the car for commute
Car Tax £10 ( going to start being good and saving for this :T )
Commute £220 (train fares)Are you buying your tickets the cheapest way. I know you can get season ticket loans from some employers, which might be cheaper. Alternatively you know you are going to travel, so can you get cheaper deals by booking a long time ahead?
Love Film £5.99
Bank Charge £5.00 (Includes Phone Insurance, Breakdown recovery and favourable rate on overdraft)

Total Outgoings: £1133.63

Debts: Barclays Graduate Overdraft £2600 @ 0% on first £2000, not sure on other rate, but pay £1.20 interest a month.
Alliance and Leicester Overdraft £600 @ 0% until September 2008 (I think)

BarclayCard £1922.40 @ 21.9% Minimum Payment £43
Alliance and Leicester Card £937.73 @ 15.9% on purchases Min pay £11.61
Capital One Card £867.70 @ 23.9% Min Pay £26.61
Egg Card £324.79 @ 19.9% Min Pay £6.00
Halifax Card £2552 @ 17.9% Min Pay £52.00

May be worth getting a free credit check from Experien (via quidco, just remember to cancel the direct debit before the end of the trial period), to see what you score is like. If it is good then maybe you could try to get some of this debt on either a low life of balance (LOB), or )% deal. Would help the debt go down faster.

Minimum Payment on debts: £139.22

The back pay from work (when I get it- should be end of this month or next) is earmarked for new glasses (if I need them) and the rear tyres on the car need replacing (~£60-75). don't forget if you do need glasses that you don't have to get them from the opticians, they just have to give the presciption. You can then shop around for the best price. Plus I think it is Dolland and Aitchinson are doing free eye tests at the mo. Though if you do a lot of computer work, your employer should be paying for this anyway. Also does you OH still count as a student, if so you may be able to get him to buy your tyres and get a student discount.

I am also waiting to get my deposit back from my previous flat which was £775. £500 belongs to my parents, but I would still have £275 to throw at my debts (as long as I get the deposit back). Have you told your parents about your debts? Would they continue to lend you the £500 for a few more months. Would help pay off one of the smaller debts that way.

I also have a quidco account, which will have over £100 in it once everything has paid by about March time. This will go towards my debt too. :T :T :T


I don’t know whether I will use this as a diary. I would like to as I’ve been so inspired by a lot of the diaries on here, especially benbenandme’s diary. I would if you write it down, it feels more real! Might act as a motivator NOT to spend ie 'can't buy that I'll get told off by DFWers!' (well only gently).:rotfl: :rotfl:

You also need to budget for birthdays, xmas, haircuts, dental charges, prescriptions, magazines, going out, etc so you have a true picture of your budget.

good luck
chev

Skint_Catt

Re the council tax - I thought if there was a working person in the household then the 25% student reduction didn't apply?

sazziecee

Skint_Catt wrote: »

Re the council tax - I thought if there was a working person in the household then the 25% student reduction didn't apply?

I was a student, my partner worked and we got the 25% discount

If we had both been students we would have been exempt completely

Skint_Catt

All my colleagues say the same as I - only an all student household gets the 25% off. I'd check as you wouldn't want the catching up with you!

linniestorm

There is also the single person's discount which is 25%. And I'm pretty sure that applies even if there is another person in the house...as long as they are a student! I think my Mum got that when my brother was living at home when he was at uni.