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Facing up to the problem
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Annual Income : £16200
Monthly pay : £950 flat month, can vary up to 1300 (80hours overtime!!)
Rent : £150 : This is the amount i pay to my GF each month to go towards the bills, we have worked it out & this is even split.
Mobile Phone : £25 : Busy sorting this out to a lower amount
Car insurance : £45 : Can't get this any lower really?
Shopping : £150 : this is our shopping budget at the moment, we are busy trying to reduce this
Fuel : £120 : Cant reduce this, have to get to work at odd times.
Everything else i dont really buy each month?
My GF is always shopping around for the cheapest gas, leccy, broadband deals.
Now to the fun part...
1 AA Personal Finance Personal Loan £4,000 - monthly payement = £92
2 Barclays Overdraft £1,800 - monthly payement = £90
3 Citi Card Credit Card £1,500 - monthly payement = £50
4 HFC Store Card £700 - monthly payement = £22
5 Royal Bank Of Scotland Personal Loan £11,200 monthly payement = £252
Don't have the APR's at the moment, i know the citicard one is pap, twenty something, sure its 29, think thats the same for the HFC one.
RBS is quite good, think thats 8.
Will get definate figures up asap.
hope this is what you wanted?0 -
Gas, electric, Car Tax,holidays, birthdays, water, council tax,home insurance, life insurance."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0
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Can you do me a favour and add your outgoings up and your debts, i am on the laptop and it hasn't got a calculator on it, it would save me routing through tons of drawers to find the calculator.
Merlot.x."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0 -
Gas, electric, water, council tax, home insurance are all bundled up in the rent i pay my GF, everything is in her name, i just give her half.
Car tax - £90 per year
Birthdays - i dont really "do" birthdays if i'm honest, im a bloke lol
life insurance - i dont have any, i guess i should have?0 -
Well it looks like you've made a good start already - trying to get things cheaper. When you've added all the extras on to the SOA we'll have a look and see how things are.
How about keeping a spending diary? Write down everything you spend. You will probably be amazed that your coke/bottled water/lunches at work/cigarettes/magazines/clothes/dvd's/cd's etc cost you a fortune. It all adds up. Keep up the good work. You are definitely on the right track.
I think what you might have been looking at on the CCCS website was a dmp - basically an informal agreement with your creditors in return from them stopping you interest. This will trash your credit rating - if you are still making the minimum payments then this is probably not the best idea at the moment.Making my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
Thanks for clarifying that one, could you spread your council tax over 12 months instead of 10, this would reduce your outgoings slightly each month.
Life Insurance is in my opinion important, cost about 10 p/m for a healthy 20/30 old male.
The car insurance is high, but you are young, could you try and have a look at Martins advice regarding Car insurance.
I've just noticed dancingfairys comments, I do think she is right, phone the CCCS and see what they can do for you, your income on a flat month isn't particularly high and I think it would be a good idea if the CCCS can negotiate with your creditors to freeze the interest.
Merlot.x.
I don't do birthdays or valentines and I'm a girl."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0 -
Monthly outgoings : £490
Debts : £506
Total : £996
Oh dear.
At the moment i've been selling off car parts (i have a garage full, but am trying to finish a long term project) this is how i've been surviving, this & scrimping on the shopping.
I really didnt think it was this bad, its the first time i have added it all up, my god, its bad!0 -
Incomings £950
outgoings £498
debt repayments £506
Total outgoings £1004
Is that the total for food or your half or do you pay all of it?
Rent and bills etc seems very cheap - does your girlfriend pay most of these?Making my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
Annual Income : £16200
Monthly pay : £950 flat month, can vary up to 1300 (80hours overtime!!)
Rent : £250 : This is the amount i pay to my GF each month to go towards the bills, we have worked it out & this is even split.
Mobile Phone : £25 : Busy sorting this out to a lower amount
Car insurance : £45 : Can't get this any lower really?
Shopping : £150 : this is our shopping budget at the moment, we are busy trying to reduce this
Fuel : £120 : Cant reduce this, have to get to work at odd times.
Everything else i dont really buy each month?
My GF is always shopping around for the cheapest gas, leccy, broadband deals.
Now to the fun part...
1 AA Personal Finance Personal Loan £4,000 - monthly payement = £92
2 Barclays Overdraft £1,800 - monthly payement = £90
3 Citi Card Credit Card £1,500 - monthly payement = £50
4 HFC Store Card £700 - monthly payement = £22
5 Royal Bank Of Scotland Personal Loan £11,200 monthly payement = £252
Don't have the APR's at the moment, i know the citicard one is pap, twenty something, sure its 29, think thats the same for the HFC one.
RBS is quite good, think thats 8.
Will get definate figures up asap.
hope this is what you wanted?
I get your total to £996 per month so you must be spending elsewhere
Ok i'll tell you what works for me
Only pay cash...i take out cash every saturday from our current account, this cash pays for food for the week and any other spends like newpapers, cigarettes, going to the pub
It's hard but if there's no money in the pot you can't spend it so you have to think carefully about what you spend when because there's no more money til Saturday.
Do i NEED it... only buy things you can't do without, think carefully before each spend and decide if you need it or if you want it
Do a shopping list... it sounds obvious but i do a plan of 7 meals a week, not necessarily to be cooked in a certain order but if i buy the ingredients for 7 meals then i know i have enough for the week i also check the trolley, just before you et to the till look in the trolley if there's anything in there you really don't need put it back, also look for reduced items you can freeze, i usually only buy things reduced if i can freeze them as thi saves wastage.
Money saving old style...check out some of the threads on the old style board, they're inspiring
Switch...gas, electric, car insurance, phone company, home insurance, named brands for own brands, check out the deals online and try to get the cheapest possible
Credit cards... invented by the devil! Try to swith to 0% and if you can't do that then put every spare penny you have into paying off the one with the most interest, get that paid off then put all the money into paying off the next one. One thing i do is to put any money i have left out of my weekly cash budget into a pot then at the end of the week use this to pay off part of a credit card or if there's nothing on the CC it goes into my mortgage fund. It's amazing how frugal you can be when you only have cash to spend.0 -
hmmm. Looks like you need to bring in some extra money somehow. Having seen all your outgoings and the fact you are getting further into debt a dmp might be a good idea. If that is what the CCCS have suggested. I would phone them and have a chat. I think you have caught this situation in time to prevent it getting really, really bad. I know it would trash your credit rating but you are still quite young and you will be able to repair your credit rating 6 years after you finish paying off the debts.
What about your parents? Would they be able to help out? Can you confess all and agree a strict repayment with them that is a lot less than what you are paying now?Making my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0
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