Newbies SOA

tylersbabe

Hi
have been lurking around here for about two weeks and have finally sat down and completed a SOA. I may have to correct this over time as I have never sat down and looked at where I am spending my money. I have also just realised I can currently only vaugely guestimate the balance on one of my cc due to spending this month (OMG :eek:). My debts are small compared to some, but I am concerned that these are steadily going up rather than down

Income 1500 (generally more with enhancements tho)

Mortgage 700 (currently overpaying)
Mortgage Insurance 14
Water 13.20 (water meter)
SKY 19 (phone, TV, internet)
Mobile 15 (fixed contract till Dec)
Gas + Elec 52
Savings 100 (this covers car+ home insurances, and council charge)
Bank account 7 (cancelled but still being taken:mad:)
Gym 29 (last payment, will be cancelled from March)
Petrol 50 (rest paid in mileage from work normally 40+)
Car Loan 254 (this is fixed loan so will not be paid off early)

Leaving 246 monthly
Food is not included as I have no idea how much I spend But will be starting a spending diary for a month as advised by Spendaholic Chick (thanks)

Right Debts

Car Loan 254 ( 7.9% last payment mar 09 which is also my debt free date challenge)
CC 1 624 (0% till july)
CC 2 345 (guessed 0% till Sep)

Currently just pay what I feel like off both of these!.

Gosh that seems like a lot to read so thanks for reading any advice welcome

nicnacnoo

welcome to the board tylersbabe
im sure some one will pop up soon to offer some proper advice, i on the other hand just want to say well done for tackling this problem now and not letting it spiral.
it took me ages to sort out my SOA so i know what youre on about...lol
Nic

In_Search_Of_Me

Welcome & well done for tackling things before they snowball! WIsh I had!

tylersbabe wrote: »

Hi
have been lurking around here for about two weeks and have finally sat down and completed a SOA. I may have to correct this over time as I have never sat down and looked at where I am spending my money. I have also just realised I can currently only vaugely guestimate the balance on one of my cc due to spending this month (OMG :eek:). My debts are small compared to some, but I am concerned that these are steadily going up rather than down

Income 1500 (generally more with enhancements tho)can you do overtime to increas this?

Mortgage 700 (currently overpaying)is this the cheapest mortgage? All comments with * are "have you checked you're getting the best"
Mortgage Insurance 14*
Water 13.20 (water meter)Do you have water saving hippos and turn tap off when cleaning teeth etc...
SKY 19 (phone, TV, internet)good but you havent included cost of the BT line!
Mobile 15 (fixed contract till Dec)can you then go PAYG?
Gas + Elec 52*
Savings 100 (this covers car+ home insurances, and council charge)*
Bank account 7 (cancelled but still being taken:mad:)
Gym 29 (last payment, will be cancelled from March)
Petrol 50 (rest paid in mileage from work normally 40+)Do you use the cheapest supplier - you can check here
http://www.petrolprices.com/
Car Loan 254 (this is fixed loan so will not be paid off early)

Leaving 246 monthly
Food is not included as I have no idea how much I spend But will be starting a spending diary for a month as advised by Spendaholic Chick (thanks)good idea - you'll be amazed how much you waste on "bits" I'm sure!

Right Debts

Car Loan 254 ( 7.9% last payment mar 09 which is also my debt free date challenge)
CC 1 624 (0% till july) confused - is the balance or the amount you pay each month? If the latter what is the balance?
CC 2 345 (guessed 0% till Sep)as above

Currently just pay what I feel like off both of these!. Best to pay as much as ou can off the one ending in July & the plan for then...wil you get another card etc. What is credit score like? Look at Martins article on tabs at top of page!

Gosh that seems like a lot to read so thanks for reading any advice welcome

Welcome & well done for tacking it early! Hope that helps! Have a lookrund boards, ook at what you can flog on ebay etc & you'll have it down in no time. Also d snowball caluculator to get your debt free date! May be better to look at a low life of balance card but see Martins article!

lunar

Hi, i just wanted to say well done for posting this now and not letting the debt get out of hand. welcome to the site, im sure you will be able to shave a few months off that debt free date.

Lunar

tylersbabe

Hi and thanks for the replys

In Search of Me
the outstanding balance for car loan is 3302 which is 13 more payments of 254. CC are the total debt I just pay 20 or so pound off each month!!

My mortgage is far from the best deal but is fixed till Jan 09 and would cost 4000 (ish) to get out of so not worth changing yet, hence the overpayments (one of the few who would give 100% at time).

Am checking out other suggestions, but where would I get a HIPPO from?
(sorry no pound marks but my pound key seems to be a ## key gosh alone knows why )
Thanks Tylersbabe

just realsed my shortened name is TB or TSB ....... :rotfl:

Spendaholic_Chick

ISOM has given some great advice there, should keep you busy for a few days! lol

The other thing I'd do is chase up the bank to stop taking your £7 a month, and ask them for a refund of what they've taken since you cancelled.

As for the cc's, visit www.whatsthecost.com and look into snoballing your payments

tyllwyd

Can you access your credit card account online? I often look at mine mid-month because it quickly adds up to a nasty shock if you wait for the statement.

tylersbabe

Hi

Am going to register online with CC great idea don't kow why I have not done this as I internet bank!!

Have been looking into suggestions from here and have looked at money saving board so am now the proud owner of a spending diary (free as unused christmas pressie)
and am trying to write a meal planner to cut spending on food (am sure it is too much, but have no idea how much i spend :eek:). Am starting this on pay day as currently have more month than money!!
Therefore have set myself an aim of having more money than month by April , then I can pay this of debts.

So thanks for help and advice am off to work now so will be sorting out my SOA as am sure have missed things off

Sassamac

Hi and welcome.
How much are you overpaying your mortgage by each month and whats the interest rate on the mortgage.
Also what interest rate will you pay on your two CC's when the interest free period runs out? If your credit rating is good then apply for another 0% card, but if not look at investing your current mortgage overpayments into CC overpayments. Alternatively, stop overpaying now and pay that amount either straight off the July 0% card or into a high interest savings account to be used to pay off in July.

In_Search_Of_Me

Dont fancy swapping CC balances with me do you?!! Mine are a mere 7000 ish!! Just a wee suggestion - sell what you dont need on ebay, have a declutter, do some overtime & dont save for a few months and buy needs not wants and I reacon you could get those cards paid off without the need for any more cards if you put your mind to it! It would be hard work but I think its doable!! Good luck & really hope you can - it would be fab!! So pleased that you're tackling this now!

tylersbabe

Just wanted to say thanks for all the help and advice given.

I know that unlike some on here my debts are not large and they are all of my own making :rolleyes: (did i really need to go on that cruise i ask myself).
But they were increasing and I was looking longingly at a new sofa (on cc naturally) whilst not actually paying anything of my original debt, just the minimum .

After looking at my budget on a long nightshift, I have come to the conclusion that my debts can be paid off and soon (not sure when yet) if I can learn to control my daily spending. So not only am I now the proud owner of a shiny new spending diary, I have for the first time in my life sorted out a menu plan and written out a shopping list.

Now I just need to stick to this.

Sorry I have waffled but thanks DFW's